The Plant-Based Beverages market is heavily influenced by key players shaping the industry. Prominent brands and companies in this sector include Coca-Cola Company, PepsiCo Inc., Hain Celestial Group, Danone SA, Fresh Del Monte Produce Inc., Campbell Soup Company, Califia Strategies, Koia Keurig Dr Pepper Inc., SunOpta Inc. These established entities have established their positions through extensive distribution networks, brand recognition, and a focus on offering a wide array of plant-based beverages, including almond, soy, oat, coconut, and pea-based options. Their strategies revolve around product diversification, marketing, and catering to the growing consumer demand for dairy-free alternatives.
Factors for Market Share Analysis:
Market share analysis within the Plant-Based Beverages industry entails considering various crucial factors. Brand reputation, product quality, flavor variety, packaging innovations, pricing strategies, and global distribution significantly impact market positioning. Brands offering a diverse range of plant-based milk alternatives with various flavors, fortified options, and environmentally friendly packaging secure a competitive edge. Additionally, factors like consumer perception, nutritional value, and adapting to changing dietary preferences influence market share.
New and Emerging Companies:
New and emerging companies in the Plant-Based Beverages market often focus on niche aspects such as novel ingredients, functional beverages, or sustainability initiatives. These emerging players leverage innovation in recipes, introduce unique ingredients like hemp or flaxseed, and emphasize sustainability by using eco-friendly packaging or supporting ethical sourcing practices. Moreover, they often rely on digital marketing, social media presence, and collaborations with health-conscious retailers to gain visibility and compete with established brands.
Industry News:
Industry news in the Plant-Based Beverages market revolves around innovation in flavors, sustainability efforts, and the shift towards healthier lifestyles. Brands are investing in research and development to introduce new plant-based beverage varieties, focusing on functional beverages that offer added health benefits, and enhancing taste profiles to appeal to a wider consumer base. Additionally, there's a significant focus on sustainability initiatives, such as reducing carbon footprints, using renewable energy, and supporting fair trade practices throughout the supply chain.
Current Company Investment Trends:
Current investment trends within this market underscore a strong emphasis on sustainability, innovation, and consumer-centric strategies. Companies are investing in sustainable sourcing practices, supporting regenerative agriculture, and adopting eco-friendly packaging to align with consumer preferences for environmentally conscious products. Furthermore, investments in marketing campaigns promoting health benefits, collaborations with cafes and supermarkets, and expanding product portfolios to include innovative beverage options are prevalent among industry players.
Overall Competitive Scenario:
The overall competitive scenario within the Plant-Based Beverages market remains dynamic and consumer-driven. Established players face competition from newer entrants focusing on unique flavors, functional benefits, and sustainability. Differentiation through product quality, innovation, sustainability efforts, pricing strategies, and alignment with changing consumer preferences for natural, healthy, and eco-friendly beverages will determine a company's success and competitive standing in this rapidly evolving market landscape.
Key Companies in the Plant-Based Beverages market includes.
- Coca-Cola Company
- PepsiCo Inc.
- Hain Celestial Group
- Danone SA
- Fresh Del Monte Produce Inc.
- Campbell Soup Company.
- Califia Strategies
- Koia Keurig Dr Pepper Inc.
- SunOpta Inc.
Plant-Based Beverages Market Highlights:
Global Plant-Based Beverages Market Overview
Plant-Based Beverages Market Size was valued at USD 219.80 billion in 2022. The Plant-Based Beverages market industry is projected to grow from USD 238.48 Billion in 2023 to USD 389.07 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.50% during the forecast period (2023 - 2030). Rising demand for health and awareness trends, environmental concerns and rise of veganism and vegetarianism are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Plant-Based Beverages Market Trends
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Health and wellness trend to boost market growth
Consumers are increasingly focused on health and wellness, and plant-based beverages are seen as a healthier alternative to traditional sugary drinks. Plant-based beverages are often lower in calories and sugar than their traditional counterparts, and they are also typically free from artificial ingredients and preservatives. Consumers are also becoming more aware of the potential health benefits of plant-based diets, such as lower rates of heart disease, diabetes, and some types of cancer.
The availability and variety of plant-based beverages have been increasing in recent years, making it easier for consumers to find and try new products. This has been driven by increasing demand for plant-based products, as well as by innovations in plant-based ingredients and processing technologies.
Innovations in plant-based ingredients and processing technologies are making it possible to create plant-based beverages that are more palatable, nutritious, and sustainable than ever before. For example, new plant-based protein sources, such as pea protein and oat protein, are being used to create plant-based beverages that are high in protein and have a more satisfying texture. Meanwhile, new processing technologies are making it possible to create plant-based beverages that have a longer shelf life and better flavor stability.
Plant-Based Beverages Market Segment Insights
Plant-Based Beverages Source Insights
The plant-based beverages market segmentation, based on source, includes fruits, nuts, vegetables, soy, and seeds & leaves. The fruits segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Manufacturers are introducing new and exotic flavors to cater to changing consumer preferences, such as matcha, turmeric latte, and chai. Additionally, plant-based beverages with natural sweeteners, such as agave and monk fruit, are becoming more popular as consumers seek healthier options. Hence, rising sources of fruits for plant-based beverages positively impacts the market growth.
June 2019: Nestle and Starbucks formed a coffee alliance to introduce a range of Starbucks-branded coffee products using Nestle's proprietary coffee and tea capsules.
Plant-Based Beverages Type Insights
The plant-based beverages market segmentation, based on type, includes RTD tea & coffee, plant-based milk, and juices. The plant-based milk segment held the majority share in 2022 contribution to the plant-based beverages market revenue. These types of plant-based beverages are gaining popularity among consumers who are looking for more sustainable and eco-friendly options. Additionally, new plant-based beverages made from lesser-known ingredients, such as macadamia milk and banana milk, are entering the market.
