Plant-Based Beverages Market Report by Type (Soy-based, Coconut-based, Almond-based, Rice-based, Oats-based, Hemp-based, Hazelnut-based, Cashew-based, Flax-based), Product (Plain, Flavored), Distribution Channel (Supermarkets and Hypermarkets, Convenience

Plant-Based Beverages Market Report by Type (Soy-based, Coconut-based, Almond-based, Rice-based, Oats-based, Hemp-based, Hazelnut-based, Cashew-based, Flax-based), Product (Plain, Flavored), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Specialty Stores, Online Stores), and Region 2024-2032

The global plant-based beverages market size reached US$ 30.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 60.0 Billion by 2032, exhibiting a growth rate (CAGR) of 7.5% during 2024-2032. The growing health and wellness trends, rising preference for vegan and vegetarian diets, increasing cases of lactose intolerance and dairy allergies, rising sustainability concerns, continuous innovation and product variety, and celebrity endorsements and influencer marketing are some of the major factors propelling the market.

Plant-based beverages, also known as non-dairy or alternative milk, have gained significant popularity in recent years due to the growing interest in plant-based diets and lactose intolerance concerns. These beverages are crafted from various plant sources like nuts, seeds, grains, and legumes, offering a dairy-free alternative to traditional cow's milk. Common varieties include almond milk, soy milk, oat milk, and coconut milk, among others. They cater to a wide range of dietary preferences, including vegans and individuals with lactose allergies. Moreover, they often contain essential nutrients such as vitamins, minerals, and antioxidants, which can contribute to a balanced diet. These alternatives are frequently fortified with calcium and vitamin D to mimic the nutritional profile of the milk of cows.

Increasing consumer awareness of health and wellness has been a significant driver. Plant-based beverages are perceived as a healthier alternative to traditional dairy milk, as they are often lower in saturated fats and cholesterol, making them appealing to health-conscious individuals. Additionally, the growing adoption of vegan and vegetarian diets, driven by ethical, environmental, and health concerns, has fueled the demand for plant-based beverages. These diets exclude dairy products, making non-dairy alternatives like almond, soy, and oat milk a popular choice. Other than this, lactose intolerance and dairy allergies are prevalent worldwide. Plant-based beverages offer a lactose-free and allergen-free option, making them accessible to a broader consumer base. Besides this, consumers are increasingly concerned about the environmental impact of food production. Plant-based beverages have a lower carbon footprint compared to dairy production, making them an eco-friendly choice. This aligns with the sustainability goals of many consumers and businesses. In line with this, celebrities and social media influencers often promote plant-based diets and beverages, increasing consumer awareness and interest in these products. Furthermore, the availability of plant-based beverages in mainstream retail outlets has expanded, making them more accessible to consumers. This increased visibility has driven sales growth. Moreover, continuous innovation in the plant-based beverage industry has led to a wider variety of options. Beyond almond and soy, there are now choices like pea, rice, and hemp milk, catering to diverse tastes and dietary needs.

Plant-Based Beverages Market Trends/Drivers:
Growing Health and Wellness Trends

Consumers are increasingly concerned about the impact of their diets on their overall well-being. Plant-based beverages are perceived as a healthier alternative to dairy milk due to their lower levels of saturated fats and cholesterol. They are often fortified with essential nutrients like vitamins, minerals, and antioxidants, further enhancing their health appeal. Moreover, the association between dairy consumption and certain health issues, such as lactose intolerance and concerns about hormones in cow's milk, has led many individuals to seek out non-dairy options. The demand for plant-based beverages is bolstered by the perception that they offer a safer and more health-conscious choice, aligning with the broader global trend of prioritizing personal health and well-being.

Rise in Vegan and Vegetarian Diets

Ethical considerations related to animal welfare, environmental sustainability, and personal health have motivated a growing number of individuals to embrace plant-based eating. These diets exclude dairy products, making plant-based beverages a natural and nutritious replacement. Veganism, in particular, has gained momentum as a lifestyle choice that abstains from all animal-derived products, including dairy. This demographic shift has led to a surge in the demand for non-dairy milk alternatives such as almond, soy, and oat milk. Additionally, plant-based beverages often offer plant protein sources, appealing to those seeking protein-rich options within vegan and vegetarian diets. As these dietary trends continue to gain traction, the plant-based beverage market is expected to flourish.

