Global Plant-based Beverages Market Size study & Forecast, by Type (Soy, Coconut, Almond, Oat, Others), by Product (Plain, Flavored) and Regional Analysis, 2023-2030

Global Plant-based Beverages Market Size study & Forecast, by Type (Soy, Coconut, Almond, Oat, Others), by Product (Plain, Flavored) and Regional Analysis, 2023-2030

Global Plant-based Beverages Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. Plant-based beverages are non-dairy drinks made from a variety of plant sources, and they have gained popularity as alternatives to traditional dairy milk. These beverages are often used by individuals who are lactose intolerant, have dairy allergies, follow a vegan lifestyle, or simply prefer non-dairy options for health or ethical reasons. Common plant-based beverages include almond milk, soy milk, rice milk, oat milk, coconut milk, and hemp milk. The key factors driving the market growth are rising health consciousness, growing vegan, and vegetarian trends, rising product development, and an increase in disposable income that anticipated to support the market growth.

Moreover, the growing vegan and vegetarian trends have played a significant role in supporting the growth of the plant-based beverages market. As more people adopt vegan and vegetarian lifestyles, there is a growing demand for plant-based alternatives to traditional animal-based products. This includes plant-based beverages such as almond milk, soy milk, oat milk, and so on. For instance, according to Veganuary, over 500,000 individuals have joined the vegan society, surpassing 2020’s total of 400,000 people. Also, according to the latest data from the World Animal Foundation, the global vegan population has reached a remarkable milestone, with nearly 79 million individuals embracing a vegan lifestyle as of 2023. Thus, the growing vegan population in the region is anticipated to create a lucrative demand for the market. Additionally, the growing prevalence of lactose intolerance and dairy allergies is anticipated to create a lucrative opportunity for the market over the projected period. However, the high prices of plant-based beverages as compared to dairy milk stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Plant-based Beverages Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the presence of key market players, a rising number of health-conscious consumers, a growing prevalence of lactose intolerance, and a rise in the inclination of consumers toward healthy and low-fat beverages. Whereas, the Asia Pacific is expected to grow with the highest CAGR over the forecast period, owing to factors such as the increasing health concerns among consumers, the rising trend of adopting plant-based food & beverage products, increasing demand for nutrient-rich beverage products, and growing vegan and vegetarian trends in the region.

Major market player included in this report are:
Danone S.A.
Pacific Foods of Oregon, LLC
Blue Diamond Growers, Inc.
SunOpta
The Hain Celestial Group, Inc.
Noumi Ltd.
Califia Farms, LLC
Harmless Harvest
Koia
Vitasoy International Holdings Ltd.

Recent Developments in the Market:
 In June 2021, Vancouver's Plant Veda was launched a product lineup: a brand-new range of vegan lassi made from cashews and real fruits. This innovative offering is not only free from cane sugar but also boasts the inclusion of probiotics that promote gut health.

Global Plant-based Beverages Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered – Type, Product, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Soy
Coconut
Almond
Oat
Others

By Product:
Plain
Flavored

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Danone S.A.
Pacific Foods of Oregon, LLC
Blue Diamond Growers, Inc.
SunOpta
The Hain Celestial Group, Inc.
Noumi Ltd.
Califia Farms, LLC
Harmless Harvest
Koia
Vitasoy International Holdings Ltd.

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