IMARC Group, a leading market research company, has recently releases report titled “Plant-based Beverages Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032″ the global plant-based beverages market size reached US$ 30.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 60.0 Billion by 2032, exhibiting a growth rate (CAGR) of 7.5% during 2024-2032.
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Factors Affecting the Growth of the Plant-based Beverages Industry:
- Health and Wellness Trends:
The rising health and wellness consciousness among the masses represents one of the primary factors propelling the market growth. Additionally, the rising preferences of people for plant-based options as they are healthier than traditional dairy products are favoring the market growth. Plant-based beverages are often lower in saturated fats and cholesterol, making them an attractive choice for individuals looking to maintain a balanced diet. Additionally, these products are often fortified with essential vitamins and minerals, further enhancing their appeal to health-conscious consumers. The growing awareness of lactose intolerance and dairy allergies is also driving the demand for plant-based alternatives.
- Environmental Sustainability:
The increasing concerns about the environmental impact of animal agriculture are strengthening the growth of the market. Livestock farming is a major contributor to greenhouse gas emissions, deforestation, and water pollution. As a result, individuals are increasingly consuming plant-based foods and beverages. These products typically have a lower carbon footprint, require less land and water resources, and result in fewer emissions compared to traditional dairy production. Companies in the plant-based beverage industry are also emphasizing their commitment to sustainability, further attracting environmentally conscious people.
- Evolving Taste Preferences:
The evolving taste preferences of individuals are contributing to the expansion of the market. Innovative product development and flavor offerings have made plant-based beverages more appealing and diverse are attracting a wider consumer base. Along with this, companies in this sector are constantly introducing new flavors, formulations, and textures to cater to a wide range of taste preferences. The versatility of these products is expanding their usage in various culinary applications, including coffee, smoothies, and baking. As a result, individuals are increasingly incorporating plant-based beverages into their daily routines, further stimulating the market growth.
Leading Companies Operating in the Global Plant Based Beverages Industry:
- Blue Diamond Growers Inc
- Califia Farms LLC
- Danone S.A.
- Drink Koia Online
- Kikkoman Corporation
- Organic Valley
- Pacific Foods of Oregon LLC (Campbell Soup Company)
- PureHarvest
- Ripple Foods
- SunOpta Inc.
- The Coca-Cola Company
Plant-based Beverages Market Report Segmentation:
By Type:
- Soy-based
- Coconut-based
- Almond-based
- Rice-based
- Oats-based
- Hemp-based
- Hazelnut-based
- Cashew-based
- Flax-based
Almond-based beverages dominate the market as they are naturally low in saturated fats and have numerous health benefits.
By Product:
- Plain
- Flavored
Based on the product, the market has been divided into plain and flavored.
By Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
On the basis of distribution channel, the market has been classified into supermarkets and hypermarkets, convenience stores, specialty stores, and online stores.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America’s dominance in the plant-based beverages market is attributed to increasing spending capacity of individuals in the region.
Global Plant-based Beverages Market Trends:
The increasing number of individuals adopting vegan and vegetarian lifestyles is driving the demand for plant-based beverages. Vegans and vegetarians seek dairy-free options that align with their dietary choices, and plant-based beverages, such as almond milk, soy milk, and coconut milk, provide a convenient and nutritious solution. Along with this, foodservice establishments, including cafes and restaurants, are incorporating plant-based milk alternatives into their menus to cater to a broader customer base. Additionally, major beverage companies are investing in the development and marketing of plant-based beverage products to meet the rising demand.
Other Key Points Covered in the Report:
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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