Plant-Based Beverages Market Size, Share, and Trends Analysis 2032

Plant-Based Beverages Market Size

The global plant-based beverages market size was worth around USD 19.88 billion in 2023 and is predicted to grow to around USD 60.68  billion by 2032 with a compound annual growth rate (CAGR) of roughly 13.2% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the Plant-Based Beverages market on a global and regional level.

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Plant-Based Beverages Market Overview

Plant-based beverages are broadly categorized into two major categories—plant-based alternative and plant-focused beverages. The plant-focused products include fruits and vegetables along with juices, dressings, spreads, toppings, and plant-based snacks.

The change in the eating habits of consumers and the rise in consumer consciousness about healthy eating and wellness are major factors supporting the growth of the global plant-based beverages market. The consumer wants products that are healthy and natural without compromising on the taste and flavor. This has inclined them toward plant-based beverages, as they contribute to healthy eating habits and provide more nutrition. The increase in popularity of these beverages has led to various big beverage providers to manufacture plant-based drinks. For instance, PepsiCo, one of the oldest beverages manufacturers and suppliers, is branching into plant-based beverages. However, a relatively high price of plant-based beverages as compared to dairy milk is affecting the plant-based beverages market growth. On the other hand, the integration of value-added ingredients and flavor innovations in dairy alternative beverages is projected to contribute toward the growing demand of plant-based beverages, which is expected to provide new growth opportunities for the plant-based beverages market.

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The study includes drivers and restraints of the plant-based beverages market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the plant-based beverages on a global level.

In order to give the users of this report a comprehensive view of the plant-based beverages market, we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of the major participants involved in the market on a global and regional basis. Moreover, the study covers price trend analysis and product portfolio of various companies according to the region.

Plant-Based Beverages Market Segmentation

The study provides a decisive view of the plant-based beverages by segmenting the market based on source, type, function, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Based on source, the plant-based beverages market is segmented into almond, soy, coconut, and rice.

By type, the plant-based beverages market is categorized into milk and others.

By function, the plant-based beverages market is categorized into cardiovascular health, cancer prevention, lactose intolerance, and bone health.

Plant-Based Beverages Market: Report Scope

Plant-Based Beverages Market Regional Analysis

The regional segment includes the historic and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. 

By region, Asia Pacific was the largest region in the global plant-based beverages market in 2023. This can be attributed to the presence of countries like China and Thailand, which are some key consumers of plant-based diet products. The North American plant-based beverages market is expected to witness significant growth over the forecast timeline, due to the various key developments that have increased the regional demand for plant-based beverages products. Europe showed a moderate growth rate in the global plant-based beverages market in 2023. The region is expected to witness a high demand for plant-based beverages in the future due to increasing consumer preference toward healthy products with less fat and the rising popularity of dietary restrictions among consumers due to food allergies.

Plant-Based Beverages Market Key Players Analysis

Some key players operating in the global plant-based beverages market include

• Coca-Cola
• PepsiCo Inc.
• Hain Celestial Group
• Danone SA
• Fresh Del Monte Produce Inc.
• Campbell Soup Company
• Califia Strategies
• Koia
• Keurig Dr Pepper Inc.
• SunOpta Inc.

This report segments the global plant-based beverages market into:

Global Plant-Based Beverages market: Source Analysis

• Almond
• Soy
• Coconut
• Rice

Global Plant-Based Beverages Market: Type Analysis

• Milk
• Others

Global Plant-Based Beverages Market: Function Analysis

• Cardiovascular Health
• Cancer Prevention
• Bone Health
• Lactose Intolerance

Global Plant-Based Beverages Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa