The global plant-based beverages market, valued at $15.3 billion in 2019, is projected to reach a valuation exceeding $34.8 billion by the end of 2026, showcasing a Compound Annual Growth Rate (CAGR) of 12.9% during the forecast period from 2021 to 2026.
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The rising demand for healthier beverages and the growing preference for plant-based ingredients in food products are key factors propelling the growth of the plant-based beverages market. Manufacturers across various sectors are utilizing plant-based beverages to develop low-calorie foods, thereby boosting market expansion. The market is expected to thrive primarily in North America, Asia Pacific, and Europe due to the increased demand for healthy food products containing plant-based ingredients.
Consumers’ fondness for non-dairy products is also favoring sales in the plant-based beverages market. Protein content is a significant trend, particularly in plant-based beverages. Alternative sources of high-quality protein are crucial for individuals following a plant-based or meat-free lifestyle. Consumers perceive non-dairy beverages as high in protein, leading to the popularity of plant-based protein sources. There is a considerable opportunity for manufacturers in the plant-based beverages market to introduce ready-to-drink products with added protein, addressing the demand for nutritious and protein-rich alternatives.
Despite the market’s growth, there are limitations faced by the plant-based beverages industry. High costs associated with manufacturing and Research and Development (R&D) pose challenges, particularly for mid-sized companies. Substantial investments in R&D activities, laboratories, research equipment, and trained professionals are required for the development of plant-based beverages, making it difficult for manufacturers to achieve adequate returns on high initial investments.
The competitive landscape of the global plant-based beverages market is highly diversified. North America is expected to lead the market by the end of 2026, driven by continuous product launches and the increasing demand for healthy drinks. Asia Pacific is anticipated to be the fastest-growing market, with a high Compound Annual Growth Rate (CAGR). Factors such as a growing population, increased spending capacity, high demand for fast food, and rising disposable income contribute to the region’s potential for future growth.
Several prominent companies operate in the global plant-based beverages market, including Califia Farms LP, Good Karma Foods, Inc., Danone SA, Ripple Foods, PBC, Koia, Harmless Harvest Inc, Pureharvest, and Blue Diamond Growers. These market players are actively engaged in product innovation, acquisitions, and mergers to strengthen their position and sustain competition in the market.
