In the year 2017, North America held a market share of 29.12%, and it is expected to undergo moderate growth in the forecast period from 2018 to 2023. The upward trajectory of plant-based beverages in North America owes much to the expansion of product offerings by key manufacturers. The market's growth is further propelled by the innovation in functional fruit juice flavors, playing a pivotal role in bolstering the appeal of plant-based beverages. Additionally, manufacturers' concerted efforts in promotional endeavors contribute significantly to heightened consumer awareness about new product launches, thereby accelerating the market's growth in North America.
Within North America, the United States is anticipated to maintain its dominance from 2018 to 2023. Projections indicate a growth rate of 8.02% during this period. Several factors are expected to drive the market growth in the US. Notably, millennials stand out as a key consumer segment, followed closely by baby boomers. Statistics from 2015 reveal that both millennials (aged 18-34 years) and Gen Xers (aged 35-50 years) constitute 34% each of the country's workforce. Individuals in the 18-34 age group possess higher per capita disposable income compared to other age brackets in the US. Their busy lifestyles influence their purchase preferences, favoring functional, easily consumable options that provide on-the-go nutrition. On the other hand, baby boomers, comprising 29% of the workforce in 2015, exhibit a preference for functional drinks to maintain gut health and meet their nutritional requirements.
Meanwhile, Canada is projected to experience substantial growth in the forecast period. As one of the largest markets for carbonated soft drinks globally, Canada has witnessed an increasing awareness among consumers regarding the adverse effects associated with such beverages. This has led to a surge in sales of plant-based beverages as an alternative. Consumers are progressively opting for healthier food and beverage choices over carbonated soft drinks, thus propelling the growth of the plant-based beverages market in Canada.
