The global plant-based beverages market is anticipated to be worth USD 22.9 billion by 2027, progressing at a healthy CAGR of 8.0% over the forecast period, as per a study by Grand View Research, Inc. Plant-based beverages, as the name implies, are prepared through the extraction of various parts of plants, such as grain or seeds, in water. The market has witnessed an exponential growth in popularity and demand, coinciding with the rise of the health-conscious consumer. Proponents of healthy lifestyle are encouraging others to shift from conventional food to more natural and healthy plant-based products, which is a major factor driving industry growth. Furthermore, the global vegan population is a major driver for the demand of plant derived beverages and food products. Plant-based milk is also gaining wide popularity among consumers with lactose intolerance condition, which has helped in widening the industry scope.
Lactose intolerance is one of the fastest growing disorders globally, which is anticipated to boost the scope for plant-based beverages, as a replacement for dairy-based milk. According to the U.S. National Library of Medicine, an estimated 5% to 17% of the population in Europe suffers from lactose intolerance, whereas 44% of Americans fall in this category. Major developed economies such as the U.S., the U.K., Germany, Australia, New Zealand, and Italy have witnessed a large proportion of their population move towards plant-based food and beverage offerings. According to statistics provided by ‘The Vegan Society’, the U.K. has the largest vegan population, which quadrupled from 2014 to 2019, whereas the vegan population in the U.S. reached 19.6 million in 2017, which was 600% more from 2014. These market trends are anticipated to boost the demand for plant-based beverages over the forecast period.
The market for plant-based beverages can be broadly classified on the basis of product and flavor. Some of the notable products include soy base, coconut base, rice base, almond base, oat base, and hemp base, among others. These products are either found in a plain or flavored form. The major players in the industry include Döhler GmbH; PACIFIC FOODS OF OREGON, LLC.; WhiteWave Foods Company; Blue Diamond Growers Inc.; SunOpta; and The Hain Celestial Group, Inc. With a continued increase in demand for plant-based beverages from consumers, manufacturers are heavily involved in the introduction of innovative products in the market, especially over the past few years. The current outbreak of the coronavirus pandemic has only strengthened the market demand, as consumers have put more focus on immunity, health, and sustainability.
Further key findings suggest:
1 Plant-based beverages consist of a number of ingredients such as tricalcium phosphate, dipotassium phosphate, calcium carbonate, folic acid, zinc oxide, riboflavin, ergocalciferol, and magnesium phosphate, among others
2 According to a research carried out by Brisan Group, 48% of the participants stated that they have consumed plant-based beverages, while more than 36% stated that they consider these beverages for snacking; as a result, the industry is expected to model itself on the basis of such consumer preferences
3 Oat milk has seen a huge spike in its demand in the United States, with its popularity growing by 250% in 2020 in the country; this was reflected in the sales of oat milk in March 2020, which was 478% higher than that in March 2019
4 Soy-based milk accounted for a share of more than 30% of the global revenue in 2019 in the plant-based beverage market; the segment has gained popularity as it is a rich source of nutritional ingredients including vitamin A and B-12, proteins, isoflavones, and potassium
5 The coconut base segment is expected to register the fastest CAGR of 8.6% from 2020 to 2027, as growing awareness regarding weight management among the working-class population is projected to promote the use of coconut milk as a healthy alternative
6 The flavored segment is expected to witness fastest growth of 8.3% over the forecast period, owing to new product and flavor launches by industry participants, which are gaining traction, particularly among the youth population
7 Asia Pacific is the largest plant-based beverage consuming region with a market share of more than 30% in 2019, owing to high concentration of buyers in countries such as China, Indonesia, Thailand, and Japan
8 North America is projected to be the fastest growing region with a CAGR of 8.3% from 2020 to 2027 on account of the rapidly expanding vegan population and increasing prevalence of lactose intolerance in U.S. and Canada
9 The outbreak of the COVID-19 pandemic has led to consumers veering more towards healthy food and beverage offerings, with an extensive survey carried out between April and July 2020 across 18 countries reporting that 23% of the consumers stated that they would increase their future intake of plant-based food and drinks
10Key industry players in the plant-based beverage market are implementing strategies such as capacity expansion, geographical advancements, new product launches, and mergers and acquisitions, as a means of garnering higher market share
11In November 2020, SunOpta announced an investment of USD 26 million into its oat processing facility based in Minnesota, as a solution to meet the higher demand for their oat milk products in the United States; the expansion will enable the company to increase the production to 4 times the current capacity
12In September 2020, Starbucks announced the addition of two new seasonal plant-based beverage offerings, the Almondmilk Hazelnut Latte and the Oatmilk Cocoa Macchiato, at their stores in the countries of New Zealand, Taiwan, Thailand, Singapore, and Hong Kong
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Grand View Research has segmented the global plant-based beverages market on the basis of product, application, and region:
Plant-based Beverages Product Outlook (Revenue, USD Million, 2016 – 2027)
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Soy Base
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Coconut Base
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Almond Base
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Rice Base
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Oats Base
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Hemp Base
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Others
Plant-based Beverages Flavor Outlook (Revenue, USD Million, 2016 – 2027)
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Plain
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Flavored
Plant-based Beverages Regional Outlook (Revenue, USD Million, 2016 – 2027)
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North America
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U.S.
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Europe
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U.K.
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Germany
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France
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Asia Pacific
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China
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Thailand
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Central & South America
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Brazil
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Middle East & Africa
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