Plant Based Beverages Market Insights, Size and Growth Forecast To 2030

Plant Based Beverages Market Size - By Type, By Source, By Function, By Distribution Channel - Regional Outlook, Competitive Strategies and Segment Forecasts to 2030

Published: Oct 2022 Base Year: 2021 Report ID: FOOD2221
Available Format: Historical Data: 2019 - 2020 Number of Pages: 1 - 258
Category : Food & Beverages

According to SPER Market Research, the Plant Based Beverages Market is estimated to reach USD 68.76 billion by 2030 with a CAGR of 12.5%.

Plant-based beverages are beverages that can be used as an alternative to dairy. These beverages are produced from plants and are believed to be a much healthier alternative to dairy. Soymilk, rice milk, and almond milk are among the most popular plant-based beverages around the world. They are considered healthy because they contain several essential vitamins and minerals. They are also low in fat and cholesterol and contain no lactose. Plant-based beverages are extremely popular in  mature and emerging markets. This is due to an increase in the number of people who are allergic to dairy. Furthermore, growing healthcare awareness and disposable income fuel the expansion of the plant-based beverage market. The growing popularity of vegan diets, particularly among millennials; and the growing demand for low-calorie options as developing countries adapt to hectic lifestyles. Furthermore, companies are showing interest in the niche plant-based beverage segments by acquiring local players or investing in innovative products to tap consumer interests, which has fueled the market's growth. 

Plant-based milk is the most prominent segment, accounting for the largest share of the global market. Plant-based milks made from almond, soy, coconut, and rice are available from a variety of companies. Consumers are focusing on improving their immunity and overall health by eating simple and nutritious vegetarian and plant-based foods and beverages. Consumers in both developed and developing countries are willing to pay a premium for beverages with superior nutritional and medicinal properties. Soy-based beverages are expected to grow steadily over the forecast period, owing to rising consumer demand for nutritional and allergy-free beverages. Other milk sources, such as cashew, oats and pea are also gaining traction in the market. Because of their health benefits and pain relief properties, hemp-based drinks are gaining popularity among consumers. Furthermore, governments all over the world are removing CBD and Hemp from illegal drugs and promoting these drinks. These favorable policies encourage beverage companies to introduce new products to the market. Thus, with a wide variety of plant-based milk options on the market, demand for plant-based beverages is expected to rise in the coming years. The increase in the adoption of large retail formats such as supermarkets and hypermarkets in both mature and emerging markets can be attributed to market growth. Furthermore, the one-stop shopping experience provided by these retail formats makes it a popular shopping option for consumers. However, due to rapid internet and smartphone penetration, the online segment is expected to grow the fastest over the forecast period. The Asia Pacific region is expected to be the fastest-growing market for plant-based beverages. This can be attributed to an increase in the trend of veganism as well as a rise in consumer awareness of health and fitness in the region. Key revenue-generating countries in the region include China and Thailand.  China's major dairy companies have been planning to enter the niche plant-based beverage market. As a result, plant-based beverage manufacturers in this region have excellent growth prospects.



Plant-based products continue to be more expensive than dairy products due to premium pricing in several countries. As a result, manufacturers are working to reduce the prices of these products, which remain a challenge for manufacturers in this market. Aside from that, a lack of proper promotional strategies has resulted in a lack of consumer awareness about the benefits of plant-based beverages over dairy beverages in many emerging countries. As a result, these areas continue to rely heavily on dairy milk products. 

Impact of COVID-19 on the Global Plant Based Beverages Market
The COVID-19 outbreak has taught us all the value of immunity and good health. The pandemic has created numerous opportunities for plant-based beverage manufacturers, as consumers have become more health-conscious, and thus demand for nutritional values provided by plant-based beverages, such as low calories, high vitamins and minerals, and proteins, continues to rise. During the outbreak, the demand for packaged items increased manyfold, resulting in increased demand for products such as packaged plant-based milk and beverages, which have a longer shelf life and can be easily stored, preventing people from having to leave their homes as frequently.

Scope of the report
 Report Metric Details
 Market size available for years 2019-2030
 Base year considered 2021
 Forecast period 2022-2030
 Segments coveredBy Type, By Source, By Function, By Distribution Channel
 Geographies covered North America, Europe, Asia Pacific, Latin America, Middle East & Africa
 Companies CoveredArcher Daniels Midland Company, BLUE DIAMOND GROWERS, Califia farms, HAIN CELESTIAL GROUP, INC., Kikkoman, LIVING HARVEST FOODS INC., ORGANIC VALLEY CROPP COOPERATIVE, PANOS BRANDS LLC, Pepsico, Inc., Pacific Foods of Oregon, Pureharvest, SUNOPTA INC, The Coca-Cola Company, The Hain Celestial Group, The Whitewave Foods Company, Want Want China Holdings Limited, Wildwood Organic.

