The global plant-based beverages market size is expected to reach USD 71.83 billion by 2030, registering a CAGR of 12.7% during the forecast period, according to a new report by Grand View Research, Inc. There is significant scope for the growth of the global industry as the concept of veganism is gaining prominence in developed countries, such as the U.K., U.S., Australia, New Zealand, Germany, Italy, France, and Canada. In addition, various Middle Eastern countries such as Israel and Saudi Arabia have been witnessing a growth in the vegan population, which offers several growth opportunities for plant-based beverage manufacturers. Major players as well as new entrants in the industry are adopting various market strategies, primarily new product launches, and strengthening their distribution channel to gain maximum customer penetration across the globe.

Key Industry Insights & Findings from the report:

• The Asia Pacific was the largest region in 2021 owing to the increasing vegan/vegetarian population in countries including China, India, and Australia.
• The flavored plant-based beverages segment is anticipated to register a considerable CAGR from 2022 to 2030.
• New product launches in this segment by various brands are the key factor propelling the segment growth.
• The coconut-based beverages segment is anticipated to register the fastest growth rate during the forecast period.
• Key players in the industry are launching coconut-based beverages with added flavors to gain maximum share.

Read 100-page market research report, “Plant-based Beverages Market Size, Share & Trends Analysis Report By Type (Coconut, Soy, Almond), By Product (Plain, Flavored), By Region (APAC, North America, EU, MEA), And Segment Forecasts, 2022 – 2030“, published by Grand View Research.

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Plant-based Beverages Market Growth & Trends

For instance, in April 2021, Nestlé announced the launch of a plant-based, ready-to-drink (RTD) version of its Milo cocoa beverage in Asia, along with two plant-based coffee RTDs. The new plant-based version of Milo will replace the dairy milk with almond and soy and the other two core ingredients-malt and cocoa-remain the same. The demand for organically processed beverages is significant in the European and North American regions. The rising demand has compelled beverage companies to reformulate products to meet organic standards over the years. Increasing government support for organic agriculture and the rising popularity of organic food & beverages among consumers have driven the demand for organically processed plant-based beverages.

Coconut-based beverages are anticipated to register the fastest CAGR during the forecast period. New product launches in this segment are likely to be among the key drivers supporting the market growth. For instance, in April 2020, Harmless Harvest added three new flavored coconut water drinks to their classic organic coconut water line. The flavored plant-based beverages segment is expected to register a significant CAGR over the forecast period. Consumers are willing to experiment with flavors, such as mango, pulp, and cocoa. Therefore, new flavor launches in the existing product portfolio along with partnerships, collaborations, and marketing campaigns are some of the strategies that brands and companies opt for to gain a competitive edge in the industry.

Plant-based Beverages Market Segmentation

Grand View Research has segmented the plant-based beverages market based on type, product, and region

 Plant-based Beverages Market – Type Outlook (Revenue, USD Million, 2017 – 2030)

• Soy
• Coconut
• Almond
• Oat
• Others

Plant-based Beverages Market – Product Outlook (Revenue, USD Million, 2017 – 2030)

• Plain
• Flavored

Plant-based Beverages Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)

• North America

– U.S.

– Canada

– Mexico

– Europe

– U.K.

– Germany

– France

– Italy

– Spain

• Asia Pacific

– China

– India

– Japan

– Australia

– Thailand

• Central & South America

– Brazil

• Middle East & Africa

– UAE

List of Key Players of the Plant-based Beverages Market

• Danone S.A.
• PACIFIC FOODS OF OREGON, LLC
• Blue Diamond Growers Inc.
• SunOpta
• The Hain Celestial Group, Inc.
• Noumi Limited
• Califia Farms, LLC
• Harmless Harvest
• Koia
• Vitasoy International Holdings Ltd.

Check out more related studies published by Grand View Research:

• Meat Substitute Market – The global meat substitute market size is expected to reach USD 234.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 42.1% from 2022 to 2030. Growing preference for a vegan diet coupled with rising health awareness is expected to fuel market demand in the forecast period. Furthermore, growing awareness of environmental and ethical issues has also accelerated market growth. Plant-based meat is a healthier alternative to traditional meat products. Over half of protein users prefer to consume natural sources in their protein, which is boosting the shift in demand for easily identifiable and clean substances.
• Probiotic Drink Market – The global probiotic drink market size is expected to reach USD 21.95 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.1% from 2020 to 2027. The increasing adoption of functional beverages resulting from rising health concerns among consumers is boosting the growth of the market over the world. Probiotic Drink offers several health benefits, including digestive health, weight loss, and immune function. Furthermore, they boost mental health by reducing depression, obsessive-compulsive disorder (OCD), anxiety, and autism. Additionally, the increasing availability of these ready-to-drink products has been promoting the growth of the market.
• Kefir Market – The global kefir market size is expected to reach USD 1.46 billion by 2027, exhibiting a CAGR of 5.0% over the forecast period, according to a new report by Grand View Research, Inc. Consumers across the globe have been including items in their diet that are conducive to a healthier lifestyle. This has created opportunity for kefir products as they are known for their beneficial properties. Rapid adoption of kefir as fermented milk products among the consumers has propelled manufacturers to innovate and launch new products in order to increase visibility and market penetration.

Browse through Grand View Research’s Consumer F&B Industry Research Reports.

Source: Grand View Research