Plant-based Beverages Market Size, Share & Trends Analysis Report By Product (Soy Base, Coconut Base, Almond Base, Rice Base, Oats Base, Hemp Base), By Flavor, By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global plant-based beverages market size was valued at USD 12.4 billion in 2019. Increasing vegan population and rising awareness among consumers for healthy and cruelty-free food products are expected to promote market growth. Moreover, increasing cases of lactose intolerance in the population of developed economies including the U.S., Germany, France, and the U.K. is projected to expand the scope of vegan beverages over the next few years.

Over the past few years, people have become more conscious of their health, which has propelled the demand for plant-based food products and beverages in order to achieve improved muscular and mental health. A significant increase in food allergies and lactose intolerance among consumers are opening new avenues in the market. Furthermore, the increasing popularity of flexitarian diet and veganism is anticipated to boost the demand for plant-based beverages over the forecast period.

Increasing health consciousness among large population group owing to busy and hectic lifestyle is fueling the market growth. Moreover, rising awareness regarding health benefits associated with fruits, vegetables, and nuts derived drinks is also promoting plant-based products. Moreover, shifting consumer preference from high-calorie carbonated drinks to healthy plant-based beverages is expected to boost the plant-based beverages market in the foreseeable future.

Increasing vegan population across the world especially in the U.K., U.S., and other developed countries, is promoting the demand for plant-based beverages in the market. For instance, according to the statistics provided by ‘The Vegan Society’, the vegan population in the U.K. has increased fourfold from 2014 to 2019 and reached 600,000. These market trends are anticipated to boost the demand for plant-based beverages over the forecast period.

Product Insights

The market revenue from soy products accounted for a revenue share of 29.5% in 2019. Soy milk is one of the most popular beverages across the globe owing to its various benefits. The product is a good source of protein, vitamin A, vitamin B-12, potassium, and isoflavones. It is also considered as the best alternative for lactose-intolerant consumers. Major manufacturers are launching new products in order to cater to the increasing demand for plant-based beverages from the consumers. For instance, in January 2018, The Hershey Company launched soy milk under the brand name ‘SOFIT’ in U.S.

Coconut based beverages is the fastest-growing segment with a CAGR of 8.6% from 2020 to 2027. Coconut water is widely used as a hydration drink in the gym and fitness sector whereas coconut milk is widely used in a variety of Asian and Caribbean cuisines. Furthermore, it has significant health benefits due to its rich antioxidant properties and is helpful in fighting diseases such as diabetes, kidney stones, and blood pressure.

Flavor Insights

The plain flavor was the largest segment in the market, with a revenue share of 71.1% in 2019. There is a wide range of oats and nuts milk products available in the market owing to the increasing vegan population. Major manufacturers are launching new products in order to gain a maximum share of the market. For instance, in March 2019, Costa Coffee, a subsidiary of The Coca-Cola Company, planned to launch soy milk across the U.K. and had already started selling dairy-free products including soy, coconut, and almond.

The flavored segment is expected to witness the fastest growth in the market, expanding at a CAGR of 8.3% from 2020 to 2027. Consumers are habitual to the taste of cow’s milk and the plant derived milk lack the similarity to conventional milk. This has become the key factor for the growth of flavored beverages demand in the market. For instance, in January 2020, Starbucks launched three new product lines using milk derived from oats, almonds, and coconut. These product launches in the market will increase product visibility and are anticipated to boost the demand for plant-based beverages over the forecast period.

Regional Insights

Asia Pacific was the largest segment with a market share of 33.7% in 2019 owing to the high consumption of plant-based drinks in countries such as China, Indonesia, Japan, and South Korea. Moreover, soy milk as well as coconut milk is primarily used for preparing a large number of Asian cuisines. Key manufacturers are launching new plant-based products in the market in order to cater to the increasing demand for plant-based beverages in the region.

North America is the fastest-growing region with a CAGR of 8.3% from 2020 to 2027 owing to the increasing vegan population in the region over the past few years. For instance, according to the data provided by The Vegan Society, the vegan population in America increased by 600% from 2014 to 2019, opening new avenues for plant-based products over the forecast period.

Plant-Based Beverages Market Share Insights

The market is fragmented in nature with the continuous introduction of innovative products from the new entrants in the market. Moreover, major carbonated and soft drinks manufacturers are acquiring small scale companies with high potential in the market. For instance, in March 2017, New Age Beverages Co. acquired Maverick Brands, LLC. and its famous coconut water brand ‘Coco-Libre’.

The manufacturers are adopting various strategies including partnering with new companies, collaborating with celebrities, and expanding distribution channels to order to establish their brand. For instance, in 2019, Silk, a brand owned by Danone, offered a paid vacation trip to its customer through a lucky draw. Such innovative marketing strategies are anticipated to create high demand for plant-based beverages in the market over the forecast period.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global plant-based beverages market report on the basis of product, flavor, and region:

• Product Outlook (Revenue, USD Million, 2016 - 2027)

  • Soy Base

  • Coconut Base

  • Almond Base

  • Rice Base

  • Oats Base

  • Hemp Base

  • Others

• Flavor Outlook (Revenue, USD Million, 2016 - 2027)

  • Plain

  • Flavored

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • The U.S.

  • Europe

    • The U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • Thailand

  • Central & South America

    • Brazil

  • Middle East & Africa