The need for plant based beverage is predicted to rise at a moderate CAGR of 5.92% through 2034. The industry is projected to surpass US$ 665.8 billion by 2034. The surge in the trend of veganism is helping to promote the demand for plant based beverages across the globe.
The expansion and the rise in lactose intolerance rates leads the global market for plant based beverages to grow and is subsequently expected to give maximum growth in the near future.
Such goods are mostly preferred by customers looking for low-fat and low-cholesterol solutions. Plant-based drinks are definitely considered to have a healthy choice that are easily available and provide the customers with essential vitamins and minerals.
DSM-Firmenich Opens Innovative Pilot Plant in New Jersey
DSM-Firmenich unveils a cutting-edge pilot plant in Plainsboro, NJ, within its Taste, Texture & Health business unit. The facility aims to enhance collaboration with clients, accelerating the global shift towards healthier, plant-based food and beverage options. Equipped for benchtop development and incorporating consumer feedback, it streamlines the transition from laboratory to small-batch production, with a focus on scaling beverage manufacturing for dairy and plant-based products.
Key Highlights of the Plant Based Beverage Industry
- Plant based beverages are becoming more and more popular as healthier substitutes are now more available for dairy milk among consumers.
- Venture capital businesses as well as conventional food and beverage corporations have started investing leading to the rising demand for plant based beverages.
- Consumer education and advocacy efforts have intensified as an awareness for the increase in ethical, environmental, and health benefits of plant-based diets.
The usage of cruelty-free products has risen as a result of growth in awareness of animal suffering and numerous awareness led by various campaigns that have been held worldwide.
The market for plant based beverages is on the verge of expansion due to a number of additional factors, inclusively holding increase in levels of disposable income and rapid urbanization. This is the healthiest dairy product substitute currently on the market.
Plant-based milk products are however anticipated to grow substantially over the next several years. Drinks made from plants have lesser carbon footprints promoting them to be a sustainable choice and are widely supported.
Key Takeaways from the Market Study
- Under source type, plant-based juices is accounted to hold a market share of 67.8% in 2024.
- Based on nature, the conventional segment is accounted to hold a market share of 92.1% in 2024.
- Based on source, the plant-based juices segment is accounted to hold a market share of 67.8% in 2024.
- Germany is estimated to register at a CAGR of 6.3% by 2034.
- Japan experiences significant growth, projected at a CAGR of 4.4% by 2034.
- Based on the nature, the conventional segment is accounted to hold a market share of 92.1% in 2024.
“The surge in demand for vegan diets and people suffering from intolerance to lactose are the primary drivers for the plant based beverage market,” -says Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)
Competitive Landscape
Major market players like DSM, Bayer AG, Abbott, Nestlé SA compete with up-and-coming companies and start-ups for market supremacy in the fiercely competitive plant based beverage sector.
Regulated by a wide range of plant-based beverage options, making investments in product innovation, and growing their distribution networks, these businesses compete fiercely with one another. The dairy business is seeing increased competition due to the growing demand from consumers for more sustainable and healthful options.
Key Developments in the Plant Based Beverage Industry
- In June 2021, Plant Veda, announced the launch of a new line of vegan lassi (an Indian yogurt drink) from cashews and real fruits. The product was free of cane sugar and contains gut-healthy probiotics.
- In February 2021, Heartbest Foods, launched its plant-based milk. The plant-based milk was available in plain and quinoa flavors.
