DUBAI, United Arab Emirates, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Newly released data from the plant-based beverages market analysed by FMI estimates that the market enjoyed year-on-year (YoY) growth of 7.4% in 2022 to a total of 111,701,810 Litres in 2022. The market is expected to witness a prominent growth rate of a CAGR of 6.7% to reach the value of US$ 506,534.7 Mn in 2032.
The increase in the consumption of plant-based beverages, which has multiplied many times in the recent time period, is one of the primary drivers for the rise in demand for the product. Plant-based diets, veganism, and vegetarianism are the key drivers of this shift.
Plant-based beverages have been steadily growing in this fast-paced environment, but it has only recently gained notoriety due to a rise in flexitarianism acceptance. One-third of customers in the US and Europe now consider themselves flexitarians, as they want to add to their diet rather than restrict it. As a result, sales of plant-based beverages will increase.
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Rising Awareness Pertaining to Health and Wellness among Consumers to Aid Growth
Concerns among consumers pertaining to food safety have skyrocketed. Recent incidents of food recalls and health hazards caused due to chemical additives used in food products have caused damage to consumer trust. However, manufacturers of the plant-based beverages are likely to gain against this backdrop. There is an evident rise in demand for foods and beverages derived from natural sources. In addition to this, economic uptick and increasing consumer spending on premium brands are aiding the expansion of the plant-based beverages market.
High Cost of Processing May Hinder Growth
On the downside, the cost incurred on processing plant-based beverages may hamper their sales average. Critics note that large investment in processing is particularly valid in case of plant-based dairy alternatives, because they often need oil, fats, and added nutrients in large quantities to replicate their taste of their animal-based counterparts. However, this limitation can be mitigated if manufacturers discover ways of limiting the resources and money spent on processing.
Who is Winning?
Some of the leading players operating in the plant-based beverages market are The Coca-Cola Company, The Hain Celestial Group, Inc., SunOpta Inc., PepsiCo, Inc., Dr Pepper Snapple Group, Inc., Del Monte Pacific Limited, Pacific Foods of Oregon, Inc., Döhler GmbH, Califia Farms LP, Good Karma Foods, Inc., The WhiteWave Foods Company, Ripple Foods, PBC, Koia, and Harmless Harvest Inc.
As a result of increasing competition, plant-based beverage manufacturers are focusing on expanding their product portfolio and improving sourcing process. Their expansion strategies are further aided by agreements between them and local players across emerging market. These companies are particularly focusing on catering to changing consumer preference across various applications.
- For instance, The Hain Celestial Group, Inc. entered into an agreement with Rosetto Foods in 2017 to establish a joint venture. Through this, the company intended to expand its product portfolio.
- In 2018 The Coca-Cola Company acquired Unilever’s AdeS plant-based beverage business to expand its portfolio consisting of functional drinks.
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Market Segments Covered in Plant-based beverages Industry Analysis
By Source
- Dairy Alternatives
- Almond Milk
- Soy Milk
- Coconut Milk
- Rice Milk
- Oats Milk
- Seed Milk
- Cashew Milk
- Others
- RTD Drinks
- Coffee
- Tea
- Plant-Based Juices
- Fruit
- Vegetable
By Nature
- Organic
- Conventional
By Format
- Regular
- Flavored
By Packaging
- Glass Bottles
- Plastic Bottles & Pouches
- Carton Packaging
- Cans
By Sales Channel
- Hypermarkets/Supermarkets
- Convenience Stores
- Independent Small Groceries
- Speciality Stores
- Online Retailers
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Table of Content
1. Market Overview
1.1. Market Coverage / Taxonomy
1.2. Market Definition / Scope / Limitations
2. The Massive Impact of the Crisis
2.1. Global Plant-Based Beverages Market Forecast Scenario Comparison of Annual Growth Rates for short term (2022-2026) and Long Term (2027-2032)
3. Market Background
3.1. Drivers
3.1.1. Supply Side Drivers
3.1.2. Demand Side drivers
3.1.3. Economic Side Drivers
3.2. Restraints
3.3. Opportunity
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Explore FMI’s related ongoing Coverage on Food and Beverage Domain
Plant Based Thickener Market Size: The global plant based thickener market is expected to reach market valuation of US$ 3.3 Bn by the year 2021, accelerating with a CAGR of 8.8% by 2022-2032.
Plant-based Milk Market Share: The demand for plant-based milk market is expected to reach a value of US$ 13.24 Bn in 2021. As per Future Market Insights (FMI), the overall market value is expected to reach US$ 30.79 Bn by 2031.
Plant-based Butter Market Analysis: Plant-based Butter Market will witness steady growth post 2021 to reach an estimated US$ 5.1 Bn valuation by the end of 2030.
Plant-Based Protein Market Demand: The global plant-based protein market enjoyed a year-on-year (YOY) growth of 6.7% in 2021 to total sales of USD 11.3 Bn and is projected to surpass USD 22.5 Bn in 2032 at a CAGR of 7.2%
Plant-based Yogurt Market Overview: Future Market Insights (FMI) forecasts a positive outlook for global plant-based yogurt market and projects a CAGR of 10% between 2020 and 2030.
Plant-Based Ingredients Market Trends: The global plant-based ingredients market is expected to reach a market valuation of USD 8.5 Bn by the year 2022, accelerating with a CAGR of 12.2% by 2022-2032.
Plant Based Iron Supplements Market Sales: During the projected period, the plant based iron supplements market is expected to grow at a CAGR of 5.5% from 2022 to 2032.
Vegan Drink Mixes Market Forecast: Vegan drink mixes market is projected to be valued at US$ 12,145.5 Mn in 2022 and reach a valuation of US$ 21,956.8 Mn by the end of 2032.
Premixed Cocktail Shots Market Value: Global premixed cocktail shots market demand is anticipated to be valued at US$ 3,708 Million in 2022, forecast a CAGR of 6.1 % to be valued at US$ 6,716 Million from 2022 to 2032.
Processed Cheese Market Growth: According to Future Market Insights research, during the projected forecast period, the Processed Cheese market is expected to grow at a CAGR of 3.8%.
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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