The plant-based beverage market is frothing with opportunity, offering a refreshing alternative for investors seeking a sustainable and profitable sip. According to a recent industry report, the market is expected to reach a staggering US$374.6 billion in 2024, and is projected to maintain a robust growth trajectory, reaching a colossal US$665.8 billion by 2034, with a compelling Compound Annual Growth Rate (CAGR) of 5.92%.
This surge is fueled by a confluence of factors, including:
- Health-Conscious Consumers: A growing population prioritizes healthy living, driving demand for plant-based alternatives perceived as having superior health benefits.
- Surge in Veganism: Vegan diets are gaining mainstream acceptance, creating a significant consumer base seeking plant-based beverage options.
- Environmental Concerns: Sustainability is a top priority for many, and plant-based beverages boast a lower environmental footprint compared to traditional dairy options.
- Product Innovation: Continuous product development is expanding the variety and taste of plant-based beverages, attracting a wider audience.
- Regulatory Support: Governments worldwide are increasingly endorsing plant-based products, further propelling market growth.
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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.
- 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.)
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Competitive Landscape
Major market players like 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.
Some of the key developments are:
- In July 2020, Starbucks Canada broadened its non-dairy selection by introducing the oat beverages, which cater to the rise in demand for plant-based options. This move was anticipated to drive the sales of plant based beverages.
- In January 2020, Nestlé expanded its presence in the Thai beverage market as it had launched a soy-based version of its popular chocolate malt beverage, Milo, quarrying into the growing trend of plant-based alternatives.
Key Market Segments to Watch:
The market is segmented by various factors, allowing investors to target specific areas of interest. Here are some key segments to consider:
- Source: Plant-based milks (almond, soy, oat) and juices are leading the charge.
- Nature: Organic and conventional options cater to diverse consumer preferences.
- Format: Formats like minced & chopped and powder & granules offer convenience.
- Distribution Channel: Online retail is experiencing rapid growth due to its ease of access.
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