The global plant-based beverages market was valued at USD 16.8 billion in 2022 and is estimated to register a CAGR of 8.4% from 2023 to 2030. The plant-based beverage market is driven by the increasing demand for healthier and more sustainable beverage options. Consumers are increasingly becoming health conscious and are looking for products that provide additional health benefits, such as vitamins and minerals, and are free from artificial colors, sweeteners, and preservatives. Furthermore, the rising awareness of the environmental impact of animal-based food products is driving consumers to opt for plant-based alternatives.

In addition, manufacturers are launching new products to cater to the rising demand. For instance, in October 2021, Danone introduced a new range of plant-based beverages under the name of ‘Alpro’ in the UK. The new range includes oat-based drink, soya-based drink, almond-based drink, and coconut-based drink. Furthermore, in the same month, Coca-Cola launched a new plant-based beverage under the name ‘AdeZ’. The beverage is made from a blend of oats, almonds, and coconut, and has a wide range of flavors, such as mango and passion fruit, and raspberry and blueberry.

Moreover, companies are investing in research and development to create innovative and clean label plant-based beverages. For instance, in May 2021, PepsiCo launched the Oats RTR (Ready-To-Drink) beverage, with a blend of oats, almond, and coconut. The beverage is free from artificial colors, sweeteners, and preservatives, and is said to be suitable for vegan and lactose-intolerant consumers.

Another major factor driving the market growth is the increasing demand for convenience. Consumers are increasingly seeking ready-to-drink plant-based beverages, which are easy to carry and provide hydration on-the-go. Companies are focusing on product innovation and packaging innovation to meet the rising demand for convenience. For instance, in May 2020, Hain Celestial Group launched a new range of plant-based beverages under the brand name ‘Almond Breeze’. The product is packed in a single-serve carton that is made of paper, making it easy to take on-the-go.

Furthermore, the rising trend of veganism is another major factor driving the market growth. The growing popularity of veganism has led to an increase in vegan food and beverage offerings. For instance, in April 2021, Nestlé launched a new plant-based beverage under the brand name ‘Garden Gourmet’. The product is a combination of oats and almond, and is said to be suitable for vegans. The rising demand for vegan-friendly options is expected to further fuel the market growth in the coming years.

The almond milk segment dominated the market and accounted for a share of 39.2% in 2022. Growing consumer awareness regarding the health benefits of almond milk, such as being higher in calcium and lower in calories than dairy milk, is the major factor driving the demand for almond milk-based plant-based beverages. According to an article published by LiveKindly, in May 2020, almond milk has become increasingly popular in the past few years and is now the most popular non-dairy milk in the United States.

The coconut milk segment is anticipated to expand at the fastest CAGR of 7.5% over the forecast period. The popularity of coconut milk-based beverages has grown significantly in recent years due to its health benefits, such as being rich in medium-chain fatty acids and vitamins C, E, B1, B3, B5, and B6. According to an article published by LiveKindly, in May 2020, coconut milk is a popular choice for those who are vegan or lactose intolerant, as well as for those who wish to avoid dairy products for health reasons.

The supermarkets and hypermarkets segment held the largest share in 2022, accounting for over 33.7% of the market. The rising consumer preference for supermarkets & hypermarkets as a primary source to purchase plant-based beverages is the primary factor driving the growth of this segment. Supermarkets & hypermarkets provide a wide selection of plant-based beverage varieties and seek to provide customers with the convenience of one-stop shopping. Moreover, supermarkets & hypermarkets also provide customers with an opportunity to compare different plant-based beverages side by side and make an informed purchase decision.

The online segment is expected to witness significant growth over the forecast period, owing to the convenience and availability of a wide range of plant-based beverages on various online platforms. In addition, the growing penetration of e-commerce platforms and increasing consumer preference for online shopping are expected to drive the segment’s growth over the forecast period. Furthermore, various companies are launching dedicated online stores and websites to increase their brand visibility among consumers. For instance, in December 2022, Zenith Nutrition launched an online store dedicated to plant-based beverages. The store offers a wide range of plant-based beverages for adults and children.

