Vegan Drink Mixes Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

Vegan Drink Mixes Industry Prospective:

The global vegan drink mixes market size was worth around USD 13.20 billion in 2023 and is predicted to grow to around USD 22.30 billion by 2032 with a compound annual growth rate (CAGR) of roughly 6.00% between 2024 and 2032.

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Vegan Drink Mixes Market: Overview

Vegan drink mixes are manufactured keeping in view the dietary needs of the vegan population. These drink mixes are available in powered or liquid form and they can be used for creating vegan beverages. The global food industry is filled with a large number of drink mixes. However, vegan forms of these solutions are available in limited numbers. Vegan drink mixes align with the lifestyle and eating choices of vegan customers. These drink mixes are free of animal-based ingredients, including honey and dairy.

A vegan diet is purely based on plants such as fruits, nuts, grains, and vegetables. Vegan diet followers only opt for food products made using plants. Significant concerns have been raised about the health impact of purely following a vegan diet. Still, this form of lifestyle is also known to have a positive effect on human health and environmental conditions. The demand for vegan drink mixes is growing steadily as the number of vegan diet followers is on the rise.

However, competition from pre-prepared vegan drinks could limit the vegan drink mix market’s growth rate. The addition of new flavors and textures along with expansion in drink mix categories is projected to generate more growth opportunities in the coming years.

Key Insights:

• As per the analysis shared by our research analyst, the global vegan drink mixes market is estimated to grow annually at a CAGR of around 6.00% over the forecast period (2024-2032)
• In terms of revenue, the global vegan drink mixes market size was valued at around USD 13.20 billion in 2023 and is projected to reach USD 22.30 billion by 2032.
• The vegan drink mix market is projected to grow at a significant rate due to the rising vegan population globally
• Based on the source, the soy-based segment is growing at a high rate and will continue to dominate the global market as per industry projection
• Based on the packaging, the pouches segment is anticipated to command the largest market share
• Based on region, Europe is projected to dominate the global market during the forecast period

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Vegan Drink Mixes Market: Growth Drivers

Rising vegan population globally will drive the market demand rate

The global vegan drink mixes market is expected to grow due to the rising vegan population across the globe. According to market research, over 75 million people across the globe follow a strict vegan diet. The number of people relying on plant-based food items has been growing over the years, driven by rising awareness about the positive health benefits of abstaining from consuming animal-based products. Studies over the years suggest that a vegan diet has several health benefits since it is full of rich nutrients. Shedding excess weight is one of the major advantages of a vegan diet. Observational studies claim that people following veganism generally have lower body mass indexes.

In addition to this, a vegan diet reduces the risk of diabetes and certain forms of cancer. According to studies published by the National Cancer Institute, consuming plant-based food products can reduce the risk of lung, stomach, and throat cancers. The surge in awareness is propelled by a higher number of awareness drives conducted by welfare agencies. Moreover, vegan diet followers are demanding changes in the food distribution system to accommodate their dietary needs. For instance, in a recent move, Europe witnessed the emergence of the VEGAN MEAL European Citizens’ Initiative, which focuses on making vegan alternatives available across food-selling shops in the region.

Expansion into new and emerging markets may help the industry players generate significant growth

Manufacturers of vegan drink mixes must focus on expanding into new markets. Vegan diet culture is not limited to specific countries or regions anymore. People worldwide are opting for vegan alternatives; hence, market companies must divert resources to tap into the potential of global customers. For instance, around 6.01% of the Middle Eastern and African population currently identifies as vegans. However, the number is steadily rising. For instance, in May 2023, ProVeg, a global nonprofit organization, announced the launch of its services in Nigeria. The organization aims to change the country’s food culture with the introduction of healthy plant-based options, thus benefiting the global vegan drink mixes market.

Vegan Drink Mixes Market: Restraints

Higher cost of vegan drink mixes and the availability of less expensive alternatives will limit the industry’s growth rate

The global industry for vegan drink mixes is projected to be limited due to the high cost of vegan drink mixes. These products are specially designed using purely plant-based resources. Additionally, the number of vegan drink mix suppliers and producers is limited globally leading to higher costs of production. The market further faces competition from the availability of less expensive alternatives such as pre-prepared beverages. The innovation rate in the ready-to-drink beverages sector is higher as compared to the drink mix sector. It also enjoys the loyalty of a large consumer base.

