Plant-based beverages are a healthy alternative to conventional beverages. They include a variety of products such as fruit and vegetable juices, ready-to-drink (RTD) tea and coffee, and nut milks. The global plant-based beverages market has been growing due to the high adoption of veganism, increasing prevalence of lactose intolerance, and rising organized retail sector in developing economies.
The demand for plant-based beverages is expected to grow owing to the rising demand for natural and clean-label drinks among health-conscious consumers. The increasing popularity of cold brew and cold pressed beverages which offer high nutrition levels and fresh taste is expected to further drive the growth of the global plant-based beverages market in the near future.
Over the past decade, there have been rapid advancements in the food & beverages industry with a shift from conventional to organic production methods. This shift is increasingly instilling a sense of food safety among health-conscious consumers. However, growing health issues due to the intake of beverages with high caloric value and changing consumer preference toward probiotic drinks are expected to hamper the growth of the global plant-based beverages market during the review period.
The global plant-based beverages market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world (RoW).
The European market accounted for the majority market share in 2018 and is expected to retain its dominance during the forecast period. The increasing demand for healthy and nutritive drink options over high-calorie soft drinks, along with technological advancements in the food industry, is fueling the regional market growth.
Asia-Pacific is expected to be a lucrative market for the manufacturers of plant-based beverages. The regional market is projected to register the highest CAGR of 9.22% during the forecast period. China is one of the leading markets in the region, accounting for the largest projected market share during the review period. Rapid urbanization and a growing middle-income population ready to pay high prices for functional beverages are fueling the demand for plant-based beverages. Moreover, the Indian market is expected to exhibit the highest growth rate of 9.61% during the forecast period of 2018 to 2023. The food & beverage industry in India has grown over the past few years due to investments in technology and research. Additionally, developments in the distribution network, especially in online channels, are also expected to support the growth of the Asia-Pacific plant-based beverages market.
The global plant-based beverages market has also been segmented based on source, type, and distribution channel.
On the basis of source, the global plant-based beverages market has been divided into fruits, vegetables, nuts, seeds and leaves, soy, and others. The fruits segment has further been segregated into grape, orange, apple, and others. The nuts segment has been further segmented into almond, cashew, and others. In 2017, the fruits segment accounted for the maximum market share and is projected to reach USD 192.06 billion by the end of 2023. The nuts segment is projected to register the highest CAGR of 11.00% during the review period.
Based on type, the global plant-based beverages market has been segmented into RTD tea and coffee, juices, plant-based milk, and others. The juices segment held the largest market share of 58.25% in 2017 and is projected to reach USD 222.54 billion by the end of 2023. The plant-based milk segment is expected to register the highest growth rate of 11.02% during the forecast period.
By distribution channel, the global plant-based beverages market has been segmented into store-based and non-store-based. The store-based segment has further been divided into supermarkets and hypermarkets, convenience stores, and others. The store-based segment held the larger market share of 79.56% in 2017 and is projected to reach USD 307.08 billion by the end of 2023. The non-store-based segment is expected to register the higher growth rate of 8.96% during the forecast period.
The leading market players in the global plant-based beverages market are PepsiCo, Inc. (US), the Coca-Cola Company (US), Hain Celestial Group (US), Danone SA (France), Fresh Del Monte Produce Inc. (US), Campbell Soup Company (US), Califia Farms (US), Koia (US), Keurig Dr Pepper Inc. (US), and SunOpta Inc. (US).
• Plant-based beverages manufacturers
• Farmers and agricultural associations
• Raw material suppliers
• Retailers and wholesalers
• E-commerce companies
• Traders, importers, and exporters
• The increasing adoption of veganism is considered to be a significant factor for the growth of the global plant-based beverages market during the forecast period.
• Growing consumer preference for probiotic drinks and sugar-free carbonated beverages are hindering the growth of the global plant-based beverages market.
• Key manufacturers are emphasizing mergers & acquisitions and product launches to enhance sales volumes in developed and developing economies.
Global Plant-Based Beverages Market Research Report—Forecast till 2023:
As per MRFR analysis, the global plant-based beverages market is estimated to reach USD 388.42 billion by the end of 2023 at a CAGR of 8.50% during the forecast period.
The report also offers a regional analysis:
• North America
o Rest of Europe
o Australia & New Zealand
o Rest of Asia-Pacific
• Rest of the World (RoW)
o South America
o Middle East