Plant-based beverages significantly reduce carbon footprints compared to traditional dairy farming. The production of these beverages requires less land and water and generates fewer greenhouse gas emissions, contributing to an eco-friendly food system. The resource efficiency of plant-based sources ensures optimal use of water and feed, as plants generally convert these resources more efficiently into usable products than livestock. By embracing plant-based alternatives, it supports healthier dietary choices. It contributes to a more sustainable and environmentally conscious approach to food production, mitigating the impact of agriculture on our planet.
According to Data Bridge Market Research analyses the Global Plant-Based Beverages Market was valued at USD 18.63 billion and is expected to reach USD 38.12 billion by 2030, at a CAGR of 9.57% during the forecast period of 2023-2030.
"Rise in global lactose-intolerant population boosts the market growth"
The growing global lactose-intolerant population has emerged as a significant driver for the expanding plant-based beverages market. With an increasing number of individuals unable to tolerate traditional dairy products, there is a rising demand for alternative plant-based options such as almond milk, soy milk, and oat milk. These plant-based beverages cater to lactose-intolerant consumers' dietary needs and appeal to those seeking healthier and sustainable choices. The shift towards plant-based alternatives reflects a broader trend in the food and beverage industry, driven by concerns for health, environmental sustainability, and ethical considerations.
What restraints the growth of the global plant-based beverages market?
“Fluctuation in raw material prices hinders the market growth”
Fluctuations in raw material prices significantly constrain the global plant-based beverages market. The market relies heavily on ingredients such as nuts, grains, and fruits, whose prices are subject to volatility influenced by factors such as climate changes, geopolitical events, and supply chain disruptions. These fluctuations can lead to increased production costs, impacting profit margins for manufacturers and potentially raising end-product prices for consumers. As a result, the industry faces challenges in maintaining stability and competitiveness, hindering the growth and development of the plant-based beverages market on a global scale.
Segmentation: Global Plant-Based Beverages Market
The global plant-based beverages market is segmented on the basis of type, source, and function.
- On the basis of type, the global plant-based beverages market is segmented into milk, and others
- On the basis of source, the global plant-based beverages market is segmented into almond, soy, coconut, rice, and others
- On the basis of function, the global plant-based beverages market is segmented into cardiovascular health, cancer prevention, bone health, lactose free alternative, and others
Regional Insights: Asia-Pacific is expected to dominate the Global Plant-Based Beverages Market
The Asia-Pacific is expected to dominate the global growth in the plant-based beverages market. This dominance is fueled by a surge in technology adoption for product innovation, strategic collaborations between international and domestic beverage companies, heightened government R&D investments in the beverages sector, and a concentration of key players within the region. These factors collectively contribute to the robust expansion of the plant-based beverages market in the Asia-Pacific region.
The North America is expected to drive substantial expansion in the global plant-based beverages market. The region's increasing consumer awareness and preference for plant-based alternatives, coupled with a rising demand for healthier beverage options, contribute to this projected growth. Factors such as sustainability concerns, dietary preferences, and a surge in plant-based lifestyle choices further fuel the momentum, positioning North America as a key driver in the flourishing market for plant-based beverages on a global scale.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-plant-based-beverages-market
Recent Developments in Global Plant-Based Beverages Market
- In March 2021 marked a pivotal moment for Starbucks as it intensified its commitment to vegan offerings, introducing the Iced Toasted Vanilla Oat Milk Shaken Espresso drink to its dairy-free lineup, embracing the spirit of spring
- In January 2020, Nestlé, the renowned Swiss food giant, made waves in the Thai beverage market with the launch of a soy-based rendition of the beloved chocolate malt beverage, Milo
The Prominent Key Players Operating in the Global Plant-Based Beverages Market Include:
- Bayer AG (Germany)
- Abbott (U.S.)
- DSM (Netherlands)
- DuPont. (U.S.)
- Amway (U.S.)
- The Nature's Bounty Co. (U.S.)
- GlaxoSmithKline plc. (U.K.)
- Nestlé SA (Switzerland)
- RiceBran Technologies (U.S.)
- Mead Johnson & Company, LLC. (U.S.)
- Medifast, Inc. (U.S.)
- Premier Nutrition Corporation (U.S.)
- TOOTSI IMPEX Inc. (Canada)
- U.S. Spice Mills, Inc. (U.S.)
- Health Food Manufacturers' Association (U.K.)
- NOW Foods (U.S.)
- Glanbia PLC (Ireland)
- Herbalife International of America, Inc. (U.S.)
- Bionova (India)
Above are the key players covered in the report, to know about more and exhaustive list of global plant-based beverages market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Plant-Based Beverages Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
