The global plant-based beverages market size was USD 17.60 Billion in 2022 and is expected to register a rapid revenue CAGR of 12.1% during the forecast period. Rising lactose intolerance and milk allergies among individuals is primary key factor driving market revenue growth. According to the National Institute of Diabetes and Digestive, and Kidney Diseases, around 68% of the world’s population suffer from lactose malabsorption. Consumers choose plant-based milk since these are lactose-free, cholesterol free, and low in calories. Lactose-free milk contains vitamins A, D, and B12, as well as riboflavin and phosphorus, which are essential minerals for strong bones, for example, vitamin D in milk aids in calcium absorption. Dairy alternatives contain low-carb, low-calorie, and are ideal for people who struggle with weight management. In addition rising product launches by major companies is another key factor driving revenue growth of the market. For instance, on 10 July 2023, Bagrry’s, a major brand in morning cereals and health foods, launched its long-awaited plant-based drinks. These beverages cater to the need of health-conscious persons looking for ethical, vegan, and sustainable solutions. Bagrry’s plant-based drinks are meticulously created with the highest quality plant-based ingredients, ensuring a healthy and nourishing experience.
The Global Plant-Based Beverages Market Market Research Report added by Emergen Research to its expanding repository is an all-inclusive document containing insightful data about the Plant-Based Beverages Market market and its key elements. The report is formulated through extensive primary and secondary research and is curated with an intent to offer the readers and businesses a competitive edge over other players in the industry.
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Effect of COVID-19 on the global market for Plant-Based Beverages Market
The COVID-19 pandemic had a significant negative influence on the market for Plant-Based Beverages Market in 2020, significantly decreasing its CAGR. In 2020, manufacturers and suppliers of Plant-Based Beverages Market were significantly impacted by federal and national safety and legal orders. The majority of businesses have been impacted by the COVID-19 pandemic. Mandates for business closures, restricted municipal and state government office activities, and social conventions of distance had an impact on the production of Plant-Based Beverages Market in 2020. Additionally, demand for Plant-Based Beverages Market decreased across a range of end-use sectors. The pandemic epidemic also resulted in a decline in global investments in the water sector.
Plant-Based Beverages Market market : Competitive Landscape
The prominent players operating in the Plant-Based Beverages Market market are profiled in-depth in the report and their strategies, collaborations, and product innovations. The analysis of the key players and their strategies to fortify their presence in the market impart a better understanding of the competitive landscape of the Plant-Based Beverages Market market .
Bayer AG, Abbott, DSM, Amway, Nature’s Bounty, Nestlé, Mead Johnson & Company, LLC, Medifast, Inc., Premier Nutrition Corporation, LLC, and Health Food Manufacturers’ Association
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the Global Plant-Based Beverages Market Market Research Report provides forecasts and future market projections, equipping businesses with the necessary tools to plan ahead. The report’s forward-looking approach, backed by data-driven predictions, ensures that companies can navigate the evolving market landscape with confidence. Through a combination of current market analysis and future outlook, the report serves as an invaluable resource for businesses aiming for long-term success.
Based on types, the market is segmented into
- Source Outlook (Revenue, USD Billion; 2019–2032)
- Almond
- Soy
- Coconut
- Rice
- Others
- Cashew
- Oats
- Pea
- Hemp
- Type Outlook (Revenue, USD Billion; 2019–2032)
- Milk
- Other Drinks
- Smoothies
- Shakes
- Nogs
- Product Outlook (Revenue, USD Billion; 2019–2032)
- Plain
- Flavored
Regional Outlook :
The growth of the Plant-Based Beverages Market Market on a global scale is influenced by region-specific dynamics. North America and Europe lead with technological innovation and solid regulatory environments, though supply chain challenges and compliance issues are present. In the Asia-Pacific region, especially in China and India, rapid urbanization and heightened consumer demand are fueling expansion. Meanwhile, emerging markets in Latin America, the Middle East, and Africa present growth potential, driven by economic reform and investment, yet face significant obstacles in the form of political instability and underdeveloped infrastructure.
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