Global Plant-Based Beverages Market, By Type (Milk, Others), Source (Almond, Soy, Coconut, Rice and Others), Function (Cardiovascular Health, Cancer Prevention, Bone Health, Lactose Free Alternative and Others) – Industry Trends and Forecast to 2030.
Plant-Based Beverages Market Analysis and Size
Dairy consumption in some categories has declined over the last two decades as consumers respond to concerns about hormone usage, allergens, and the perceived unhealthy profile of some dairy offerings, which was once regarded as an essential component of a balanced diet in several cultures. This has altered the global landscape for dairy producers, as they strive to keep up with changing consumer attitudes and regional differences in consumer attitudes, while capitalizing on potential opportunities in dairy product consumption. Plant-based beverages has a perceived health halo among consumers, capturing the attention of dairy product providers.
Data Bridge Market Research analyses that the global plant-based beverages market was valued at USD 18.63 billion and is expected to reach the value of USD 38.12 billion by 2030, at a CAGR of 9.57% during the forecast period of 2023-2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Plant-Based Beverages Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Billions, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Milk, Others), Source (Almond, Soy, Coconut, Rice and Others), Function (Cardiovascular Health, Cancer Prevention, Bone Health, Lactose Free Alternative and Others)
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Countries Covered
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U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, U.A.E., Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA)
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Market Players Covered
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Glanbia plc. (Ireland), Now Health Group, Inc. (U.S.), Nutiva Inc (U.S.), The Simply Good Food Co (U.S.), Iovate Health Sciences International Inc. (Canada), MusclePharm Corporation (U.S.), Kerry Group Plc (Ireland), CytoSport, Inc. (U.S.), The Nature's Bounty Co. (U.S.), Reliance Vitamin Company, Inc. (U.S.), Herbalife Nutrition, Inc. (U.S.), Danone SA (France), General Nutrition Centers (GNC) Holdings, Inc. (U.S.), Orgain Inc. (U.S.), True Nutrition (U.S.)
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Market Opportunities
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Market Definition
Plant-based beverages are also known as plant beverages or plant-based beverages. Plant-based beverages are made using plant material such as seeds, grains, and water as a vehicle. These are frequently used as dairy beverages substitutes and are preferred by lactose intolerant consumers. The most popular plant-based beverages are almond beverages.
Global Plant-Based Beverages Market Dynamics
Drivers
- Rising Prevalence of Chronic Lifestyle Diseases and Intolerance to Dairy Beverages
One of the key factors driving global market growth is the rising prevalence of chronic lifestyle diseases and intolerance to animal protein. Furthermore, the widespread adoption of vegan eating habits around the world is propelling market growth. With rising consumer awareness of animal health and the rise in lactose intolerants around the world, there is a shift in global preference for plant-based beverages products. As a result, the market has a more positive outlook.
- Growing global Lactose Intolerant Population
Lactose intolerance is one of the most recent opportunities for a global market. The vast majority of the world's population will remain lactose intolerant. This segment of the global population will always require a lactose-free alternative, which the plant-based beverages industry can provide. Another possibility is the sustainable living movement, which advocates for climate and animal-safe beverages. As people make more environmentally conscious choices to reduce their domestic carbon footprint, the global market is paying close attention to an excellent opportunity for global plant-based beverages market.
Opportunity
- Rising Demand for Plant Based Diets
Developing novel products, such as plant-based beverages, eggs, and meat, stimulates growth. These products are high in essential nutrients and taste almost identical to their animal-derived counterparts. Other factors, such as extensive promotional activities by celebrities and athletes to encourage the consumption of vegetarian products in order to maintain a healthy lifestyle and the ease of product availability via proliferating online retail channels, are expected to drive the market even further.
Restraint
- Fluctuations in Raw Material Prices
The fluctuations in raw material prices and high product costs are expected to limit the growth of the plant-based beverages market. Whereas plant-based beverages are widely available in developed countries, the industry is facing challenges in expanding sales in developing countries.
This global plant-based beverages market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global plant-based beverages market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In March, 2021 Starbucks has announced that it is doubling down on its vegan development, incorporating exciting new plant-based milk specialty drinks into its line-up. The company is celebrating the arrival of spring by releasing the Iced Toasted Vanilla Oat Milk Shaken Espresso drink. The new dairy-free beverage will be added to the brand's growing list of dairy-free shaken espresso drinks and vegan-friendly beverages
- In January, 2020, Nestlé, a prominent Swiss food giant, has thrived the Thai beverage market by introducing a new soy-based version of the chocolate malt beverage firm favourite, Milo
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Global Plant-Based Beverages Market Scope
The global plant-based beverages market is segmented on the basis of type, source and function. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Milk
- Others
Source
- Soy Beverages
- Almond Beverages
- Coconut Beverages
- Rice Beverages
- Others
Function
- Cardiovascular Health
- Cancer Prevention
- Bone Health
- Lactose Free Alternative
- Others
Global Plant-Based Beverages Market Regional Analysis/Insights
The plant-based beverages market is analysed and market size insights and trends are provided by country, type, source and function as referenced above.
The countries covered in the global plant-based beverages market report are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
North America is thought to have the largest share of the global plant-based beverages market. North America's leading position in the plant-based beverages market can be attributed to factors such as consumer awareness of the importance of protein-rich diets, increased health consciousness, a well-established beverages sector, and higher adoption of technological advancements in the beverages and beverage industry.
Asia-Pacific market is expected to dominate the global plant-based beverages market growth in the forecast period of 2023 to 2030. The high market growth in Asia-Pacific can be attributed to factors such as increased adoption of emerging technologies for product innovation, collaborations between international and domestic beverages companies, increased R&D investments by governments in the beverages sector, and the presence of a large number of key players in the market.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Plant-Based Beverages Market Share Analysis
The global plant-based beverages market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global plant-based beverages market.
- Some of the major players operating in the global plant-based beverages market are:
- 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)
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