The report titled “Analysis of Plant-based Beverages Market Size, Share & Trends (2023-2030): Segmentation by Type (Coconut, Soy, Almond), Product (Plain, Flavored), Region” is now available on ResearchAndMarkets.com.
Anticipated to attain USD 71.83 billion by 2030, the global market for plant-based beverages is projected to grow at a compound annual growth rate (CAGR) of 13.1% between 2023 and 2030.
The international industry is on the brink of significant expansion, especially in developed nations like the U.K., U.S., Australia, New Zealand, Germany, Italy, France, and Canada, where the concept of veganism is gaining traction. This surge in awareness regarding the benefits of veganism has provided a fertile ground for manufacturers of plant-based beverages.
Interestingly, even Middle Eastern countries such as Israel and Saudi Arabia have witnessed an upsurge in their vegan populations, which opens doors for promising growth prospects within the industry. Both established players and emerging entrants are actively adopting diverse market strategies, placing strong emphasis on launching new products and strengthening distribution networks to achieve a broad global customer base.
A discernible appetite for organically processed beverages is evident in Europe and North America. This heightened demand has led beverage companies to adapt their offerings to meet rigorous organic standards over time.
As governments increasingly support organic agriculture and consumers exhibit a rising preference for organic food and beverages, the demand for organically processed plant-based beverages continues to rise.
Among the varied segments, coconut-based beverages are expected to showcase the highest compound annual growth rate (CAGR) throughout the forecast period. This growth is driven by an influx of new products in this category, which is projected to play a pivotal role in expanding the market.
Furthermore, the flavored plant-based beverages segment is set to witness significant growth, with a substantial CAGR over the forecast period. Consumer openness to explore diverse flavors like mango, pulp, and cocoa has spurred innovation in the market.
Brands and companies are responding by introducing fresh flavors to their existing product portfolios, while also engaging in strategic partnerships, collaborations, and dynamic marketing campaigns. These approaches have proven instrumental in providing brands a competitive edge in the swiftly evolving landscape of this industry.
Highlights from the Plant-based Beverages Market Report:
– The Asia Pacific region dominated in 2022, primarily due to the growing vegan/vegetarian populations in countries like China, India, and Australia.
– The flavored plant-based beverages segment is projected to experience substantial growth from 2023 to 2030.
– The introduction of new products within this segment by various brands is the key driver for its growth.
– The coconut-based beverages segment is expected to achieve the fastest growth rate during the forecast period.
– Leading industry players are launching coconut-based beverages with added flavors to capture a significant market share.