Rockville, MD, Nov. 20, 2024 (GLOBE NEWSWIRE) — Fact.MR, a market research and competitive intelligence provider, through its new market analysis, mentioned that revenue from the plant-based beverage market is approximated to reach US$ 18.45 billion in 2024 and advance at a digit CAGR of 11.9% through 2034.
Growing health concerns about issues such as lactose intolerance, cholesterol control, and digestive disorders are driving up demand for plant-based beverages among consumers. Plant-based diets are thought to be healthier than dairy products, which is another factor driving market demand. Non-dairy alternatives are gaining prominence as flexitarian and vegan diets become more popular. The reforms are motivated by health, ethical, and environmental concerns. As consumers are becoming more aware of the environmental effects of animal agriculture, such as water use and greenhouse gas emissions, they are choosing ecologically friendly products such as plant-based beverages. The flavor, texture, and nutritional value of plant-based beverages are improved by manufacturers with innovative approaches.
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Key Takeaways from the Plant-based Beverage Market Study:
- The global market for plant-based beverages is analyzed to reach a value of US$ 56.73 billion by the end of 2034. The United States is evaluated to reach a market valuation of US$ 32 billion by the end of 2034.
- China is projected to contribute a market share of 9% in East Asia in 2024. The demand for plant-based beverages in Japan is estimated to reach US$ 1.3 billion in 2024.
- The market in the East Asia region is approximated to advance at 2% CAGR through 2034. Worldwide demand for regular plant-based beverages is forecasted to reach US$ 34.74 billion by 2034.
“Consumer access to plant-based beverages is growing as a result of their growing retail presence and strong distribution networks, which is increasing the market size,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Plant-based Beverage Market:
Bayer AG; Abbott; DSM; DuPont.; Amway; The Nature’s Bounty Co.; GlaxoSmithKline plc.; Nestlé SA; RiceBran Technologies; Mead Johnson & Company LLC; Medifast Inc.
Contemporary Plant-Based Movement Building Strong Foundation for Dairy-free Beverages in China:
Several food items in China have long incorporated soy milk, which gives the market of plant-based beverages a strong foundation. The modern plant-based movement is expanding on this legacy by providing a wider range of non-dairy beverage options and inventive creations such as flavored or fortified soy milk. A sizable portion of the population in the country is lactose intolerant, which increases the need for plant-based, lactose-free alternatives to traditional dairy milk.
Plant-based Beverage Industry News & Trends:
Leading companies in the market for plant-based beverages are competing with the rise of creative new businesses and niche labels. Concerns about the environment and human health are driving an increase in consumer demand for plant-based beverages.
- In January 2021, Nescafé launched a line of vegan flat white latte pods in the UK. There are coconut, oat, and almond varieties of the pods. Growing health concerns are also forcing customers to convert to vegan food and drinks. The number of vegans has increased noticeably.
- In June 2021, Plant Veda, a dairy substitute company based in Vancouver, announced the launch of a new vegan lassi, an Indian yogurt beverage made with cashews and real fruits. This product is free of cane sugar and contains gut-healthy probiotics.
- In February 2021, Heartbest Foods launched their plant-based milk. The plant-based milk came in two flavors: quinoa and basic.
Country-wise Insights of Plant-based Beverage Industry:
According to analysis, the East Asian market will account for 24.4% of the worldwide market share for plant-based beverages in 2024. In 2024, North America is predicted to have a 29.9% market share. Due to dairy allergies and lactose intolerance, more customers are searching for alternatives, particularly in regions where lactose sensitivity is prevalent.
Plant-based beverages are becoming more widely accessible to consumers thanks to their availability in conventional grocery stores and online. They are also beginning to be served more regularly in cafes and restaurants. Celebrities, influencers, and social media trends are promoting plant-based lifestyles, which is raising consumer awareness and interest in these products.
Despite the fact that plant-based drinks were initially more popular in Western nations, dietary shifts are driving demand in nations with the potential for rapid economic growth, particularly in Asia and America.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the plant-based beverage market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges the plant-based beverage market based on source (RTD drinks, dairy alternatives, plant-based juices), format (flavor, regular drinks), nature (conventional, organic), function (cardiovascular health, cancer prevention, bone health, lactose-free alternative), and packaging (plastic bottles, pouches, glass bottles, cans, carton packaging), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Discover Additional Market Insights from Fact.MR Research:
Plant-Based Flavor Market is expanding from an estimated $11 billion in 2024 to a colossal $17.55 billion by 2034, fueled by a CAGR of 4.8%.
Botanical Infused Drink Market is estimated at US$ 379.2 million in 2024 & is estimated to rise at 6.5% CAGR. North American market shares 26.8% globally.
Vegan Flavor Market is estimated to achieve a US$ 9,454 mn valuation by 2024, displaying a strong 4.8% CAGR to reach US$ 15,108.8 mn by 2034.
Plant-based Dairy Market is expanding from an estimated US$ 14.7 billion in 2024 to a colossal US$ 36.69 billion by 2034, fueled by an impressive CAGR of 9.6%.
Plant Based Supplement Market to witness steady growth by 2028. The rising demand for vegan food products driving the demand for Plant Based Supplements.
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