The global Plant-based Beverages market size is expected to be worth around US$ 22.8 billion by 2027, according to a new report by Vision Research Reports.
The global Plant-based Beverages market size was valued at US$ 12.5 billion in 2020 and is anticipated to grow at a CAGR of 8.0% during forecast period 2021 to 2027.
Plant-based beverages are derived from all types of plant sources like seeds, grains, and nuts. Due to their high nutrition content, plant-based beverages are considered a suitable alternative to cow’s milk. Plant-based beverages are increasing in demand, due to its health benefits and are expected to arrive in every grocery stores worldwide in the near future. People are willing to try out plant-based beverages but they have to be easily available and affordable in price and have to taste good. The report on global plant-based beverages market sheds more light on the benefits of organic and vegetarian food consumption.
The report also aims to enlighten on the rapid growth and prospects of the market in detail. The study also focuses on competitive dynamics in the market by factoring in weaknesses and strengths of prominent participants, their degree of competition, and key products. This report also features unique and salient factors that may make a huge impact on the development of the global plant-based beverages market during the aforementioned forecast period.
With increasing awareness for healthy lifestyle, consumers are shifting from conventional food to more natural and healthy plant-based products. Moreover, the vegan population across the globe is propelling the demand for plant derived beverages and food products. Plant-based milk is also gaining wide popularity among vegan population as well as consumers with lactose intolerance condition.
Increasing vegan population and rising awareness among consumers for healthy and cruelty-free food products are expected to promote market growth. Moreover, increasing cases of lactose intolerance in the population of developed economies including the U.S., Germany, France, and the U.K. is projected to expand the scope of vegan beverages over the next few years.
Drivers & Restraints
The global plant-based beverages market is experiencing the rise in the number of companies penetrating this nascent market by adding all sort of plant-based beverage products. The growth of this market depends upon the consumer, as they play a crucial part by building more sustainable food system by consuming more plants and less meat. Thus, the decision that they have to make is whether they want to go vegan or try out a plant-based diet. In addition, the usage of antibiotics has boosted the consumption of plant-based beverages across the globe.
However, high price is one of the major challenges that manufacturers in the plant-based beverages market face. Nonetheless, these beverages provide phytonutrients and antioxidants, which help in building strong immunity, lessen inflammation, and help to cure skin radiance. These aspects are mainly focused on the rising demand for plant-based beverages across the globe.
The market revenue from soy products accounted for a revenue share of 30% in 2020. Soy milk is one of the most popular beverages across the globe owing to its various benefits. The product is a good source of protein, vitamin A, vitamin B-12, potassium, and isoflavones. It is also considered as the best alternative for lactose-intolerant consumers.
Coconut based beverages is the fastest-growing segment with a CAGR of 8.8% from 2021 to 2027. Coconut water is widely used as a hydration drink in the gym and fitness sector whereas coconut milk is widely used in a variety of Asian and Caribbean cuisines. Furthermore, it has significant health benefits due to its rich antioxidant properties and is helpful in fighting diseases such as diabetes, kidney stones, and blood pressure.
The plain flavor was the largest segment in the market, with a revenue share of 71.5% in 2020. There is a wide range of oats and nuts milk products available in the market owing to the increasing vegan population. Major manufacturers are launching new products in order to gain a maximum share of the market. For instance, in March 2019, Costa Coffee, a subsidiary of The Coca-Cola Company, planned to launch soy milk across the U.K. and had already started selling dairy-free products including soy, coconut, and almond.
The flavored segment is expected to witness the fastest growth in the market, expanding at a CAGR of 8.6% from 2021 to 2027. Consumers are habitual to the taste of cow’s milk and the plant derived milk lack the similarity to conventional milk. This has become the key factor for the growth of flavored beverages demand in the market. For instance, in January 2020, Starbucks launched three new product lines using milk derived from oats, almonds, and coconut. These product launches in the market will increase product visibility and are anticipated to boost the demand for plant-based beverages over the forecast period.
Asia Pacific was the largest segment with a market share of 34% in 2020 owing to the high consumption of plant-based drinks in countries such as China, Indonesia, Japan, and South Korea. Moreover, soy milk as well as coconut milk is primarily used for preparing a large number of Asian cuisines. Key manufacturers are launching new plant-based products in the market in order to cater to the increasing demand for plant-based beverages in the region.
North America is the fastest-growing region with a CAGR of 8.5% from 2021 to 2027 owing to the increasing vegan population in the region over the past few years. For instance, according to the data provided by The Vegan Society, the vegan population in America increased by 600% from 2014 to 2019, opening new avenues for plant-based products over the forecast period.
Döhler GmbH; PACIFIC FOODS OF OREGON, LLC.; WhiteWave Foods Company; Blue Diamond Growers Inc.; SunOpta; and The Hain Celestial Group, Inc. New product launches is expected to remain a key strategy among the market leaders to gain a competitive edge.
Plant-based Beverages Product Outlook
Plant-based Beverages Flavor Outlook
Plant-based Beverages Regional Outlook
Central & South America
Middle East & Africa
The Plant-based Beverages market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Plant-based Beverages market for the base year 2020 and the forecast between 2021 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Plant-based Beverages market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Plant-based Beverages market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Plant-based Beverages market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Plant-based Beverages capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Plant-based Beverages by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Plant-based Beverages market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Plant-based Beverages market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Plant-based Beverages market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Plant-based Beverages industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Plant-based Beverages market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Plant-based Beverages market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Plant-based Beverages market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Plant-based Beverages market. These factors have benefited the growth of the global market for Plant-based Beverages. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Plant-based Beverages. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Plant-based Beverages are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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