The global plant-based beverages market, expected to rise from its projected $351.7 billion in 2023 to $668.9 billion by 2033 at a robust 6.6% CAGR. The primary causes of this increase are rising disposable incomes and the growing number of vegan consumers. Because they are willing to pay more for high-end plant-based beverages, millennials are predicted to play a major role in gaining market share.
Plant-based beverage sales are expected to reach US$ 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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It is believed that the growing number of vegan consumers is driving the industry. Furthermore, it is expected that growing disposable income will encourage further market growth. This is because it’s possible that customers will have to pay more for higher-quality beverages. Most importantly, it is expected that millennials will account for a significant chunk of the market share.In addition to the vegan population, there has been a rise in the flexitarian population. These are the folks who are gradually moving into this area or who must drink these beverages for health reasons. In the USA and Europe, this tendency is especially apparent.
Although non-vegetarian cuisine is nutrient-dense, medical professionals believe that consuming it in excess can have harmful effects. In severe situations, people may experience cancer, cardiac problems, or metabolic disorders. As a result, more people are becoming vegetarians. During the projection period, this could lead to a spike in the demand for plant-based beverages.
A lot of folks experience lactose intolerance in addition to that. As a result, people begin drinking beverages made with soy or almonds. This is also a result of the fact that these drinks are an excellent provider of numerous additional 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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