Increasing Cases of Lactose Intolerance and Dairy Allergies

Lactose intolerance is characterized by the body's inability to digest lactose, the sugar found in dairy products, leading to digestive discomfort. Dairy allergies involve adverse reactions to proteins in milk of cow, often resulting in allergic symptoms like hives, gastrointestinal distress, or even anaphylaxis. Plant-based beverages, being naturally lactose-free and devoid of common dairy allergens, provide a safe and palatable alternative for individuals with these conditions. They offer a way to enjoy milk-like beverages without experiencing the adverse effects associated with traditional dairy. This accessibility to a broader consumer base with dietary restrictions has significantly expanded the market for plant-based beverages, making them a staple in many households and foodservice establishments.

Plant-Based Beverages Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global plant-based beverages market report, along with forecasts at the global, regional and country levels for 2024-2032. Our report has categorized the market based on type, product, and distribution channel.

Breakup by Type:

Soy-based
Coconut-based
Almond-based
Rice-based
Oats-based
Hemp-based
Hazelnut-based
Cashew-based
Flax-based

Almond-based beverages dominate the market

The report has provided a detailed breakup and analysis of the market based on the type. This includes soy-based, coconut-based, almond-based, rice-based, oats-based, hemp-based, hazelnut-based, cashew-based, and flax-based. According to the report, almond-based represented the largest segment.

Almonds are widely recognized for their nutritional value. Almond milk is naturally low in saturated fats and cholesterol while being a good source of vitamins, particularly vitamin E, and essential minerals like calcium. This nutritional profile aligns with the health-conscious desire of consumers for a dairy alternative that not only tastes good but also offers potential health benefits. Additionally, almonds have a mild, neutral flavor that makes almond-based beverages versatile. They can be used in a wide range of culinary applications, including coffee, smoothies, cereal, baking, and cooking. This adaptability has contributed to their popularity and widespread adoption in both household and commercial settings. Other than this, almonds are sustainable to cultivate, requiring less water compared to some other nut crops. This aligns with the growing consumer interest in environmentally friendly products, further boosting the appeal of almond-based beverages. Moreover, almond milk caters to a broad audience, including those with lactose intolerance, dairy allergies, and vegans. Its wide accessibility and suitability for various dietary preferences have solidified its position as the largest segment in the plant-based beverage market.

Breakup by Product:

Plain
Flavored

A detailed breakup and analysis of the market based on the product has also been provided in the report. This includes plain and flavored.

Plant-based beverages are typically unsweetened and unflavored, catering to consumers who prefer a more neutral taste profile or wish to use them as a dairy milk substitute in various culinary applications. The appeal of plain plant-based beverages lies in their simplicity, making them suitable for those who want to avoid added sugars or artificial flavors in their diets. They often serve as a base for customizing flavors at home, allowing consumers to control the sweetness or flavorings according to their preferences. Moreover, plain plant-based beverages are a preferred choice for individuals who have specific dietary restrictions, such as those with allergies or sensitivities to certain ingredients, as they provide a clean and allergen-free option.

Flavored plant-based beverages products are infused with various natural flavors, such as vanilla, chocolate, strawberry, and coffee, among others, to enhance taste and appeal to a wider range of consumer palates. Flavored options offer a convenient and enjoyable way to transition from dairy milk to plant-based alternatives, as they can replicate the familiar taste experiences associated with traditional dairy. Additionally, these beverages often come sweetened to different degrees, catering to those with a preference for sweeter beverages. Flavored plant-based beverages have gained popularity for their ability to provide a more indulgent and dessert-like experience, making them a hit among consumers seeking an alternative to dairy-based flavored milks. They are commonly used as standalone beverages, in breakfast cereals, or as a flavorful addition to smoothies and coffee. This diversity of flavors and the sensory experience they offer contribute to the growth of the flavored plant-based beverage market, attracting both health-conscious and taste-driven consumers.

Breakup by Distribution Channel:

Supermarkets and Hypermarkets
Convenience Stores
Specialty Stores
Online Stores

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes supermarkets and hypermarkets, convenience stores, specialty stores, and online stores.

Supermarkets and hypermarkets are pivotal distribution channels for plant-based beverages. These large retail establishments offer a wide range of brands and product varieties under one roof, making them highly convenient for consumers. The sheer size and purchasing power of these stores enable them to carry a diverse selection of plant-based beverages, catering to a broad customer base. Shoppers often appreciate the accessibility and competitive pricing found in these stores, making them a primary destination for their regular grocery needs.

Convenience stores play a crucial role in the distribution of plant-based beverages, particularly for on-the-go consumers. These smaller retail outlets are strategically located for quick and easy access. They offer a selection of ready-to-drink plant-based beverages in single-serving containers, making them ideal for individuals seeking a convenient and portable refreshment option. As demand for convenient and healthier beverage choices grows, convenience stores are increasingly stocking plant-based options to meet the needs of busy consumers.

