Unlocking Growth: Business Opportunities in the Global Plant-Based Beverages Market

 The global plant-based beverages market was valued at USD 26.80 billion in 2022, and it is projected to grow at a compound annual growth rate (CAGR) of 13.1% from 2023 to 2030. The growing demand for plant-based beverages—including options such as plant-based milk and smoothies—can be attributed to their perceived health benefits, nutritional value, and minimal environmental impact, particularly in terms of their lower contribution to the global carbon footprint. These beverages are gaining popularity not only among health-conscious individuals but also among people who are lactose-intolerant, providing an inclusive alternative to traditional dairy-based drinks.


One of the primary market drivers is the rising global trend of veganism, which is significantly influencing consumer behavior and product demand. A research study conducted by the British Nutrition Foundation (BNF) in January 2021 highlighted that consumers aged 18 to 40 years are the most likely demographic to adopt a plant-based diet. This age group is emerging as a major force in propelling the popularity of plant-based beverages worldwide, shaping consumption trends and accelerating market expansion.


The COVID-19 pandemic has also created notable growth opportunities for plant-based beverage manufacturers. As consumers became increasingly focused on health and immunity, there was a surge in the consumption of nutritious and immune-boosting plant-based products. Manufacturers responded quickly to this shift by introducing innovative and health-oriented beverages to capture greater market share during the pandemic period.


For example, in March 2020, Asahi Group Holdings launched a plant-based version of its popular Calpis milk drink in Japan, demonstrating a strategic response to evolving consumer preferences. In parallel, increasing public awareness of critical global issues such as climate change and animal welfare has led many individuals to reduce or completely eliminate their consumption of animal-based products. This includes not only meat but also dairy products like milk, cheese, butter, and eggs.


These evolving consumer behaviors are significantly broadening the market scope for plant-based beverages. A notable shift toward vegan and vegetarian diets, especially among millennials, is playing a key role in driving market dynamics. This shift is further supported by a growing array of healthier and innovative plant-based alternatives entering the marketplace. As a result, sales of plant-based beverages are expected to experience robust growth in the near future, underpinned by strong consumer demand and changing dietary habits.


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Detailed Segmentation:


By Type

In 2022, soy-based beverages dominated the plant-based beverages market, accounting for the largest share of 38.4% of the total industry revenue. Soy milk continues to be one of the most widely consumed plant-based alternatives to dairy milk across the globe. Its popularity is attributed to its comparable nutritional profile to that of dairy milk, making it a practical and effective substitute for consumers seeking lactose-free or vegan-friendly options. In addition to direct consumption, soy milk is frequently utilized in baking and confectionery applications, further contributing to its widespread adoption. Nutritionally, soy beverages are rich in protein, vitamin A, vitamin B-12, potassium, and isoflavones, which are plant-based compounds known for their antioxidant and hormone-regulating properties, making soy beverages a popular choice among health-conscious consumers.


Product Insights

The plain plant-based beverages segment led the global market in 2022, capturing more than 70.3% of the total revenue. This segment is projected to maintain its dominance throughout the forecast period. The strong preference for unflavored or plain variants is largely driven by their role as a direct replacement for traditional dairy milk. These beverages are frequently used in daily routines such as cereal preparation, coffee mixing, or cooking, where a neutral taste profile is preferred. Consumers seeking minimal ingredients and natural taste often opt for plain plant-based beverages, further reinforcing the segment’s leadership position. The demand for unsweetened and additive-free options is also growing among health-conscious individuals and those with dietary restrictions.


Regional Insights

The Asia Pacific region emerged as the dominant regional market in 2022, accounting for over 66.7% of the overall revenue share. The region's leadership can be attributed to a rapidly increasing vegan and health-conscious population, especially among millennial consumers, who are increasingly shifting toward plant-based, organic, and natural food and beverage products. Cultural familiarity with plant-based diets, coupled with rising concerns over health, sustainability, and animal welfare, is significantly fueling the adoption of plant-based beverages in the region. Additionally, a growing middle-class population with rising disposable income and expanding access to innovative plant-based products through retail and e-commerce channels are further accelerating market growth in Asia Pacific.

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Key Companies & Market Share Insights

Key players face intense competition from each other as some of them are among the top manufacturers. These companies have large customer bases in both regional and international markets as they have strong and vast distribution networks, which help them reach a larger customer base:

  • In June 2021, Plant Veda, a Vancouver-based dairy-alternative company, announced the launch of a new line of vegan lassi (an Indian yogurt drink) from cashews and real fruits. This product is free of cane sugar and contains gut-healthy probiotics.
  • In February 2021, Heartbest Foods, a Mexican food tech company, launched its plant-based milk nationwide. This plant-based milk is available in plain and quinoa flavors. The product is also available in a sugar-free option.
  • In July 2020, Starbucks Canada expanded its non-dairy options by launching oat beverages as its latest plant-based offering. The growing adoption of plain plant-based milk in several drinks is anticipated to boost the sales of plant-based beverages over the forecast period.

Some of the key players operating in the global plant-based beverages market include:

  • Danone S.A.
  • Pacific Foods of Oregon, LLC
  • Blue Diamond Growers, Inc.
  • SunOpta
  • The Hain Celestial Group, Inc.
  • Noumi Ltd.
  • Califia Farms, LLC
  • Harmless Harvest
  • Koia
  • Vitasoy International Holdings Ltd.

 

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