Ottawa, Feb. 15, 2023 (GLOBE NEWSWIRE) -- According to Precedence Research, the plant-based beverages market size was worth USD 27.90 billion in 2022. Plant-based beverages are healthy beverages that are processed and manufactured from seeds, grains, and other plant materials. Some of the plant-based beverages available in the market are coffee, tea, soy milk, and rice milk. All these products are low in terms of calories, and they provide necessary calcium and protein. These alternatives are gaining popularity across the globe as this is a healthy option for dairy products. The consumption of these plant-based beverages will play an instrumental role in reducing the cases of strokes, diabetes, and heart diseases.
Key Takeaway:
- Asia Pacific region has captured revenue share of 66.8% in 2022.
- Europe is growing at the fastest CAGR from 2023 to 2032.
- By source, the soy beverage segment has held revenue share of over 38.6% in 2022.
- The coconut beverages source segment is poised to grow at a fastest CAGR from 2023 to 2032.
- By product, the plain beverages segment has held revenue share of over 70.4% in 2022.
- However, the flavored beverages segment is growing at the fastest CAGR from 2023 to 2032.
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Regional snapshots
The growing popularity of plant-based beverages in nations such as Australia, Japan, China, Vietnam, and Thailand has played a significant role in the growth of the market in recent times. Consumers in the Asia Pacific region can spend a good amount of money on these alternatives. The consumption of these products has grown significantly due to the protein content of these plant-based beverages. Clean labels for plant-based beverages will increase sales to a great extent. Growing awareness about nutrition and health is expected to play a significant role in the growth of the market during the forecast period.
In the Asia Pacific region, soy is a source of plant-based food that is used extensively. The growing popularity of vegan diets is expected to increase the consumption of plant-based beverages in the European as well as North American regions.
Report highlights
- The soy beverages segment has garnered maximum revenue in the past. Soy-based products are consumed on a large scale. Soy is used in confectionery, and bakery products. Soy is a good source of vitamin B, vitamin E, potassium, isoflavones, and protein.
- The coconut beverages segment is also expected to grow well due to the nutritional value of this product.
- Various health benefits are associated with the consumption of coconut beverages. In the South American region and the Asia Pacific region, the consumption of these beverages is maximum. Many prominent players are launching these products in the market.
- Plant-based milk is the largest consumed product across the globe. The number of deaths occurring due to cardiovascular diseases has played a significant role in creating awareness about the health benefits of plant-based beverages. These beverages are healthy, and due to this, the consumption of plant-based beverages is more in many nations.
- Hypermarkets and supermarkets provide plant-based beverages of various brands under one roof. The online sales of these products are also growing in many developed nations because of quick delivery options and attractive offers.
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Scope of the Report
| Report Attributes | Details |
| Revenue Forecast by 2032 | USD 73.19 Billion |
| CAGR | 10.12% from 2023 to 2032 |
| Asia Pacific Revenue Share | 66.8% in 2022 |
| Europe Revenue Share | 10% in 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
| Key Players | Bayer AG, Abbott, DuPont, DSM, The Nature's Bounty Co., GlaxoSmithKline plc., Nestlé SA, RiceBran Technologies, Amway, Medifast, Inc., Premier Nutrition Corporation, TOOTSI IMPEX Inc., Mead Johnson & Company, LLC., U.S. Spice Mills, Inc., Health Food Manufacturers' Association, NOW Foods, Glanbia PLC, Herbalife International of America, Inc., Bionova and Others |
Market dynamics
Drivers
Health-conscious consumers will contribute majorly to the growth of this market. Essential nutrients are supplied through plant-based beverages, and they provide adequate hydration. They contain minerals, vitamins, and an adequate amount of protein and all of these components help in reducing the cases of strokes and cardiovascular diseases. The consumption of these products has increased as they help in strengthening bones and improving immunity. The vegan population is expected to drive the market growth to a great extent and the consumption of plant-based beverages will grow significantly during the forecast period.
Lactose-intolerant people will also adopt plant-based beverages as a good alternative to dairy products. Prevailing cases of various food allergies will also drive market growth. The nutrition and sports industry will have a greater demand for plant-based beverages as functional supplements. Hectic schedules and a busy lifestyle will play a significant role in the growth of the market.
Restraints
The prices of the raw materials used in the production of plant-based beverages fluctuate constantly depending on the weather conditions. The growth of this market will be limited if the cost of the raw material keeps on increasing. Developed nations have a higher rate of consuming plant-based beverages as compared to the developing nations of the world, and this is majorly due to the expensive nature of these products. The number of products offered in the developed nations is more as compared to those offered in the developing nations of the world.
Opportunities
Plant-based beverages are an alternative for lactose-intolerant people. The plant-based milk industry will serve the daily nutritive requirement of the consumers. Many awareness drives are conducted by various organizations that help in making conscious choices because of which the demand for plant-based beverages has grown significantly. Plant-based beverages also help in reducing the carbon footprint due to which major opportunities will be provided to the plant-based beverages market in the long run. Athletes and celebrities are promoting plant-based beverages, and this will increase the demand for vegan products.
Challenges
Major challenges associated with the manufacturing of plant-based beverages are that of processing these products. The manufacturing procedures must be updated by the organization to reduce biological and chemical risks. Chemical residues of micro toxins, pesticides, and allergens increase due to the use of raw materials. For the manufacturing of different types of beverages using tree nuts, soy, and gluten proteins the cases of cross-contamination have increased. Mislabeling and the recall of the products have also been major challenges in the growth of the market. The wholesomeness and stability of plant-based beverages need to be maintained by the manufacturers as is done in dairy products. And all these factors will prove to be major challenges in the growth of the market.
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Recent developments
- Nitro Pepsi was launched by PepsiCo in 2022 and is a nitrogen-infused drink launched in the United States. Widget technology was used by the organization which is commonly found in beer products and coffee.
- A strategic alliance was formed between Starbucks and Nestle in 2021 and this partnership aimed at launching ready-to-drink coffee in Latin America, Southeast Asia, and Oceania. Ready-to-drink coffee generated a revenue of about 2.98 billion U.S. dollars after it was introduced.
Market Segmentation
By Source
- Coconut
- Soy
- Almond
- Rice
- Oats
- Hemp
- Others
By Type
- Plant-based Milk
- Juices
- Tea and Coffee
- Others
By Product
- Plain
- Flavored
By Distribution Channel
- Hypermarkets and Supermarkets
- Specialty Stores
- Online Stores
- Others
By Function
- Sauce & Dressing
- Carbonated Soft Drink
- Cardiovascular Health
- Cancer Prevention
- Lactose Intolerant
- Bone Health
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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