The Booming Plant-Based Beverages Market: A Deep Dive into Growth Factors, Trends and Key Players | IGF

The global plant-based beverage market is expected to grow from its forecast $351.7 billion in 2023 to $668.9 billion by 2033, at a robust CAGR of 6.6%. The main causes of this increase are rising disposable incomes and the growing number of vegan consumers. Because they are willing to pay more for premium plant-based beverages, millennials are expected to play a major role in increasing market share.

Sales of plant-based beverages are expected to reach $351.7 billion globally by 2023, with a compound annual growth rate (CAGR) of 6.6%. By 2033, the market is predicted to be valued at US$668.9 billion.

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The growing number of vegan consumers is believed to be driving the industry. Furthermore, increasing disposable income is expected to encourage further market growth. Indeed, customers may have to pay more for better quality drinks. More importantly, millennials are expected to make up a significant portion of the market. In addition to the vegan population, the flexitarian population has increased. These are the people who are gradually settling into this sector or who have to consume these drinks for health reasons. In the United States and Europe, this trend is particularly visible.

Although non-vegetarian cuisine is rich in nutrients, health professionals believe that consuming it in excess can have harmful effects. In severe situations, people may suffer from cancer, heart problems or metabolic disorders. As a result, more and more people are becoming vegetarian. Over the projection period, this could lead to a rise in demand for plant-based beverages.

Many people also suffer from lactose intolerance. As a result, people start drinking drinks made from soy or almonds. This is also because these drinks are an excellent supplier of many additional nutrients.

Additionally, many manufacturers who were selling conventional drinks have started investing huge amounts in plant-based drinks. This is because herbal drinks are flavored, which provides great variety. Moreover, a combination of taste and nutrition has made these herbal drinks the drink to bank on.

Thus, from the information provided by FMI, we can deduce that, “An increase in the vegan population, coupled with a large number of people suffering from lactose intolerance, and a number of factors are expected to increase plant-based beverage sales over the forecast period.”

Key takeaways:

• The plant-based beverage industry is valued at US$351.7 billion in 2023.
• By 2033, the market is expected to reach a valuation of $668.9 billion.
• The market is expected to grow at a CAGR of 6.6% between 2023 and 2033.
• Based on the regional analysis, Asia Pacific is expected to emerge as the largest herbal beverage industry during the forecast period.
• The US market is expected to grow at a CAGR of 5.2%.
• The UK market is expected to witness a CAGR of 6.1%.
• China’s herbal beverage industry is expected to grow at a CAGR of 7.4%.
• The Japanese market is expected to grow at a CAGR of 4%.
• The Indian market is expected to witness a CAGR of 7.1%.
• According to the source, plant-based juices are expected to hold the largest market share, growing at 6.4%.
• Based on its nature, the conventional segment is expected to hold the largest market share, with a CAGR of 6%.

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Competitive landscape

The major players operating in the market are mainly focusing on technological upgradation, which would help them to increase production. Apart from this, companies also use various marketing strategies to convey the USP of the product. Major players are investing in mergers and acquisitions to increase their market share.

In November 2022, Danone New Zealand completed the switch to a biomass boiler to power the South Island spray drying plant with renewable energy.

Herbal Beverages Market Segmentation:

By source:

• Dairy alternatives (almond milk, soy milk, coconut milk, rice milk, oat milk, seed milk, cashew milk and others)
• Ready-to-drink beverages (Coffee, Tea),
• Juice of plant origin (Fruit, Vegetables)

By nature:

By format:

By packaging:

• Glass bottles
• Plastic bottles and pouches
• Cardboard packaging
• Cans

By sales channel:

• Hypermarkets/Supermarkets
• Convenience stores
• Small Independent Grocery Store
• Specialty stores
• Online retailers

By region:

• North America
• Western Europe
• Eastern Europe
• Latin America
• Asia-Pacific excluding Japan (APEJ)
• Japan
• Middle East and Africa (MEA)

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR Certified, Stevie Award Recipient and Member of the Greater New York Chamber of Commerce) provides in-depth insight into the driving factors driving market demand. FMI is the leading global provider of market intelligence, advisory services, advisory services and events to the packaging, food and beverage, consumer technology, healthcare, industry and chemicals. With an extensive team of more than 5,000 analysts worldwide, FMI provides global, regional and local expertise on diverse areas and industry trends in more than 110 countries.

Contact us:

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