Global Plant-based Beverages Market Size, Share & Industry Trends Analysis Report By Product (Plain and Flavored), By Type (Soy, Almond, Coconut, Oats and Others), By Regional Outlook and Forecast, 2022 - 2028
The Global Plant-based Beverages Market size is expected to reach $48.8 billion by 2028, rising at a market growth of 11.2% CAGR during the forecast period.
Plant-based beverages are beverages that can be substituted for dairy products. These plant-based beverages are considered a particularly healthful alternative to dairy products. Soymilk, rice milk, coconut milk, and almond milk are some of the most popular plant-based beverages. They are deemed healthy due to the presence of numerous vitamins and minerals. In addition, they are low in fat and cholesterol and contain no lactose.
Beverages derived from plants are the primary alternatives to dairy milk for those with dietary restrictions due to health concerns or a desire for plant-based cuisine. Although most media coverage of plant-based diets focuses on meat substitutes, dairy alternatives as well as plant-based beverages should not be neglected. In recent years, the market has risen gradually, with consumers with lactose intolerance and malabsorption driving the majority of the expansion.
Due to the dramatic growth of the plant-based health trend, the demand for plant-based foods and beverages is also increasing at a very rapid pace all over the world. For meals, snacks, drinks, and treats, millions of individuals throughout the world are replacing animal-based items with plant-based alternatives. Companies have a tremendous potential to ride this wave and become leaders in the exponentially growing segment.
As customers' dietary preferences evolve, so do their preferences for various beverages. While some deliberately adhere to a flexitarian, vegetarian, or vegan diet, others enjoy the flexibility to vary their cuisine. This has created an opportunity for enterprising manufacturers to create beverages that cater to the specific demands of people.
COVID-19 Impact Analysis
The COVID-19 pandemic significantly impacted a number of economies all over the world. various businesses, irrespective of their sizes, were majorly demolished owing to the abrupt emergence of the outbreak. The COVID-19 outbreak has had a favorable impact on the plant-based beverages market due to the increasing demand for nutritional products. The adoption of plant-based beverages significantly increased during the pandemic as a result of the fact that plant-based beverages provide nourishment and promote immunity. The plant-based beverage can minimize the impact of the virus, due to which, more and more people consumed these products during the widespread infection.
Market Growth Factor
Wide Range of Varieties and Choices for Customers
One of the major factors that are significantly increasing the growth of the market is the availability of a wide range of bases as well as flavors of plant-based beverages throughout the world. Today's consumers seek variety in plant-based beverage and dairy substitute options. And because they no longer judge plant-based items based on their resemblance to dairy, this opens up a plethora of flavor and texture possibilities. It means that now is the ideal time to investigate what plant-based foods have to offer customers.
Enhances Gut Health While Increasing Sustainability and Shelf-Life
Increasing numbers of consumers are using items made specially to promote intestinal health. Beverages derived from plants and dairy substitutes are ideally positioned to lead the prebiotics as well as probiotic trend. Sustainability in food and beverages would play a significant role in the shift of consumer preferences towards environmental consciousness. This highlights the benefits of plant-based beverages and dairy substitutes. However, as the industry evolves, plant-based foods and beverages will also be evaluated.
Market Restraining Factor
Lack of Taste and Texture Along with Lesser Health Benefits in Contrast to Dairy Milk
As the market has expanded, it has had to accommodate a completely new and different type of consumer. They have the option to consume dairy, therefore excellent flavor and texture are a must. Interestingly, this does not necessitate imitating the flavor and texture of dairy. They seek indulgence and are content for plant-based foods to taste like plants. This creates the potential for flavor and texture-rich dairy products.
Product Outlook
On the basis of Product, the Plant-based Beverages Market is bifurcated into Plain and Flavored. In 2021, the flavored beverages segment recorded a substantial revenue share of the plant-based beverages market. A number of flavored beverages have been introduced to the market as a result of the consistent growth of such items. These items are currently available in a variety of flavors, including French vanilla, strawberry, coconut, banana, berry, chocolate, coconut, and hazelnut.
Type Outlook
By Type, the Plant-based Beverages Market is segregated into Soy, Coconut, Almond, Oat, and Others. The soy segment acquired the largest revenue share of the plant-based beverages market in 2021. Soy milk is extensively consumed around the world due to its similar health benefits to dairy-based milk. Additionally, bakers and confectioners have also started the use of this commodity in order to gain the traction of a bigger number of consumers.
Regional Outlook
Region-Wise, the Plant-based Beverages Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, Asia-Pacific accounted for the biggest revenue share of the plant-based beverages market. The expanding vegan population in the region, particularly the preference of millennials for plant-based, natural, and healthful foods and beverages, is anticipated to stimulate regional product demand. Countries such as India, China, and Thailand have adopted a healthy lifestyle by selecting healthier food alternatives.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Danone S.A., Campbell Soup Company (Pacific Foods of Oregon, LLC) are the forerunners in the Plant-based Beverages Market. Companies such as Califia Farms LLC, SunOpta, Inc, Koia are some of the key innovators in Plant-based Beverages Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Danone S.A. (Sofina Group), Campbell Soup Company (Pacific Foods of Oregon, LLC), Blue Diamond Growers, Inc., SunOpta, Inc, The Hain Celestial Group, Inc., Califia Farms LLC, Koia, Vitasoy International Group Co., Ltd. and Noumi Limited
Recent Strategies Deployed in Plant-based Beverages Market
Partnership, Collaboration and Agreement:
Jan-2022: Califia released the Almondmilk Creamer and Cinnamon Roll Oat Creamer and Zero Sugar Oatmilk and Oat + Almond Plantmilk Blend, a line of dairy-free beverages. With this launch, the company aimed to expand its existing product portfolio of creamers, brewed-to-blend coffees, plant milks, and barista products. Furthermore, these products would allow customers to experiment with plant-based alternatives.
Apr-2021: Pacific Foods rolled out Creamy Plant-Based Broths and Creamy Oat Milk Soups. Through this launch, the company aimed to offer USDA-certified vegan, organic, and sourced ingredients to its customers. Moreover, the creamy oat milk soups would be available in the market in two varieties viz. garden tomato and cumin carrot. Furthermore, soy-free, gluten-free, as well as non-GMO creamy plant-based broths would be available in two flavors, namely zesty ginger and turmeric and herb and roasted garlic.
Aug-2020: Koia unveiled the Koia Thrive, a range of adaptogenic drinks. Through this launch, the company aimed to aid customers in managing the modern and evolving environment via three functional flavors, including Chill Chocolate, Golden Turmeric, and Miracle Matcha, to fulfill their demands.
May-2020: Pacific Foods launched the Organic Reduced Sugar Oat Original Plant-Based Beverage. With this launch, the company aimed to fulfill the rising demands of customers for a creamy and mild oat taste in order to be used in anything from baked goods to smoothies. Furthermore, this range of products aimed to replicate the creamy consistency of Vanilla Oat and Organic Original flavors of Pacific with 80% less sugar.
Product Launch and Product Expansion:
Apr-2021: SunOpta acquired Dream and WestSoy, plant-based beverage businesses of the Hain Celestial Group. Through this acquisition, the company aimed to integrate the capabilities into its plant-based foods and beverages portfolio in order to expedite growth throughout the market
Feb-2021: Danone completed its acquisition of Follow Your Heart, a plant-based pioneer. Through this acquisition, the company aimed to leverage Follow Your Heart's capabilities in order to expand its portfolio and business.
Business Expansions:
Feb-2021: SunOpta expanded its business with the launch of SOWN, its organic oat coffee creamers. With this business expansion, the company aimed to meet the increasing demand for a broad range of plant-based food and beverages.
Scope of the Study
Market Segments covered in the Report:
By Product
- Plain
- Flavored
- Soy
- Almond
- Coconut
- Oats
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
- Danone S.A. (Sofina Group)
- Campbell Soup Company (Pacific Foods of Oregon, LLC)
- Blue Diamond Growers, Inc.
- SunOpta, Inc
- The Hain Celestial Group, Inc.
- Califia Farms LLC
- Koia
- Vitasoy International Group Co., Ltd.
- Noumi Limited
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- Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 Global Plant-based Beverages Market, by Product
- 1.4.2 Global Plant-based Beverages Market, by Type
- 1.4.3 Global Plant-based Beverages Market, by Geography
- 1.5 Methodology for the research
- Chapter 2. Market Overview
- 2.1 Introduction
- 2.1.1 Overview
- 2.1.1.1 Market composition and scenario
- 2.2 Key Factors Impacting the Market
- 2.2.1 Market Drivers
- 2.2.2 Market Restraints
- Chapter 3. Competition Analysis - Global
- 3.1 KBV Cardinal Matrix
- 3.2 Recent Industry Wide Strategic Developments
- 3.2.1 Partnerships, Collaborations and Agreements
- 3.2.2 Product Launches and Product Expansions
- 3.2.3 Acquisition and Mergers
- 3.3 Top Winning Strategies
- 3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
- 3.3.2 Key Strategic Move: (Product Launches and Product Expansions: 201, Jan – 2022, Jan) Leading Players
- Chapter 4. Global Plant-based Beverages Market by Product
- 4.1 Global Plain Market by Region
- 4.2 Global Flavored Market by Region
- Chapter 5. Global Plant-based Beverages Market by Type
- 5.1 Global Soy Market by Region
- 5.2 Global Almond Market by Region
- 5.3 Global Coconut Market by Region
- 5.4 Global Oats Market by Region
- 5.5 Global Others Market by Region
- Chapter 6. Global Plant-based Beverages Market by Region
- 6.1 North America Plant-based Beverages Market
- 6.1.1 North America Plant-based Beverages Market by Product
- 6.1.1.1 North America Plain Market by Country
- 6.1.1.2 North America Flavored Market by Country
- 6.1.2 North America Plant-based Beverages Market by Type
- 6.1.2.1 North America Soy Market by Country
- 6.1.2.2 North America Almond Market by Country
- 6.1.2.3 North America Coconut Market by Country
- 6.1.2.4 North America Oats Market by Country
- 6.1.2.5 North America Others Market by Country
- 6.1.3 North America Plant-based Beverages Market by Country
- 6.1.3.1 US Plant-based Beverages Market
- 6.1.3.1.1 US Plant-based Beverages Market by Product
- 6.1.3.1.2 US Plant-based Beverages Market by Type
- 6.1.3.2 Canada Plant-based Beverages Market
- 6.1.3.2.1 Canada Plant-based Beverages Market by Product
- 6.1.3.2.2 Canada Plant-based Beverages Market by Type
- 6.1.3.3 Mexico Plant-based Beverages Market
- 6.1.3.3.1 Mexico Plant-based Beverages Market by Product
- 6.1.3.3.2 Mexico Plant-based Beverages Market by Type
- 6.1.3.4 Rest of North America Plant-based Beverages Market
- 6.1.3.4.1 Rest of North America Plant-based Beverages Market by Product
- 6.1.3.4.2 Rest of North America Plant-based Beverages Market by Type
- 6.2 Europe Plant-based Beverages Market
- 6.2.1 Europe Plant-based Beverages Market by Product
- 6.2.1.1 Europe Plain Market by Country
- 6.2.1.2 Europe Flavored Market by Country
- 6.2.2 Europe Plant-based Beverages Market by Type
- 6.2.2.1 Europe Soy Market by Country
- 6.2.2.2 Europe Almond Market by Country
- 6.2.2.3 Europe Coconut Market by Country