Vegan Drink Mixes Market: Opportunities

Product research and innovation will assist in generating more expansion opportunities

The global vegan drink mixes market is expected to generate more growth opportunities in the coming years. The industry is witnessing a steady rise in research & innovation investments. Vegan drink mix producers are actively launching new flavors and textures to attract untapped consumer groups. For instance, a market study indicates that plant-based seafood innovations are preferred in the European market due to escalating awareness around problems in the sea fishing industry. On the other hand, over 20% of the Brazilian vegan population is actively seeking milk alternatives, especially targeting athletic recovery. Brands are required to invest in diversifying product offerings. In July 2024, Ripple Foods, a California-based vegan dairy company, launched Shake Ups. It is a novel plant-based protein shake meant for young people and children. The product is made of 13 essential nutrients

Vegan Drink Mixes Market: Challenges

Achieving product consistency and providing high nutritional value can be challenging for the market players

The global vegan drink mix industry players face challenges in achieving product consistency. Plant-based derivatives of drink mixes do not provide the same texture as traditionally consumed drink mixes. Sometimes, they deliver a chalky texture, which may not be preferred by many consumers. Additionally, it is difficult to achieve high nutritional value with a limited set of resources, which further impacts the market growth rate.

Vegan Drink Mixes Market: Segmentation

The global vegan drink mixes market is segmented based on source, type, packaging, flavor, and region.

Based on the source, the global market segments are fruit-based, almond-based, soy-based, hazelnut-based, rice-based, flax-based, and others. In 2023, the highest growth was witnessed in the soy-based segment. The segmental demand rate is driven by the greater popularity of soy-based protein content and the versatility of the ingredients. It is used in several types of protein powder mixes consumed by adults and children during the growth phase. The protein content of soybeans is generally between 36% and 56% of the dry weight.

Based on type, the global vegan drink mixes industry is divided into vegan juices, vegan cold drinks, and vegan hot drinks.

Based on the packaging, the global market divisions are pouches, bottles, cans, and others. In 2023, the highest growth was registered in the pouches segment, which dominated more than 20% of the segmental share in 2023. Most drink mixes are stored and distributed in pouches of several sizes. They are easy to store and transport. Moreover, pouches made of good quality help manage product shelf life. Bottles and cans are typically used for ready-to-drink beverages.

Based on flavor, the global market segments are flavored and plain.

Vegan Drink Mixes Market: Report Scope

Vegan Drink Mixes Market: Regional Analysis

Europe is expected to deliver the most optimal result during the forecast period

The global vegan drink mixes market is expected to register the highest growth in Europe during the forecast period. According to The Vegan Society, more than 2.6 million people in Europe currently follow a vegan diet. Easy accessibility of vegan alternatives to traditional meat-based items is one of the major regional market growth propellers. In addition, European countries are actively seeking solutions that reduce the environmental impact of animal-based diets. The existence of comprehensive guidelines ensures food quality and fair distribution among consumers. In February 2024, France published a new law that bans the use of words such as ‘ham ’ or ‘meat’ to sell plant-based products.

North America has shown considerable results in the vegan drink mixes industry in the last few years. The surge in the number of vegans across the US and Canada is the essential growth driver. Moreover, the regional demand is led by plant-based nutritional drink mixtures such as protein shakes. In May 2024, Protein Industries Canada announced a new project with Prairie Fava, Roquette, Plant Up, and Prairie Fava to develop new ingredients in the plant-based food industry.

Vegan Drink Mixes Market: Competitive Analysis

The global vegan drink mixes market is led by players like:

• Four Sigmatic
• Amazing Grass
• Orgain
• Mrm Nutrition
• Sunwarrior
• Naturade
• Garden of Life
• PlantFusion
• ALOHA
• Vega
• Ritual
• Ka'Chava
• Owyn
• KOS
• Nuzest.

The global vegan drink mixes market is segmented as follows:

 By Source

•  Fruit-Based
•  Almond-Based
•  Soy-Based
•  Hazelnut-Based
•  Rice-Based
•  Flax-Based
•  Others

 By Type

•  Vegan Juices
•  Vegan Cold Drinks
•  Vegan Hot Drinks

 By Packaging

• Pouches
• Bottles
• Cans
• Others

By Flavor

• Flavored
• Plain

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa