Rising Trend of Veganism to Boost Global Plant-based Beverages Market Growth

August 2022

The rising animal welfare concerns around the world have propagated the rising trend of veganism. With the increase in the vegan population, the demand for plant-based products has also increased, propelling the growth of the plant-based beverages market. In addition to this, consumers are seeking healthier beverage options due to growing health and wellness consciousness. Plant-based beverages are perceived as healthier products in comparison to traditional dairy-based beverages.

Besides, key vendors in the plant-based beverages market are constantly innovating new plant-based ingredients and production processes, which further improve the taste, texture, and nutritional value of plant-based beverages. The augmented force of these factors is expected to ignite substantial proliferation across the market. Fairfield Market Research in a report predicts the growth trajectory for the market. Accumulating a valuation of US$15.3 Bn in 2019, the market is poised to reach a whopping US$34.8 Bn by the end of 2026. The market is anticipated to witness a growth of 12.9 % CAGR.

Key Trends Across the Plant-based Beverages Market

• Based on the source, the almond category is expected to gain significant traction, reaching US$5.6 Bn in revenue by 2026
  
  
• Due to the rich nutrition profile and ability to render the desired textures as dairy products, the demand for plant-based beverages continues to witness surging demand
  
  
• North America to gain a competitive edge in the global plant-based beverage market, expected to contribute US$4.4 Bn in revenue

Rising Prominence of Non-dairy Products to Positively Influence Market Growth

The rising trend of consuming a non-dairy product is expected to play a vital role in propelling the plant-based beverages market growth. Plant-based beverages are considered healthier than dairy-based beverages as they are low in calories, fat, and cholesterol contents. On the other hand, such beverages are rich in beneficial nutrients such as vitamins, minerals, and antioxidants. Apart from this, the prominence of non-dairy products is rising due to the growing prevalence of lactose intolerance among individuals.

In such a scenario, plant-based products including plant-based beverages have emerged as a suitable alternative for individuals who can’t consume dairy due to health issues. Furthermore, several individuals due to ethical reasons prefer not to consume the dairy product and are adopting a plant-based lifestyle. This evolving preference of consumers worldwide is expected to unlock novel revenue opportunities across the global plant-based beverages market.

North America Retains Maintain Dominance; Asia Pacific to Witness Fastest Growth

The North American market is predicted to emerge as a prominent regional player in the global plant-based beverages market by the end of 2026. The confluence of nonstop product launches and increased demand for healthy drinks is perpetuating healthy growth across the regional market. Moreover, there has been an incessant rise in the incidence of various diseases including inflammatory bowel disease (IBD), and obesity due to unhealthy habits caused by changing lifestyles and hectic schedules. This in turn is expected to increase health consciousness among consumers, soaring demand for healthy food products such as plant-based food beverages.

Whereas, the plant-based beverages market in the Asia Pacific is showcasing tremendous growth potential and is expected to witness the fastest growth globally. Major market growth catalysts include increasing population, rising spending capacity on staple food, and escalating disposable income of consumers.

Prominent Market Players

Some of the key players in the global plant-based beverages market include Good Karma Foods, Inc., Califia Farms LP, Ripple Foods, Danone SA, Harmless Harvest Inc, PBC, Koia,  Pureharvest, and Blue Diamond Growers.