- The plant-based beverages market is experiencing robust growth, driven by consumer demand for healthier and more sustainable alternatives to traditional dairy products. This shift is reflected in the increasing popularity of plant-based drinks such as oat milk, which has become the most preferred plant-based milk in many markets
- Innovations in product development, such as the introduction of new flavours and fortified varieties with added vitamins and minerals, are enhancing consumer appeal and expanding the market. In addition, partnerships between beverage companies and food service providers are broadening the availability of plant-based options in cafes, restaurants, and supermarkets worldwide
- Asia-Pacific plant-based beverages market accounted for the largest market revenue share of 67.2% in 2024. This dominance is primarily driven by rapid urbanization, rising disposable incomes, and increasing health and dietary awareness across key countries such as China, Japan, and India. The region's large population base and growing preference for dairy alternatives also contribute significantly.
- North America is expected to witness the fastest growth rate in 2024, simultaneously holding a significant market share of 29.9% in the plant-based beverage market. This rapid expansion is fuelled by a well-established health and wellness trend, high consumer adoption of plant-based lifestyles, and continuous product innovation from leading brands in the region
- The soy beverage segment dominates the plant-based beverages market with the largest revenue share of 38.9% in 2024, driven by its similar advantages to dairy milk, including being a good source of protein, vitamin A, vitamin B-12, potassium, and isoflavones. The widespread consumption of soy milk globally contributes to its market leadership
