Plant Based Beverages Market size is projected to record significant growth through 2027, driven by the rising vegan population and escalating demand for plant-based and cruelty-free food products. Additionally, the expanding lactose intolerant populace worldwide is projected to considerably augment the market size over 2021-2027.
Increasing health consciousness amongst population owing to the hectic and sedentary lifestyle is further anticipated to enhance the business landscape for plant based beverages industry in the years to come. Furthermore, a paradigm shift from high-calorie carbonated beverages to healthy plant-based drinks would bolster the market growth.
Moreover, escalating demand for plant protein supplements from sports and nutrition industry is likely to stimulate the product requirement across various economies. However, volatility in the raw material prices and increased cost of products is projected to hinder the growth of plant based beverages market through 2027.
Based on the source types, soy products segment is predicted to gain significant impetus across the overall market. The growth is attributed to the product’s various benefits. Soy milk is considered to be a rich source of vitamin A, protein, vitamin B-12, isoflavones, and potassium. It is also known as one of the ideal substitutes for lactose-intolerant consumers. Major conglomerates are introducing new products in an attempt to cater to the rising demand for soymilk products. For instance, NutriSoy recently unveiled another variant of its soymilk products, Reduced Sugar Soy Milk imbued with Ondeh Ondeh flavor.
Plant based beverages are touted to have a significant impact on cardiovascular health. Plant based diets are associated with a lower risk of incidences of CVDs, and related mortality in a general population of middle-aged adults. Meanwhile, it also improves the immune system and bone health. Rising consciousness towards heart health and degrading bone health concerns is reported to have substantial impact on plant based beverages market from 2021 to 2027 as these products contain increased levels of calcium than a regular beverage.
Plant based beverages industry is anticipated to grow considerably across Asia Pacific. The growth is accounted to the increased consumption of plant-based drinks in countries such as South Korea, Japan, China, and Indonesia. Besides, coconut milk as well as soy milk are primarily used for preparing a large number of Asian cuisines.
North America plant based beverage market is estimated to emerge as a lucrative growth hub mainly due to the expanding vegan population and increased cognizance towards consumption of plant-based diets.
Key players operating in the global plant based beverages market are Danone SA (Sofina), Coca-Cola Company, PepsiCo Inc. (Ramon Laguarta), Hain Celestial Group, and SunOpta Inc. These players are engaged in various industry practices and strategies such as acquisitions, mergers, and collaboration, and product diversification, to gain a competitive edge in the global market.
Increasing health concerns given the outbreak of COVID-19 in 2020, has put forth the need for consumption of plant-based beverages. This is anticipated to have an impeccable impact on the global plant based beverages market throughout the analysis period, given their beneficial attributes.