The plant-based beverages market is segmented on the basis of type into almond milk, coconut milk, soy milk, oat milk, and others. Almond milk is expected to have the highest CAGR of 11.4% during the forecast period. The surging demand for plant-based products is attributed to the increasing awareness of health benefits associated with them. Almond milk has gained popularity among health-conscious consumers due to its nutritional benefits such as low fat and cholesterol content. Furthermore, the growing trend of veganism and increasing availability of almond milk in various forms, such as cold and hot, is driving the market.

Coconut milk is projected to expand at a significant CAGR of 8.8% during the forecast period. Coconut milk is rich in fatty acids and vitamins, which makes it a popular choice among health-conscious consumers. Its creamy texture makes it a popular choice among consumers and is widely used in smoothies, coffee, and desserts. In addition, the rising demand for organic coconut milk is further boosting the growth of the segment.

Europe dominated the market and accounted for the largest revenue share of over 38.6% in 2022. This is mainly attributed to the increasing number of vegan consumers in the region. According to the European Vegetarian Union (EVU), nearly 8% of European citizens are following a vegan diet. Moreover, the growing number of health-conscious consumers in the region is further expected to fuel the growth of the market. For instance, in February 2021, oat milk brand Oatly launched its oat milk-based beverages in the UK.

North America is expected to witness the second-fastest growth in the coming years. The growing health consciousness among consumers is driving the demand for plant-based beverages in the region. The presence of several prominent players, such as The Coca-Cola Company and PepsiCo, is further expected to drive the growth of the market. For instance, in November 2021, PepsiCo launched a range of plant-based beverages, such as oat milk and teas, in the U.S.

In this part of the plant-based beverages products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your plant-based beverages products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a plant-based beverages products business comes from the sale of products. In addition, other possible sources of income such as sales of raw materials, discounts, promotions, and other services such as delivery and subscription services can also be included.

Projecting Expenses
In this section, all the regular expenses related to keeping the plant-based beverages business running will be described. The list of operating expenses includes the cost of raw materials, wages, advertising, marketing, utilities, licensing fees, insurance policies, and other related costs.

Some of the key companies operating in the plant-based beverages market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, PepsiCo Inc. launched Oatsome, a plant-based oat milk beverage.

– In August 2022, The Coca-Cola Company launched AdeZ, a range of plant-based drinks made from oats, almonds, nuts, and seeds.

– In October 2022, Nestle SA launched a range of plant-based dairy-free beverages, including soy and almond-based drinks.

Some of the prominent players in the plant-based beverages market include:

– PepsiCo Inc.
– The Coca-Cola Company
– Nestle SA
– Danone SA
– WhiteWave Foods Company
– SunOpta Inc.
– Califia Farms
– Kite Hill
– Ripple Foods
– Bolthouse Farms

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global plant-based beverages market based on product type, distribution channel, and region:

1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)

– Soy-based Beverages
– Almond-based Beverages
– Coconut-based Beverages
– Rice-based Beverages
– Oat-based Beverages
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Convenience Stores
– Online
– Others

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the Potential of Product Innovation?
[A]: The plant-based beverages market is projected to be driven by product innovation and development of healthier alternatives to traditional drinks. Beverage manufacturers are increasing their product portfolio to include different types of plant-based beverages to meet the growing consumer demand for sustainable options. Additionally, the introduction of new flavors and varieties of plant-based beverages have encouraged the growth of the market.

[Q]: Who are the Key Players in the Plant-based Beverages Market?
[A]: Major companies operating in the global plant-based beverages market are The Coca-Cola Company, PepsiCo, Inc., The WhiteWave Foods Company, Dr Pepper Snapple Group, Inc., Hain Celestial Group, The Danone Company, and Nestlé S.A.

[Q]: Which Region Offers the Largest Opportunity for Sales of Plant-based Beverages?
[A]: North America is expected to be the largest market for plant-based beverages. The region is largely driven by the growing demand for healthy and sustainable alternatives to traditional drinks among consumers. The region is expected to witness a surge in demand for plant-based beverages due to the increasing awareness about health benefits associated with such products.

[Q]: What are the factors driving the plant-based beverages market?
[A]: Factors such as the increasing health consciousness among consumers, rising vegan population, the convenience of plant-based beverages, growing disposable income, and the introduction of innovative products are some of the factors driving the plant-based beverages market. Additionally, the increasing awareness about the environmental benefits of plant-based beverages is also expected to contribute to the further growth of the market.