Plant-Based Beverages Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

The Business Research Company's Plant-Based Beverages Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, August 8, 2024 /EINPresswire.com/ -- The global plant-based beverages market is set to experience robust growth, expanding from $24.31 billion in 2023 to $27.09 billion in 2024, reflecting a compound annual growth rate (CAGR) of 11.4%. It will grow to $42.3 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The market's expansion in recent years has been driven by increasing lactose intolerance and dairy allergies, growing vegan and vegetarian lifestyles, and rising environmental and ethical concerns. Additionally, retail expansion, government initiatives, and the functional and nutritional benefits of plant-based beverages have played crucial roles in this growth.

Rising Health Consciousness Fuels Market Growth
The rising health consciousness among consumers is a major factor propelling the plant-based beverages market. Consumers are increasingly prioritizing healthier lifestyle choices, including diet and overall well-being. Plant-based beverages are favored for their perceived health benefits such as improved digestion, lower cholesterol, and allergen-free options. A survey by DSM in August 2022 highlighted that 73% of participants planned to prioritize healthier eating and drinking habits, underscoring the shift towards plant-based options.

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Key Players and Product Innovations
Leading companies in the plant-based beverages market include SunOpta Inc., The Hain Celestial Group Inc., and Nestlé S.A., among others. These companies are actively engaged in product innovation to maintain competitive advantage. For instance, in July 2022, Danone S.A. launched a plant-based baby formula designed specifically to offer a vegetarian diet for infants, reflecting the market's trend towards new and innovative product offerings.

Trends Shaping the Market
The plant-based beverages market is experiencing several notable trends:
• Diversification of Plant Sources: Increased variety in plant sources for beverages.
• Functional and Fortified Formulations: Development of beverages with added health benefits.
• Reduced Sugar and Clean Label Products: Focus on healthier, cleaner ingredient labels.
• Innovations in Packaging: New packaging technologies and designs.
• Ready-to-Drink (RTD) Market: Growth in ready-to-consume plant-based options.
• Cultural and Regional Flavor Variations: Introduction of diverse flavor profiles catering to different regions.

Market Segmentation
The plant-based beverages market is segmented as follows:
• By Type: RTD Tea and Coffee, Plant-Based Milk, Juices, Other Types
• By Nature: Organic, Conventional
• By Flavor: Plain, Flavored
• By Function: Cardiovascular Health, Cancer Prevention, Bone Health, Lactose-Free Alternative, Other Functions

Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific dominated the plant-based beverages market in 2023 and continues to be a significant region. However, Europe is anticipated to be the fastest-growing region during the forecast period, driven by increasing consumer demand for plant-based options and rising health awareness.

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Plant-Based Beverages Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Plant-Based Beverages Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on plant-based beverages market size, plant-based beverages market drivers and trends, plant-based beverages market major players, competitors' revenues, market positioning, and market growth across geographies. The plant-based beverages market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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