The Business Research Company’s report on the Plant-Based Beverages Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the plant-based beverages market further?
The increasing trend of veganism is expected to propel the growth of the plant-based beverages market going forward. Veganism refers to giving up all products derived partially or fully from animals. Veganism promotes plant-based drinks that can improve heart rates and protect people against cancer and other diseases. For instance, in January 2023, according to a report published by the U.S. Department of Agriculture’s Foreign Agricultural Service, a US-based government agency, Germany had the highest rate of vegetarianism, and in 2022, over 1.5 million vegans were living there, 1.58 million people claimed to be vegans, and nearly 8 million people consumed vegetarian food. Therefore, the increasing trend of veganism is driving the growth of the plant-based beverages market.
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What are the key factors influencing the forecasted market size of the plant-based beverages industry?
The plant-based beverages market size has grown rapidly in recent years. It will grow from$27.09 billion in 2024 to $30.2 billion in 2025 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to lactose intolerance and dairy allergies, vegan and vegetarian lifestyles, environmental and ethical concerns, retail expansion and availability, government initiatives and regulations, and functional and nutritional benefits
The plant-based beverages market size is expected to see rapid growth in the next few years. It will grow to “$47.81 billion in 2029 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to a focus on sustainable and ethical practices, expansion of plant-based milk alternatives, global culinary fusion trends, e-commerce growth, and plant-based beverages in food service. Major trends in the forecast period include diversification of plant sources, functional and fortified formulations, reduced sugar and clean label products, innovations in packaging, ready-to-drink (RTD) market, and cultural and regional flavor variations.
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Who are the leading competitors in the plant-based beverages market?
Major companies operating in the plant-based beverages market include SunOpta Inc., The Hain Celestial Group Inc., Pacific Foods of Oregon Inc., Nestlé S.A., Vitasoy International Holdings Limited, Harmless Harvest Inc., Califia Farms LP, Freedom Foods Group, Campbell Soup Company, RiceBran Technologies, PepsiCo Inc., Premier Nutrition Company LLC, Mead Johnson & Company LLC, Danone S.A., Blue Diamond Growers Inc., Amy’s Kitchen Inc., Conagra Brands Inc., Daiya Foods Inc., General Mills Inc., Kellogg Company, Archer Daniels Midland Company, Axiom Foods Inc., Bolthouse Farms Inc., Eden Foods Inc., Elmhurst 1925 Inc., Forager Project LLC, Good Karma Foods Inc., Kerry Group plc
Which emerging trends are set to transform the plant-based beverages market landscape?
Major companies operating in the plant-based beverage market are focusing on introducing innovative products such as protein-based beverages to gain a competitive edge. Protein-based beverages refer to drinks that are enriched with protein, typically used to support muscle recovery, enhance nutrition, or serve as meal replacements, often containing ingredients like whey, casein, soy, or plant-based proteins. For instance, in October 2024, a US-based plant beverage company launched a line of plant-based beverages. Whole Moon’s plant-based beverages combine whole-roasted almonds, oats, pistachios, and soybeans, offering a rich, nutty flavor and complete protein with all nine essential amino acids. Available in Almond, Oat, and Pistachio flavors, they’re low in sugar, dairy-free, gluten-free, vegan, and non-GMO Project Verified.
How do different geographies compare in terms of market share and growth potential in the plant-based beverages market?
Asia-Pacific was the largest region in the plant-based beverages market in 2024. Europe is expected to be the fastest-growing region in the global plant-based beverages market during the forecast period. The regions covered in the plant-based beverages market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Which major segments of the plant-based beverages market are experiencing the fastest growth?
The plant-based beverages market covered in this report is segmented –
1) By Type: RTD Tea And Coffee, Plant Based Milk, Juices, Other Types
2) By Nature: Organic, Conventional
3) By Flavor: Plain, Flavored
4) By Function: Cardiovascular Health, Cancer Prevention, Bone Health, Lactose-Free Alternative, Other Functions
Subsegments:
1) By RTD Tea And Coffee: Ready-To-Drink Iced Tea, Ready-To-Drink Coffee Beverages, Herbal Tea, Functional Teas
2) By Plant-Based Milk: Almond Milk, Soy Milk, Oat Milk, Coconut Milk, Rice Milk, Cashew Milk
3) By Juices: Fruit Juices, Vegetable Juices, Blended Juices, Cold-Pressed Juices
4) By Other Types: Plant-Based Smoothies, Plant-Based Protein Drinks, Infused Water, Dairy Alternatives
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How is the plant-based beverages market defined, and what are its core characteristics?
Plant-based beverages refer to beverages that are obtained from plant materials such as seeds, grains, and others that are used as a replacement for beverages made with milk.
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