September 2020: Califia Farms launched a line of oat milk products, including oat milk lattes and oat milk creamers.
Plant-Based Beverages Distribution Channel Insights
The Plant-Based Beverages market data has been bifurcated by distribution channel into store-based, and non-store based. The store-based distribution channel segment dominated the market in 2022 and non-store based is projected to be the faster-growing segment during the forecast period, 2022-2030. Store-based distribution channels continue to be the dominant distribution channel for plant-based beverages due to easy availability. However, consumers are increasingly turning to online retailers to purchase their favorite plant-based beverages, as online shopping provides convenience and safety.Figure 2: Â Plant-Based Beverages Market, by Distribution Channel, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Plant-Based Beverages Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Plant-Based Beverages market accounted for USD 100.66 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The demand for plant-based beverages in North America is driven by health and wellness trends, environmental concerns, and the rise of veganism and vegetarianism. The popularity of plant-based milk alternatives, such as almond milk and soy milk, is also contributing to the growth of the market. The region is home to several major plant-based beverage manufacturers, including Silk, So Delicious, and Califia Farms. U.S. being the biggest contributor to the market.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Â PLANT-BASED BEVERAGES MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Plant-Based Beverages market accounts for the second-largest market share due to the health and wellness trends and environmental concerns. Soy milk and almond milk are the most popular plant-based milk alternatives in Europe. The region is also home to several major plant-based beverage manufacturers, including Alpro, Oatly, and Innocent. Further, the Germany Plant-Based Beverages market held the largest market share, and the UK Plant-Based Beverages market was the fastest growing market in the European region.
The Asia-Pacific Plant-Based Beverages Market is expected to grow at the fastest CAGR from 2022 to 2030. The Asia-Pacific Plant-Based Beverages market is driven by increasing consumer awareness of the health and environmental benefits of plant-based products. The region is home to several large and emerging markets, including China, Japan, India, and Australia. Soy milk and almond milk are the most popular plant-based milk alternatives in the region, but other types of plant-based beverages, such as coconut milk and rice milk, are also gaining popularity. The region is home to several major plant-based beverage manufacturers, including Vitasoy International Holdings Ltd, Sanitarium Health and Wellbeing Company, and Nestle S.A. Moreover, China plant-based beverages market held the largest market share, and the India plant-based beverages market was the fastest growing market in the Asia-Pacific region.
Plant-Based Beverages Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Plant-Based Beverages market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Plant-Based Beverages industry must offer healthy items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the Plant-Based Beverages industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Plant-Based Beverages industry has provided innovative products with some of the most significant benefits. The Plant-Based Beverages market major player such as Coca-Cola Company, PepsiCo Inc., Hain Celestial Group, Danone SA, Fresh Del Monte Produce Inc., Campbell Soup Company, Califia Strategies, Koia Keurig Dr Pepper Inc., SunOpta Inc. and others are working to expand the market demand by investing in research and development activities.
PepsiCo is a multinational food and beverage company headquartered in New York. The company was founded in 1965 through the merger of Pepsi-Cola and Frito-Lay. PepsiCo has since expanded to become one of the world's largest food and beverage companies, with a portfolio of over 22 brands. PepsiCo's product portfolio includes a wide range of food and beverage products, including soft drinks, sports drinks, juices, snacks, and breakfast foods. The company operates in more than 200 countries and has a workforce of over 300,000 employees. In June 2021, PepsiCo and Beyond Meat announced a joint venture called The PLANeT Partnership to develop, produce, and market plant-based snacks and beverages.
Danone SA is a multinational food and beverage company based in France. The company was founded in 1919 and has since expanded to become one of the largest dairy and plant-based food companies in the world. Danone's product portfolio includes a range of dairy products, such as yogurt and cheese, as well as plant-based alternatives, including soy, almond, and oat milk, among others. In November 2020, Danone and Biospringer, a producer of yeast-based ingredients, partnered to develop and market plant-based food products.
Key Companies in the Plant-Based Beverages market includes
- Coca-Cola Company
- PepsiCo Inc.
- Hain Celestial Group
- Danone SA
- Fresh Del Monte Produce Inc.
- Campbell Soup Company.
- Califia Strategies
- Koia Keurig Dr Pepper Inc.
- SunOpta Inc.
Plant-Based Beverages Industry Developments
January 2019: Coca-Cola launched a line of plant-based dairy alternatives under its AdeZ brand, made from a blend of almonds, rice, and oats.
March 2021: Silk launched a line of protein-packed plant-based milk alternatives made from a blend of pea protein and oat milk.
May 2019: Nestle acquired a majority stake in Terrafertil, a leading producer of organic and plant-based foods, including beverages.
October 2020: Danone acquired Earth Island, the maker of Follow Your Heart brand plant-based foods and beverages, including plant-based milk and mayonnaise.
April 2021: PepsiCo announced the acquisition of Health Warrior, a plant-based snack and beverage company that produces products such as plant-based protein bars and smoothie bowls.
Plant-Based Beverages Market Segmentation
Plant-Based Beverages Source Outlook
- Fruits
- Nuts
- Vegetables
- Soy
- Seeds & Leaves
Plant-Based Beverages Type Outlook
- RTD Tea & Coffee
- Plant-Based Milk
- Juices
Plant-Based Beverages Distribution Channel Outlook
- Store-Based
- Non-Store Based
Plant-Based Beverages Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Plant-Based Beverages Market Highlights:
