Plant-based Beverages Market Trends, Share, Growth, Report 2024-2032

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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” offers a comprehensive analysis of the industry, which comprises insights on the plant-based beverages market report. The global 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.

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Factors Affecting the Growth of the Plant-based Beverages Industry:

  • Health and Wellness Trends:

The rising health and wellness consciousness among the masses represents one of the primary factors propelling the market growth. Additionally, the rising preferences of people for plant-based options as they are healthier than traditional dairy products are favoring the market growth. Plant-based beverages are often lower in saturated fats and cholesterol, making them an attractive choice for individuals looking to maintain a balanced diet. Additionally, these products are often fortified with essential vitamins and minerals, further enhancing their appeal to health-conscious consumers. The growing awareness of lactose intolerance and dairy allergies is also driving the demand for plant-based alternatives.

  • Environmental Sustainability:

The increasing concerns about the environmental impact of animal agriculture are strengthening the growth of the market. Livestock farming is a major contributor to greenhouse gas emissions, deforestation, and water pollution. As a result, individuals are increasingly consuming plant-based foods and beverages. These products typically have a lower carbon footprint, require less land and water resources, and result in fewer emissions compared to traditional dairy production. Companies in the plant-based beverage industry are also emphasizing their commitment to sustainability, further attracting environmentally conscious people.

  • Evolving Taste Preferences:

The evolving taste preferences of individuals are contributing to the expansion of the market. Innovative product development and flavor offerings have made plant-based beverages more appealing and diverse are attracting a wider consumer base. Along with this, companies in this sector are constantly introducing new flavors, formulations, and textures to cater to a wide range of taste preferences. The versatility of these products is expanding their usage in various culinary applications, including coffee, smoothies, and baking. As a result, individuals are increasingly incorporating plant-based beverages into their daily routines, further stimulating the market growth.

Leading Companies Operating in the Global Plant Based Beverages Industry:

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

Plant-based Beverages Market Report Segmentation:

By Type:

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

Almond-based beverages dominate the market as they are naturally low in saturated fats and have numerous health benefits.

By Product:

  • Plain
  • Flavored

Based on the product, the market has been divided into plain and flavored.

By Distribution Channel:

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

On the basis of distribution channel, the market has been classified into supermarkets and hypermarkets, convenience stores, specialty stores, and online stores.

Regional Insights:

  • 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

North America’s dominance in the plant-based beverages market is attributed to increasing spending capacity of individuals in the region.

Global Plant-based Beverages Market Trends:

The increasing number of individuals adopting vegan and vegetarian lifestyles is driving the demand for plant-based beverages. Vegans and vegetarians seek dairy-free options that align with their dietary choices, and plant-based beverages, such as almond milk, soy milk, and coconut milk, provide a convenient and nutritious solution. Along with this, foodservice establishments, including cafes and restaurants, are incorporating plant-based milk alternatives into their menus to cater to a broader customer base. Additionally, major beverage companies are investing in the development and marketing of plant-based beverage products to meet the rising demand.

Other Key Points Covered in the Report:

  • COVID-19 Impact
  • Porters Five Forces Analysis
  • Value Chain Analysis
  • Strategic Recommendations

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