Global Plant Based Beverages Market, By Type:
Based on the Type, Global Plant Based Beverages Market is segmented as; RTD Tea & Coffee (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Juices (Key market trends, growth factors and opportunities,       Market size and forecast, Market analysis by Region), Plant Based Milk (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Others (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region).

Global Plant Based Beverages Market, By Source:
Based on the Source, Global Plant Based Beverages Market is segmented as; Fruits (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Nuts (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Rice (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Soy (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Rice (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Others (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region).

Global Plant Based Beverages Market, By Function:
Based on the Function, Global Plant Based Beverages Market is segmented as; Cardiovascular Health, Cancer Prevention, Lactose Intolerance, Bone Health.

Global Plant Based Beverages Market, By Distribution Channel:
Based on the Distribution Channel, Global Plant Based Beverages Market is segmented as; Convenience Store (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Hypermarkets & Supermarket (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Specialty Stores (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Online (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region).

Global Plant Based Beverages Market, By Region:
The Asia Pacific region is expected to be the fastest-growing market for plant-based beverages. This can be attributed to an increase in the trend of veganism as well as a rise in consumer awareness of health and fitness in the region. Key revenue-generating countries in the region include China and Thailand.  China's major dairy companies have been planning to enter the niche plant-based beverage market. As a result, plant-based beverage manufacturers in this region have excellent growth prospects.

1. Introduction
1.1. Scope of the report
1.2. Market segment analysis

2. Research Methodology
2.1. Research data source
2.1.1 Secondary data
2.1.2 Primary data
2.1.3 SPER’s internal database
2.1.4 Premium insight from KOL’s
2.2. Market size estimation
2.2.1 Top-down and Bottom-up approach
2.3. Data triangulation

3. Executive Summary

4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges 
4.2. COVID-19 Impacts of the Global Plant Based Beverages Market

5. Market variables and outlook
5.1. SWOT analysis 
5.1.1 Strengths 
5.1.2 Weaknesses 
5.1.3 Opportunities
5.1.4 Threats
5.2. PESTEL analysis 
5.2.1 Political landscape
5.2.2 Economic landscape
5.2.3 Social landscape 
5.2.4 Technological landscape 
5.2.5 Environmental landscape 
5.2.6 Legal landscape 
5.3. PORTER’S five forces analysis 
5.3.1 Bargaining power of suppliers 
5.3.2 Bargaining power of Buyers 
5.3.3 Threat of Substitute 
5.3.4 Threat of new entrant 
5.3.5 Competitive rivalry
5.4. Heat map analysis

6. Global Plant Based Beverages Market, By Type, 2019-2030 (USD Million)
6.1. RTD Tea & Coffee
6.1.1. Key market trends, growth factors and opportunities
6.1.2. Market size and forecast
6.1.3. Market analysis by Region
6.2. Juices
6.2.1. Key market trends, growth factors and opportunities
6.2.2. Market size and forecast
6.2.3. Market analysis by Region
6.3. Plant Based Milk
6.3.1. Key market trends, growth factors and opportunities
6.3.2. Market size and forecast
6.3.3. Market analysis by Region
6.4. Others
6.4.1. Key market trends, growth factors and opportunities
6.4.2. Market size and forecast
6.4.3. Market analysis by Region

7. Global Plant Based Beverages Market, By Source, 2019-2030 (USD Million)
7.1. Fruits
7.1.1. Key market trends, growth factors and opportunities
7.1.2. Market size and forecast
7.1.3. Market analysis by Region
7.2. Nuts
7.2.1. Key market trends, growth factors and opportunities
7.2.2. Market size and forecast
7.2.3. Market analysis by Region
7.3. Rice
7.3.1. Key market trends, growth factors and opportunities
7.3.2. Market size and forecast
7.3.3. Market analysis by Region
7.4 Soy
7.4.1. Key market trends, growth factors and opportunities
7.4.2. Market size and forecast
7.4.3. Market analysis by Region
7.5. Rice
7.5.1. Key market trends, growth factors and opportunities
7.5.2. Market size and forecast
7.5.3. Market analysis by Region
7.6. Others
7.6.1. Key market trends, growth factors and opportunities
7.6.2. Market size and forecast
7.6.3. Market analysis by Region

8. Global Plant Based Beverages Market, By Function, 2019-2030 (USD Million)
8.1. Cardiovascular Health
8.2. Cancer Prevention
8.3. Lactose Intolerance
8.4. Bone Health

9. Global Plant Based Beverages Market, By Distribution Channel, 2019-2030 (USD Million)
9.1. Convenience Store
9.1.1. Key market trends, growth factors and opportunities
9.1.2. Market size and forecast
9.1.3. Market analysis by Region
9.2. Hypermarkets & Supermarket
9.2.1. Key market trends, growth factors and opportunities
9.2.2. Market size and forecast
9.2.3. Market analysis by Region
9.3. Specialty Stores
9.3.1. Key market trends, growth factors and opportunities
9.3.2. Market size and forecast
9.3.3. Market analysis by Region
9.4. Online
9.4.1. Key market trends, growth factors and opportunities
9.4.2. Market size and forecast
9.4.3. Market analysis by Region