Specialty stores, such as health food stores and organic markets, cater to a niche audience of health-conscious and specialty diet consumers. These stores often prioritize organic, non-GMO, and unique product offerings, making them a preferred destination for plant-based enthusiasts seeking high-quality, specialty plant-based beverages. Specialty stores provide a curated selection of products, including artisanal and small-batch brands, appealing to consumers with specific dietary preferences and a strong focus on product quality and sourcing.

Breakup by Region:
North America
United States
Canada
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Latin America
Brazil
Mexico
Others

Asia-Pacific exhibits a clear dominance in the market

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share.

Asia Pacific boasts a massive and diverse population, with a rising middle class. This demographic shift has led to increased consumer spending power and a growing interest in health and dietary choices. The sheer size of this market creates substantial opportunities for plant-based beverage manufacturers. Additionally, numerous countries in Asia have a rich history of plant-based diets, influenced by cultural practices such as Buddhism and Hinduism. This cultural acceptance of plant-based foods has laid a strong foundation for the adoption of plant-based beverages. Other than this, a significant portion of the Asian population is lactose intolerant. As a result, there is a natural inclination toward non-dairy milk alternatives like soy milk, almond milk, and coconut milk, which are well-suited to the dietary needs of lactose-intolerant individuals. Besides this, growing awareness of health and wellness, particularly in urban areas, has prompted a shift toward healthier lifestyles and dietary choices. Plant-based beverages are perceived as a healthier alternative to traditional dairy, aligning with these evolving consumer preferences. In line with this, as the awareness of ethical and environmental concerns associated with animal agriculture increases, more people in Asia are adopting vegan and vegetarian diets. Plant-based beverages fit seamlessly into these dietary choices. Furthermore, some governments in the Asia Pacific region have been actively promoting plant-based diets as part of their sustainability and health initiatives, further propelling the market.

Competitive Landscape:
Major players have expanded their product portfolios to offer a wide range of plant-based beverages beyond traditional options like almond and soy milk. This includes innovative offerings such as oat, pea, and hemp milk, as well as plant-based creamers, yogurts, and even plant-based dairy alternatives like cheese and ice cream. Additionally, to cater to health-conscious consumers, companies have fortified their plant-based beverages with essential nutrients such as calcium, vitamin D, and protein. These fortifications aim to match or surpass the nutritional content of cow's milk, addressing one of the historical concerns consumers had with non-dairy alternatives. Other than this, numerous key players are actively sourcing ingredients sustainably, focusing on responsible farming practices and reducing the environmental impact of their supply chains. This sustainability focus resonates with consumers who are increasingly concerned about the ecological footprint of their food choices. Besides this, leading companies have invested in marketing campaigns that highlight the benefits of plant-based beverages, including health advantages, sustainability, and their suitability for various dietary preferences. Celebrity endorsements and collaborations with nutritionists have further boosted awareness.

The market research report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

Blue Diamond Growers Inc
Califia Farms LLC
Danone S.A.
Drink Koia Online
Kikkoman Corporation
Organic Valley
Pacific Foods of Oregon LLC (Campbell Soup Company)
PureHarvest
Ripple Foods
SunOpta Inc.
The Coca-Cola Company

Recent Developments:
Danone S.A. recently introduced its latest product, the Dairy & Plants Blend baby formula. This move was in response to the growing demand among parents for feeding options that align with vegetarian, flexitarian, and plant-based diets. This innovative formula has been carefully designed to cater to the dietary preferences of these parents while ensuring that it meets the specific nutritional needs of babies. The Dairy & Plants Blend baby formula offers a unique solution for parents who want to provide their infants with a formula that is not only nutritionally sound but also aligns with their own dietary choices.
The Coca-Cola Company has made a significant move in the realm of plant-based beverages by introducing a new line of dairy alternatives under its AdeZ brand. These alternatives are crafted from a combination of rice, almonds, and oats, catering to the increasing demand for plant-based options in the beverage industry. This strategic launch signifies Coca-Cola's recognition of the shifting consumer preferences toward plant-based and dairy-free products. The AdeZ brand, known for its commitment to healthy and sustainable choices, aligns perfectly with this market trend.

Key Questions Answered in This Report

1. What was the size of the global plant-based beverages market in 2023?
2. What is the expected growth rate of the global plant-based beverages market during 2024-2032?
3. What are the key factors driving the global plant-based beverages market?
4. What has been the impact of COVID-19 on the global plant-based beverages market?
5. What is the breakup of the global plant-based beverages market based on the type?
6. What are the key regions in the global plant-based beverages market?
7. Who are the key players/companies in the global plant-based beverages market?