GMI Research analysis indicates that the plant based beverages market size was estimated at USD 21.4 billion in 2021 and is slated to register a double digit CAGR of 12.4% over the period 2022-2029 and is projected to reach USD 54.5 billion in 2029.

Plant based beverages are the substitute of dairy products which is derived from plants. It is a good source of nutrients such as protein, essential amino acids, vitamins, and minerals, which helps to improve immunity, supports digestive health, reduces the risk of cardiovascular diseases, obesity, diabetes as well as heart strokes and revitalizes metabolism for the overall fitness in the body.

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The key factors supporting the growth of the global plant based beverages include increasing lactose intolerance population, rising vegan population, expansion of the beverage industry, and growing demand for nutrient rich food products across the globe. Growing health-consciousness concerns from the emerging prevalence of lactose-intolerance allergies, obesity, diabetes, and cardiovascular diseases will drive the global plant based beverages market. Moreover, the consumer is shifting towards plant based beverages driven by the increasing awareness regarding the health benefits, which will further boost the market growth.

The rising adoption of vegan diet trends and increasing demand for non-dairy milk products will bolster the growth of the global plant based beverages market. Major players are investing in various new products of plant based beverages, which will create opportunities in the coming years. The rapid urbanization with high disposable income of the middle-class population is propelling the global plant based beverages market. However, the high cost of plant based beverages as compared to dairy based products which may hamper the global plant based beverages market.

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Based on the source, the coconut segment is expected to grow at a faster CAGR in the global plant based beverages market owing to the growing awareness regarding the health benefits of coconut-based beverages among consumers. In addition to this, coconut-based beverages offer rich antioxidant properties and help to recover from diseases such as blood pressure, diabetes, and kidney stones, which will further drive the market growth in the near future. Coconut water is widely popular as a hydration drink in the gym and fitness centers, which will boost the demand for coconut beverages.

Based on type, the milk segment is predicted to grow at a higher CAGR due to the growing demand for non-dairy based vegan drinks amongst the consumer base. Moreover, the increasing lactose-intolerance allergies and other dairy-based inflammations, especially in the Asia-Pacific region will support the market growth of the milk segment.

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Based on the region, the Asia-Pacific region is anticipated to dominate the market during the forecast period due to the increasing food trend by adopting vegan-diets and drinks for health concern among the consumers. In addition to this, the growing acceptance of plant-based drinks among population, is boosting the demand in the Asia-pacific region. The leading manufacturers are offering various vegan beverages in Asian countries such as China, India, and Japan. On the other hand, the North America region is projected to grow at a faster CAGR owing to the growing demand for plant based beverages, plant-based juices and dairy alternatives by the prevalence of obesity and diabetes.

Various notable players operating in the market include The Coca-Cola Company, Blue Diamond Growers, The Hain Celestial Group, Inc., SunOpta Inc., Pacific Foods of Oregon, Inc., Kikkoman Corporation, Want Want China Holdings Limited, Califia Farms LP, and Koia, Dohler GmbH, among others.

Key Developments: 

• • In 2020, Califia Farms LP planned to expand its plant based beverages portfolio and provide high nutritional beverages options to consumers.
  • In 2019, Koia launched three plant-based beverage lines named Koia Core, Koia Keto, and Koia Coffee. The new product line is made up of plant-based protein, coconut milk, and MCT oil. The Koia coffee is available in three flavors, such as Vanilla Latte, Mocha Latte, and Salted Caramel.

The global plant based beverages market has been segmented based on source, type, function, and key regions. Based on the source, the market is segmented almond, soy, coconut, rice and others. Based on type, the market is categorized into milk and other drinks. Based on function, the market is segmented cardiovascular health, cancer prevention, lactose intolerance, and bone health.

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Key questions answered in this research report:

• • At what pace is global Plant based Beverages market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Plant based Beverages market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Plant based Beverages market?
  • Which Source generated maximum revenues in 2021 and identify the most promising Source during the forecast period?
  • What are the various Types of global Plant based Beverages market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Plant based Beverages Market by Source

• • Almond
  • Soy
  • Coconut
  • Rice
  • Others

Global Plant based Beverages Market by Type

• • Milk
  • Other Drinks

Global Plant based Beverages Market by Function

• • Cardiovascular health
  • Cancer prevention
  • Lactose intolerance
  • Bone health

Global Plant based Beverages Market by Region

• • North America Plant based Beverages Market (Option 1: As a part of the free 25% customization)
    • By Source
    • By Type
    • By Function
    • US Market All-Up
    • Canada Market All-Up
  • Europe Plant based Beverages Market (Option 2: As a part of the free 25% customization)
    • By Source
    • By Type
    • By Function
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Plant based Beverages Market (Option 3: As a part of the free 25% customization)
    • By Source
    • By Type
    • By Function
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Plant based Beverages Market (Option 4: As a part of the free 25% customization)
    • By Source
    • By Type
    • By Function
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Plant based Beverages Market All-Up

Major Players Operating the Plant based Beverages (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • The Coca-Cola Company
  • The Hain Celestial Group, Inc.
  • SunOpta Inc.
  • Pacific Foods of Oregon, Inc.
  • Dohler GmbH
  • Califia Farms LP
  • Koia
  • Blue Diamond Growers
  • Kikkoman Corporation
  • Want Want China Holdings Limited