10. Global Plant Based Beverages Market, By Region, 2019-2030 (USD Million)
10.1. North America
10.1.1. United States
10.1.2. Canada
10.1.3. Mexico
10.2. Europe
10.2.1. Germany
10.2.2. United Kingdom
10.2.3. France
10.2.4. Italy
10.2.5. Spain
10.2.6. Rest of Europe
10.3. Asia-Pacific
10.3.1. China
10.3.2. Japan
10.3.3. India
10.3.4. Australia
10.3.5. South Korea
10.3.6. Rest of Asia-Pacific
10.4. South America
10.4.1. Brazil
10.4.2. Argentina
10.4.3. Rest of South America
10.5. Middle East & Africa
10.5.1. Kingdom of Saudi Arabia 
10.5.2. United Arab Emirates
10.5.3. Rest of Middle East & Africa

11. Company Profiles
11.1. Archer Daniels Midland Company
11.1.1. Company details 
11.1.2. Financial outlook
11.1.3. Product summary 
11.1.4. Recent developments
11.2. BLUE DIAMOND GROWERS
11.2.1. Company details 
11.2.2. Financial outlook
11.2.3. Product summary 
11.2.4. Recent developments
11.3. Califia farms
11.3.1. Company details 
11.3.2. Financial outlook
11.3.3. Product summary 
11.3.4. Recent developments
11.4. HAIN CELESTIAL GROUP, INC.
11.4.1. Company details 
11.4.2. Financial outlook
11.4.3. Product summary 
11.4.4. Recent developments
11.5. Kikkoman
11.5.1. Company details 
11.5.2. Financial outlook
11.5.3. Product summary 
11.5.4 Recent developments
11.6. LIVING HARVEST FOODS INC.,
11.6.1. Company details 
11.6.2. Financial outlook
11.6.3. Product summary 
11.6.4. Recent developments
11.7. ORGANIC VALLEY CROPP COOPERATIVE
11.7.1. Company details 
11.7.2. Financial outlook
11.7.3. Product summary 
11.7.4. Recent developments
11.8. PANOS BRANDS LLC
11.8.1. Company details 
11.8.2. Financial outlook
11.8.3. Product summary 
11.8.4. Recent developments
11.9. Pepsico, Inc.,
11.9.1. Company details
11.9.2. Financial outlook
11.9.3. Product summary
11.9.4. Recent developments
11.10. Pacific Foods of Oregon
11.10.1.Company details 
11.10.2.Financial outlook
11.10.3.Product summary 
11.10.4.Recent developments
11.11. Pureharvest
11.11.1. Company details 
11.11.2. Financial outlook
11.11.3. Product summary 
11.11.4. Recent developments
11.12. SUNOPTA INC
11.12.1. Company details
11.12.2. Financial outlook
11.12.3. Product summary
11.12.4. Recent developments
11.13. The Coca-Cola Company
11.13.1. Company details
11.13.2. Financial outlook
11.13.3. Product summary
11.13.4. Recent developments
11.14. The Hain Celestial Group
11.14.1. Company detail
11.14.2. Financial outlook
11.14.3. Product summary
11.14.4. Recent developments
11.15. The Whitewave Foods Company
11.15.1. Company details
11.15.2. Financial outlook
11.15.3. Product summary
11.15.4. Recent developments
11.16. Want Want China Holdings Limited
11.16.1. Company details
11.16.2. Financial outlook
11.16.3. Product summary
11.16.4. Recent development
11.17. Wildwood Organic
11.17.1. Company details
11.17.2. Financial outlook
11.17.3. Product summary
11.17.4. Recent development

SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.

The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings.  The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.

SPER-Methodology-1

SPER-Methodology-2

SPER-Methodology-3


Frequently Asked Questions About This Report
Plant-Based Beverages Market is expected to reach USD 68.76 billion by 2030, at a CAGR of 12.5% during the forecast period.
The key players in the market include Archer Daniels Midland Company, BLUE DIAMOND GROWERS, Califia farms, HAIN CELESTIAL GROUP, INC., Kikkoman, LIVING HARVEST FOODS INC., ORGANIC VALLEY CROPP COOPERATIVE, PANOS BRANDS LLC, Pepsico, Inc., Pacific Foods of Oregon, Pureharvest, SUNOPTA INC, The Coca-Cola Company, The Hain Celestial Group, The Whitewave Foods Company, Want Want China Holdings Limited, Wildwood Organic.
The plant-based beverages market size is projected to reach USD 68.76 billion by 2030, growing at a CAGR of 12.5% during the forecast period.
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