IMARC Group, a leading market research company, has recently releases report titled “Plant-Based Beverages Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The global plant based beverages market size reached US$ 28.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 33.84 Billion by 2028, exhibiting a growth rate (CAGR) of 8.36% during 2023-2028.

What are Plant-based beverages?

Plant-based beverages, also referred to as non-dairy or alternative beverages, are liquid products sourced from various plant origins, providing a dairy-free and nutritious substitute for traditional dairy milk. Unlike dairy milk, which is derived from animals, these beverages are crafted from plant sources such as almonds, soy, oats, and coconuts. They boast nutrient-rich profiles, often fortified with essential vitamins and minerals, surpassing the nutritional content of dairy milk. These plant-based options offer a diverse range to accommodate various dietary requirements and preferences, making them a flexible choice for consumers looking to reduce or eliminate dairy from their diets. They are particularly suitable for individuals with lactose intolerance or dairy allergies and appeal to health-conscious consumers seeking reduced cholesterol and saturated fat alternatives. Consequently, the global demand for plant-based beverages is on the rise.

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What are the growth prospects and trends in the Plant-based beverages industry?

At present, the rising consumer preference for healthier and sustainable dietary choices represents one of the key factors impelling the growth of the market. Additionally, the increasing adoption of ready-to-drink (RTD) plant-based beverages among people with busy lifestyles is strengthening the market growth. Apart from this, there is a rise in the demand for sustainable and eco-friendly food products that reduce environmental pollution worldwide. This, coupled with the growing adoption of food products that are free from animal-derived ingredients among health and eco-conscious consumers, is offering a favorable market outlook. In addition, the rising focus on reducing the environmental footprint of food production is providing lucrative growth opportunities to industry investors. Besides this, the wide availability of plant-based beverages via online and offline distribution channels around the world is supporting the market growth. In line with this, the rising development of new flavors and formulations, coupled with improved taste and texture to enhance the overall appeal and taste of these beverages, is contributing to the market growth. Furthermore, the increasing adoption of plant-based beverages due to the rising popularity of veganism among individuals is propelling the market growth. 

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Califia Farms LLC
• Blue Diamond Growers Inc
• Danone S.A.
• Drink Koia Online
• Kikkoman Corporation
• Organic Valley
• Pacific Foods of Oregon LLC (Campbell Soup Company)
• PureHarvest
• Ripple Foods
• SunOpta Inc. and The Coca-Cola Company.

What is included in market segmentation?

Breakup by Type:

• Soy-based
• Coconut-based
• Almond-based
• Rice-based
• Oats-based
• Hemp-based
• Hazelnut-based
• Cashew-based
• Flax-based

Breakup by Product:

• Plain
• Flavored

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Stores

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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