Plant-based Beverages Market Size almost Triples at Robust CAGR of 15.54%
Growing vegan and vegetarian lifestyle trends spurring consumer demand for healthier alternatives, increasing concerns about the environmental impact of animal agriculture, and adoption of innovations in flavors and formulations are key driving factors of Global Plant-based Beverages Market during the forecast period between 2024 and 2030.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Plant-based Beverages Market size by value at USD 24.76 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Plant-based Beverages Market size to expand at a CAGR of 15.54% reaching a value of USD 72.44 billion by 2030. The Global Plant-based Beverages Market is experiencing a surge in popularity, driven by a confluence of health-conscious consumers and environmental concerns. One key factor is the rising prevalence of chronic diseases like diabetes and heart disease. Consumers are increasingly seeking alternatives to traditional dairy products, which are perceived to be high in saturated fat and cholesterol. Plant-based beverages, made from soy, almond, oat, or rice, offer a lactose-free and often cholesterol-free option that aligns with a healthier lifestyle.
By volume, BlueWeave estimated the Global Plant-based Beverages Market size at 1.27 billion gallons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Plant-based Beverages Market size to expand at a CAGR of 15.11% reaching a volume of 1.69 billion gallons by 2030. Growing awareness of the environmental impact of animal agriculture is pushing consumers towards plant-based options. The dairy industry is a significant contributor to greenhouse gas emissions, and many environmentally conscious individuals are seeking ways to reduce their ecological footprint. Plant-based beverages typically require less land and water to produce compared to dairy milk, making them a more sustainable choice. The environmental benefit, coupled with the health halo, is propelling the Global Plant-based Beverages Market.
Opportunity – Environmental Concerns fuel exponential market growth
As climate change awareness escalates, consumers increasingly seek eco-friendly alternatives to traditional dairy products. Plant-based beverages, rich in nutrients and devoid of animal byproducts, emerge as a compelling option. Ethical and environmental considerations drive this trend, as consumers align purchasing habits with sustainability goals. With innovative flavors and nutritional profiles, plant-based beverages cater to diverse tastes while reducing carbon footprints. As demand surges, companies invest in research and development, expanding product lines to meet evolving consumer preferences. Environmental consciousness propels the plant-based beverage market towards sustained growth.
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Impact of Escalating Geopolitical Tensions on Global Plant-based Beverages Market
Escalating geopolitical tensions can significantly impact the Global Plant-Based Beverages Market. Trade disruptions, tariffs, and political sanctions can hinder the supply chain, affecting raw material sourcing, production, and distribution. For instance, trade disputes between major economies like the U.S. and China have led to tariffs on agricultural products, impacting ingredient costs for plant-based beverages. Moreover, geopolitical unrest in key producing regions like South America or Southeast Asia can disrupt supply, leading to price volatility. Additionally, strained international relations may affect consumer sentiment, leading to shifts in purchasing behavior. To adapt, companies may explore diversifying sourcing regions or investing in local production facilities. However, heightened uncertainties may impede long-term strategic planning and market growth, posing challenges for stakeholders in the plant-based beverages industry.
Global Plant-based Beverages Market
Segmental Coverage
Global Plant-based Beverages Market – By Source
Based on source, Global Plant-based Beverages Market is divided into Soy Beverages, Almond Beverages, Coconut Beverages, Rice Beverages, and Others (Cashew, Oats, Pea, and Hemp) segments. The soy beverages segment is the largest in the Global Plant-based Beverages Market. Soy beverages have traditionally held a significant share due to their established presence and popularity, offering a versatile alternative to dairy. With growing concerns over health, sustainability, and lactose intolerance, soy beverages continue to attract consumers seeking plant-based options. Their nutritional profile, versatility in applications, and widespread availability contribute to their dominance in the market. While other segments like almond, coconut, rice, and various blends (cashew, oats, pea, hemp) also hold substantial market shares, soy beverages maintain their leading position, driving the market's growth trajectory.
Global Plant-based Beverages Market – By Type
Based on type, Global Plant-based Beverages Market is divided into Milk and others (Smoothie, Shakes, and Nogs) segments. The milk alternatives segment is the largest in the Global Plant-based Beverages Market. The segment includes a wide range of dairy-free options such as almond milk, soy milk, oat milk, and coconut milk. The alternatives have gained popularity due to factors like lactose intolerance, health consciousness, and environmental concerns. While other segments like smoothies, shakes, and nogs also contribute to the market, the milk alternatives segment stands out for its broad consumer appeal and diverse product offerings, making it the dominant force in the plant-based beverage industry.
Competitive Landscape
Global Plant-based Beverages Market is fiercely competitive. Major companies in the market include Danone, PepsiCo, The Coca-Cola Company, Nestlé, Ingredion Incorporated, Hormel Foods Corporation, Blue Diamond Growers, Hain Celestial Group, SunOpta, Inc., Dohler GmbH, Ingredi Corporation, Archer Daniels Midland Company (ADM). These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Global Plant-based Beverages Market.
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