The global plant-based beverages market, valued at US$15.3 billion in 2019, is projected to surpass US$34.8 billion by the end of 2026, exhibiting a compound annual growth rate (CAGR) of 12.9% during the forecast period from 2021 to 2026.
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The market growth is primarily attributed to the increasing demand for healthier beverage options and the rising popularity of plant-based ingredients in food products. Manufacturers across various sectors are incorporating plant-based beverages into their low-calorie food offerings, contributing to the expansion of the plant-based beverages market. Additionally, the growing interest in non-dairy products is favoring the sales of plant-based beverages, with consumers perceiving them as nutritious and a good source of protein.
The market for plant-based beverages is expected to thrive in North America, Asia Pacific, and Europe, driven by the rising trend of health foods and beverages. Consumers’ preference for plant-based protein and the perception of non-dairy as high in protein are driving the demand for plant-based beverages, presenting a significant opportunity for manufacturers to introduce innovative drink ranges.
However, the high costs associated with manufacturing and research and development (R&D) pose challenges for mid-sized companies in the plant-based beverages market. Substantial investments in R&D activities, laboratories, research equipment, and skilled professionals are required, making it difficult for manufacturers to achieve adequate returns on their initial investments.
The global plant-based beverages market is highly competitive and diverse, with the presence of numerous local and international manufacturers. Leading market players include Califia Farms LP, Good Karma Foods, Inc., Danone SA, Ripple Foods, PBC, Koia, Harmless Harvest Inc, Pureharvest, and Blue Diamond Growers. To sustain in the market, several companies are engaging in acquisitions and mergers with both small and large manufacturers.
North America is expected to lead the global plant-based beverages market, followed by Europe and Asia Pacific. The region is witnessing continuous product launches and a growing demand for healthy drinks, driven by changing lifestyles and increased health concerns among consumers.
The Asia Pacific market for plant-based beverages is also experiencing significant growth and is projected to be the fastest-growing region, with a high CAGR. Factors such as a growing population, increased spending capacity on staple foods, a high demand for fast food, and rising disposable income are contributing to the market’s expansion in the region.