- 6.2.2.4 Europe Oats Market by Country
- 6.2.2.5 Europe Others Market by Country
- 6.2.3 Europe Plant-based Beverages Market by Country
- 6.2.3.1 Germany Plant-based Beverages Market
- 6.2.3.1.1 Germany Plant-based Beverages Market by Product
- 6.2.3.1.2 Germany Plant-based Beverages Market by Type
- 6.2.3.2 UK Plant-based Beverages Market
- 6.2.3.2.1 UK Plant-based Beverages Market by Product
- 6.2.3.2.2 UK Plant-based Beverages Market by Type
- 6.2.3.3 France Plant-based Beverages Market
- 6.2.3.3.1 France Plant-based Beverages Market by Product
- 6.2.3.3.2 France Plant-based Beverages Market by Type
- 6.2.3.4 Russia Plant-based Beverages Market
- 6.2.3.4.1 Russia Plant-based Beverages Market by Product
- 6.2.3.4.2 Russia Plant-based Beverages Market by Type
- 6.2.3.5 Spain Plant-based Beverages Market
- 6.2.3.5.1 Spain Plant-based Beverages Market by Product
- 6.2.3.5.2 Spain Plant-based Beverages Market by Type
- 6.2.3.6 Italy Plant-based Beverages Market
- 6.2.3.6.1 Italy Plant-based Beverages Market by Product
- 6.2.3.6.2 Italy Plant-based Beverages Market by Type
- 6.2.3.7 Rest of Europe Plant-based Beverages Market
- 6.2.3.7.1 Rest of Europe Plant-based Beverages Market by Product
- 6.2.3.7.2 Rest of Europe Plant-based Beverages Market by Type
- 6.3 Asia Pacific Plant-based Beverages Market
- 6.3.1 Asia Pacific Plant-based Beverages Market by Product
- 6.3.1.1 Asia Pacific Plain Market by Country
- 6.3.1.2 Asia Pacific Flavored Market by Country
- 6.3.2 Asia Pacific Plant-based Beverages Market by Type
- 6.3.2.1 Asia Pacific Soy Market by Country
- 6.3.2.2 Asia Pacific Almond Market by Country
- 6.3.2.3 Asia Pacific Coconut Market by Country
- 6.3.2.4 Asia Pacific Oats Market by Country
- 6.3.2.5 Asia Pacific Others Market by Country
- 6.3.3 Asia Pacific Plant-based Beverages Market by Country
- 6.3.3.1 China Plant-based Beverages Market
- 6.3.3.1.1 China Plant-based Beverages Market by Product
- 6.3.3.1.2 China Plant-based Beverages Market by Type
- 6.3.3.2 Japan Plant-based Beverages Market
- 6.3.3.2.1 Japan Plant-based Beverages Market by Product
- 6.3.3.2.2 Japan Plant-based Beverages Market by Type
- 6.3.3.3 India Plant-based Beverages Market
- 6.3.3.3.1 India Plant-based Beverages Market by Product
- 6.3.3.3.2 India Plant-based Beverages Market by Type
- 6.3.3.4 South Korea Plant-based Beverages Market
- 6.3.3.4.1 South Korea Plant-based Beverages Market by Product
- 6.3.3.4.2 South Korea Plant-based Beverages Market by Type
- 6.3.3.5 Singapore Plant-based Beverages Market
- 6.3.3.5.1 Singapore Plant-based Beverages Market by Product
- 6.3.3.5.2 Singapore Plant-based Beverages Market by Type
- 6.3.3.6 Malaysia Plant-based Beverages Market
- 6.3.3.6.1 Malaysia Plant-based Beverages Market by Product
- 6.3.3.6.2 Malaysia Plant-based Beverages Market by Type
- 6.3.3.7 Rest of Asia Pacific Plant-based Beverages Market
- 6.3.3.7.1 Rest of Asia Pacific Plant-based Beverages Market by Product
- 6.3.3.7.2 Rest of Asia Pacific Plant-based Beverages Market by Type
- 6.4 LAMEA Plant-based Beverages Market
- 6.4.1 LAMEA Plant-based Beverages Market by Product
