Westford,USA, June 30, 2023 (GLOBE NEWSWIRE) -- The global Plant-Based Beverages market size is expected to reach USD 71.62 billion by 2030 and exhibit a CAGR of 12.7% in the forecast period (2023−2030), according to Skyquest's latest research report. The health and wellness trends, rising vegan and vegetarian population, increased awareness of lactose intolerance and dairy allergies, environmental sustainability concerns, shift towards plant-based diets, innovation in plant-based ingredients and flavours, expanding product offerings and availability, growing demand for non-dairy alternatives, marketing and promotion of plant-based beverages, changing consumer preferences towards clean label and natural products is fueling the market's growth.
According to SkyQuest's latest global research of the Plant-Based Beverages market, increased variety and innovation in plant-based beverage offerings, growth of ready-to-drink plant-based beverages, the rising popularity of nut and seed milk alternatives, expansion of plant-based protein drinks, the emergence of functional plant-based beverages, demand for organic and natural plant-based beverages, growth of plant-based coffee and tea alternatives, focus on sustainability and eco-friendly packaging, expansion of plant-based beverage options in the foodservice industry, are the trends that aid in the market's growth.
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Browse in-depth TOC on "Plant-Based Beverages Market"
- Pages - 260
- Tables - 63
- Figures -76
Plant-based beverages are beverages that are made from plants instead of dairy products. They can be made from various plants, including oats, almonds, soy, rice, and coconut. Plant-based beverages are often a good source of protein and fibre, and they can be a healthy alternative to dairy products.
Prominent Players in Plant-Based Beverages Market
- Nestle
- Danone
- Kellogg's
- PepsiCo
- Coca-Cola
- Hain Celestial Group
- WhiteWave Foods
- Oatly
- Silk
- Alpro
- So Delicious Dairy Free
- Califia Farms
- Arla Foods
- Ripple
- JUST
- Perfect Day
- New Chapter
- The Good Food Institute
- Impossible Foods
- Beyond Meat
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Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Market Size in 2022 | 27.52 Billion |
| 2030 Value Projection | 71.62 Billion |
| CAGR | 12.7% |
| Segments Covered |
|
| Regions Covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Plant-based Milk Demand to Grow Substantially in the Forecast Period
Plant-based milk dominated the global online market as they have gained widespread popularity among individuals due to veganism. The rise in lactose intolerance, and dairy allergies has fueled the demand for non-dairy milk alternatives. Additionally, the versatility of plant-based milk, its nutritional benefits, and the availability of various flavors and formulations contribute to its popularity.
Retail Consumers are the Leading Application Segment
In terms of application, retail consumers are the leading segment due to the consumer demand. In addition, the increasing adoption of plant-based diets, health consciousness, and environmental concerns are driving consumer demand for plant-based beverage options. Retail consumers seek convenient, healthy, and sustainable alternatives to traditional dairy and non-plant-based beverages, contributing to the growth of the market.
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North America is the leading Market Due to the Large Consumer Base
Region-wise, North America is one of the largest growing markets with a huge consumer base. The region has a large consumer base that is increasingly adopting plant-based diets and seeking alternatives to traditional dairy beverages. Factors such as health consciousness, environmental awareness, and availability of a wide range of plant-based beverage options contribute to the market's dominance in North America.
A recent report thoroughly analyzes the major players operating within the Plant-Based Beverages market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Plant-Based Beverages.
Key Developments in Plant-Based Beverages Market
- In March 2023, Kellogg Company acquired The Good Food Company for $500 million. The Good Food Company is a leading producer of plant-based foods, including plant-based burgers, sausages, and chicken nuggets. This acquisition gives Kellogg Company a strong presence in the growing plant-based food market.
- In April 2023, Coca-Cola acquired a minority stake in Just, Inc. Just, Inc. is a company that produces plant-based egg products. This investment gives Coca-Cola a stake in the growing plant-based egg market.
- In May 2023, PepsiCo acquired KeVita, Inc. KeVita, Inc. is a company that produces plant-based probiotic beverages. This acquisition gives PepsiCo a foothold in the growing plant-based probiotic beverage market.
Key Questions Answered in Plant-Based Beverages Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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