The plant-based beverages market, is set to grow significantly, hitting $668.9 billion by 2033, driven by rising vegan consumers and increased incomes. Millennials’ preference for premium plant-based options is expected to be a key growth factor.
The global plant-based beverages market, anticipated to increase at a strong 6.6% CAGR to reach $668.9 billion by 2033 from its estimated $351.7 billion in 2023. Growing disposable incomes and the number of vegan consumers are the main drivers of this rise. Because they are willing to pay more for high-end plant-based beverages, millennials are predicted to play a major role in gaining market share.
Plant-based beverage sales are expected to reach US$ 351.7 billion globally by 2023, with a compound annual growth rate (CAGR) of 6.6%. By 2033, it is anticipated that the market will be valued at US$ 668.9 billion.
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The market is thought to be driven by the increasing number of vegan consumers. Moreover, it is anticipated that rising disposable income will spur additional market expansion. This is due to the potential for higher-quality beverages to require additional payment from customers. Most importantly, a substantial portion of the market share is anticipated to be accounted for by millennials.Apart from vegan, there has been an increase in the number of flexitarians as well. These are the people who need to consume such beverages for health purpose, or are making a gradual transition to this space. This trend is particularly visible in USA and Europe.
The healthcare experts have opined that despite the fact that the non-veg food is nutritious, excess consumption can have serious consequences. People might suffer from metabolism issues, heart diseases, and cancer in extreme cases. Thus, a lot of people are turning vegetarians. This might surge the demand for plant-based beverages during the forecast period.
Apart from that, there are a number of people who suffer from lactose intolerance. Therefore, they start consuming soy-based drinks or almond based drinks. This is also because of the fact that such beverages are a rich source of lot of other nutrients.
Moreover, a lot of manufacturers who were into selling conventional beverages have started investing huge amounts for plant-based beverages. This is because of the fact that the plant-based beverages are flavoured which brings about a lot of variety. Furthermore, a combination of taste and nutrition has made the plant-based beverages the drink to bank upon.
Thus, from the insights provided by FMI, it can be inferred that, “an increase in the vegan population, coupled with a lot of people suffering from lactose intolerance, and a number of factors are expected to surge the sales of plant-based beverages during the forecast period.”
Key Takeaways:
- The plant-based beverages industry is valued at US$ 351.7 billion as of 2023.
- By 2033, the market is expected to reach a valuation of US$ 668.9 billion.
- The market is projected to grow at a CAGR of 6.6% during 2023-2033.
- Based on the regional analysis, Asia Pacific is expected to be the largest plant-based beverages industry during the forecast period.
- The USA market is expected to grow at a CAGR of 5.2%.
- The UK market is expected to surge at a CAGR of 6.1%.
- The China plant-based beverages industry is projected to grow at a CAGR of 7.4%.
- The Japan market is anticipated to grow at a CAGR of 4%.
- The India market is expected to surge at a CAGR of 7.1%.
- Based on the source, the plant-based juices are projected to hold the largest market share, growing at a CAGR of 6.4%.
- Based on the nature, the conventional segment are projected to hold the largest market share, surging at a CAGR of 6%.
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Competitive Landscape
The key players operating in the market are mainly focusing on technological upgradation, which would assist them in upscaling the production. Apart from that, the companies are also making use of various marketing strategies to convey the USP of the product. The key players are investing in mergers and acquisitions to surge the market share.
In November 2022, Danone New Zealand completed the switch to biomass boiler to power South Island spray drying plant with renewable energy.
Plant-based Beverages Market Segmentation:
By Source:
- Dairy Alternatives (Almond Milk, Soy Milk, Coconut Milk, Rice Milk, Oats Milk, Seed Milk, Cashew Milk, and Others)
- RTD Drinks (Coffee, Tea),
- Plant-based Juices (Fruit, Vegetable)
By Nature:
- Organic,
- Conventional
By Format:
- Regular
- Flavoured
By Packaging:
- Glass Bottles
- Plastic Bottles and Pouches
- Carton Packaging
- Cans
By Sales Channel:
- Hypermarkets/Supermarkets
- Convenience Stores
- Independent Small Groceries
- Speciality Stores
- Online Retailers
By Region:
- North America
- Western Europe
- Eastern Europe
- Latin America
- Asia-Pacific excluding Japan (APEJ)
- Japan
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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