Future Market Insights delivers key insights and presents a revised forecast of the global plant-based beverages market for a 10-year period from 2018 to 2028 for the report titled ‘Plant-based Beverages Market: Global Industry Analysis 2013–2017 and Opportunity Assessment 2018–2028’. Revision in the market size and forecasts have been carried out taking into account the impact of various macroeconomic indicators and other industry-based demand-driving factors, as well as the recent developments of key market participants. The global plant-based beverages market is estimated to be US$ 247,848.8 million in 2018, and expected to reach US$ 474,666.1 million by 2028, with a CAGR of 6.7% during 2018-2028, revised from the previous CAGR of 5.2%, due to factors regarding which FMI offers useful insights in detail in this report for plant-based beverages.
The market for plant-based beverages is anticipated to increase over the forecast year, owing to the increasing health and wellness consciousness among the population, and the growing vegan/vegetarian/flexitarian trend, along with dietary restrictions including lactose intolerance and food-related allergies.
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The global plant-based beverages market has been segmented on the basis of source into three categories, namely, dairy alternatives, RTD drinks, and plant-based juices. Among all the three categories of plant-based beverages, the dairy alternatives market is growing at the highest CAGR, making it the most attractive category for plant-based beverage manufacturers. Shifting consumer preferences for natural and healthy products have fuelled the adoption of plant-based beverages in the food & beverage industry.
Global Plant-Based Beverages Market Scenario
The plant-based beverages market witnesses a significant contribution from dairy alternatives like almond milk, soy milk, coconut milk, rice milk, oats milk, seed milk, and cashew milk, which is expected to reach US$ 25,779.8 million by 2028. Increasing consumer inclination towards non-dairy plant-based beverages is resulting from the growing prevalence of lactose intolerance among people and various food-allergies associated with dairy products. Thus, plant-based beverage manufacturers are offering many non-dairy beverages in different flavors and taste to fulfill the consumer demand for a tasty, healthy, and nutritious drink. The market for plant-based beverages also includes a contribution from RTD drinks, including tea and coffee, and plant-based fruit and vegetable juices.
The plant-based beverages segment is further categorized into organic and conventional on the basis of nature. Organic plant-based beverages are anticipated to overtake conventional plant-based beverages, with an expected CAGR of 7.2% by 2028, owing to the increasing awareness of consumers in developed regions about the quality and health benefits of organic food products, and increasing per capita disposable income of consumers.
One of the prominent reasons for consumer inclination towards plant-based beverages is the growing trend for vegan/vegetarian/flexitarian diets. Consumers are turning away from animal-based products due to the increasing awareness for animal welfare and the environment, and thus, are switching to healthier alternatives of plant-based products including plant-based beverages and opting for vegan/vegetarian diets.
Target Geographies for Plant-Based Beverages
The report for plant-based beverages has been segmented into seven regions, namely, APEJ (Asia Pacific excluding Japan), MEA (Middle-East & Africa), Japan, Latin America, North America, Eastern Europe, and Western Europe.
Western Europe, North America, and APEJ, together, constitute more than 79.5% of the market share for plant-based beverages. Currently, APEJ is the largest market in terms of size, and is expected to dominate through the forecast period. However, APEJ would emerge as the most vibrant market in terms of absolute increment, just behind North America. Manufacturers are targeting the emerging economies of APEJ and MEA, as these are relatively under-penetrated markets, and the per capita disposable income of consumers are increasing in these regions making the demand for plant-based beverages increase.
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Trends for Plant-Based Beverages
Plant-based beverages are expected to witness a rapidly growing trend over the forecast years, owing to changing consumer eating habits. Consumers are becoming more conscious about health and wellness, are opting for natural products which fulfill the demands for taste, flavor, and nutrition thus plant-based beverages market is pacing. The need for plant-based beverages is increasing, as other beverage alternatives like carbonated drinks, soft drinks, and energy drinks have an adverse effect on the health of consumers, such as obesity, diabetes, and high blood pressure, due to higher sugar content and presence of artificial additives. Plant-based beverages are a healthier and natural alternative to their animal-based counterparts, and thus, are attracting a significant consumer base. Manufacturers of plant-based beverages are offering new and innovative flavors and ingredients to attract consumers, such as plant-based coffee, flavored plant-based milk, and blends of vegetable and fruit juices.