- 6.4.1.1 LAMEA Plain Market by Country
- 6.4.1.2 LAMEA Flavored Market by Country
- 6.4.2 LAMEA Plant-based Beverages Market by Type
- 6.4.2.1 LAMEA Soy Market by Country
- 6.4.2.2 LAMEA Almond Market by Country
- 6.4.2.3 LAMEA Coconut Market by Country
- 6.4.2.4 LAMEA Oats Market by Country
- 6.4.2.5 LAMEA Others Market by Country
- 6.4.3 LAMEA Plant-based Beverages Market by Country
- 6.4.3.1 Brazil Plant-based Beverages Market
- 6.4.3.1.1 Brazil Plant-based Beverages Market by Product
- 6.4.3.1.2 Brazil Plant-based Beverages Market by Type
- 6.4.3.2 Argentina Plant-based Beverages Market
- 6.4.3.2.1 Argentina Plant-based Beverages Market by Product
- 6.4.3.2.2 Argentina Plant-based Beverages Market by Type
- 6.4.3.3 UAE Plant-based Beverages Market
- 6.4.3.3.1 UAE Plant-based Beverages Market by Product
- 6.4.3.3.2 UAE Plant-based Beverages Market by Type
- 6.4.3.4 Saudi Arabia Plant-based Beverages Market
- 6.4.3.4.1 Saudi Arabia Plant-based Beverages Market by Product
- 6.4.3.4.2 Saudi Arabia Plant-based Beverages Market by Type
- 6.4.3.5 South Africa Plant-based Beverages Market
- 6.4.3.5.1 South Africa Plant-based Beverages Market by Product
- 6.4.3.5.2 South Africa Plant-based Beverages Market by Type
- 6.4.3.6 Nigeria Plant-based Beverages Market
- 6.4.3.6.1 Nigeria Plant-based Beverages Market by Product
- 6.4.3.6.2 Nigeria Plant-based Beverages Market by Type
- 6.4.3.7 Rest of LAMEA Plant-based Beverages Market
- 6.4.3.7.1 Rest of LAMEA Plant-based Beverages Market by Product
- 6.4.3.7.2 Rest of LAMEA Plant-based Beverages Market by Type
- Chapter 7. Company Profiles
- 7.1 Danone S.A. (Sofina Group)
- 7.1.1 Company Overview
- 7.1.2 Financial Analysis
- 7.1.3 Recent strategies and developments:
- 7.1.3.1 Acquisition and Mergers:
- 7.2 Campbell Soup Company (Pacific Foods of Oregon, LLC)
- 7.2.1 Company Overview
- 7.2.2 Financial Analysis
- 7.2.3 Segmental and Regional Analysis
- 7.2.4 Research & Development Expenses
- 7.2.5 Recent strategies and developments:
- 7.2.5.1 Product Launches and Product Expansions:
- 7.3 Blue Diamond Growers, Inc.
- 7.3.1 Company Overview
- 7.3.2 Recent strategies and developments:
- 7.3.2.1 Product Launches and Product Expansions:
- 7.4 SunOpta, Inc.
- 7.4.1 Company Overview
- 7.4.2 Financial Analysis
- 7.4.3 Segmental and Regional Analysis
- 7.4.4 Recent strategies and developments:
- 7.4.4.1 Acquisition and Mergers:
- 7.4.4.2 Business Expansions:
- 7.5 The Hain Celestial Group, Inc.
- 7.5.1 Company overview
- 7.5.2 Financial Analysis
- 7.5.3 Regional Analysis
- 7.5.4 Research & Development Expense
- 7.6 Califia Farms LLC
- 7.6.1 Company Overview
- 7.6.2 Recent strategies and developments:
- 7.6.2.1 Product Launches and Product Expansions:
- 7.7 Koia
- 7.7.1 Company Overview
- 7.7.2 Recent strategies and developments:
- 7.7.2.1 Product Launches and Product Expansions:
- 7.8 Vitasoy International Group Co., Ltd.
- 7.8.1 Company Overview
- 7.8.2 Financial Analysis
- 7.8.3 Regional Analysis
- 7.9 Noumi Limited
- 7.9.1 Company Overview
- 7.9.2 Financial Analysis
- 7.9.3 Segmental Analysis
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