Plant-based Beverages Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Almond Milk, Soy Milk, Coconut Milk, Rice Milk, Oat Milk, and Others), By Application (Dairy Alternatives, Sports and Energy Drinks, Infant Formula, Fortified Beverages, and Others), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail, Specialty Stores, and Others), and Region

Plant-based Beverages Market was valued at US$ 18.4 billion in 2023 and is poised to grow at a significant CAGR of 9.6% from 2024-2030. The market is driven by the growing trend of veganism and increased acceptance of plant-based diets among consumers. Concerns about global warming, animal cruelty, and long-term sustainability have led to a decrease in the consumption of animal-based products. Additionally, health-conscious millennials and individuals with lactose intolerance have shifted towards vegan foods and beverages. The rising awareness about lactose malabsorption, affecting a significant portion of the global population, has further contributed to the growth of plant-based beverages. This shift in consumer preferences has created opportunities for the market to expand and cater to the growing demand for plant-based alternatives in the beverage industry.

Plant-based milk alternatives, including soy, almond, and oat milk, have gained significant popularity worldwide. Soy milk is predominantly consumed in Asian countries, while oat and almond milk are favored in American and European regions. These dairy-free options offer a range of essential vitamins and minerals that promote bone and muscle health. Additionally, they are a good source of healthy fatty acids, making them a suitable choice for individuals focused on maintaining a healthy lifestyle. The widespread adoption of this plant-based milk reflects the growing preference for nutritious and sustainable alternatives to traditional dairy products.

Plant-based Beverages Market Key Developments

• In June 2021, Vancouver-based dairy-alternative company, Plant Veda, introduced a new range of vegan lassi made from cashews and real fruits. The lassi is free from sugar cane and incorporates beneficial probiotics for gut health. This innovative product caters to the growing demand for plant-based alternatives and offers a flavourful and healthy option for consumers seeking dairy-free beverages.