The global Plant-Based Beverages Market size is anticipated to reach USD 66.53 billion by 2028, registering a CAGR of 14.3% over the forecast period, according to a new report by Grand View Research, Inc. Danone S.A, Pacific Foods of Oregon, LLC, LBlue Diamond Growers, Inc., SunOpta, The Hain Celestial Group, Inc. are some of the key industry participants. Major manufacturers are introducing new plant-based beverages and other products to cater to the increasing consumer demand. For instance, in January 2020, The Hershey Company launched a new digital film in the Indian market for ‘Sofit’ to encourage consumers to live their passions and an active lifestyle. Moreover, the dairy industry is known to have an adverse impact on the environment, which is compelling more and more consumers to switch to non-dairy alternatives like vegan foods and beverages.
According to the World Wildlife Fund, millions of farmers worldwide tend approximately 270 million dairy cows to produce milk. Dairy cows and their manure produce Greenhouse Gas (GHG) emissions, which contribute to climate change. Poor handling of manure and fertilizers can degrade local water resources and unsustainable dairy farming & feed production can lead to the loss of ecologically important areas, such as prairies, wetlands, and forests. On the other hand, the ever-growing population poses a serious threat to agriculture. Thus, in the future, the total area of agricultural land currently used globally will not be enough to provide a sufficient food supply for everyone in the world. This drawback is expected to restrict the market growth.
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Plant-based Beverages Market Report Highlights
- The almond-based segment accounted for the largest volume share of over 30% in 2020 and is expected to expand at a steady CAGR over the forecast period
- Asia Pacific accounted for the largest revenue share in 2020 and is projected to expand further at a steady CAGR retaining the leading position from 2021 to 2028
- As the product is gradually gaining popularity among all age groups, there are a number of opportunities, which manufacturers can harness to boost their market share
- Consumers are increasingly opting for organic foods & low- or no-sugar drinks. Moreover, during the pandemic, the demand for immunity-boosting beverages has increased significantly
- Hence, plant-based manufacturers have an edge over-carbonated beverage manufacturers as they can promote their drinks as a healthy alternative
- In addition, with an increasing number of shoppers visiting convenience stores, these stores and other similar smaller establishments are likely to focus on the consumer demand for fresh food products
- These consumer trends are anticipated to drive the overall market over the forecast period