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Plant-Based Beverages Market Size, Industry Trends, Historical Data, Growth Analysis Forecast to 2032

The global plant-based beverages market size was worth around USD 19.88 billion in 2023 and is predicted to grow to around USD 60.68 billion by 2032 with a compound annual growth rate (CAGR) of roughly 13.2% between 2024 and 2032.

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Overview of the Plant-Based Beverages Market

Plant-based beverages are primarily divided into two main categories: plant-based alternatives and plant-focused beverages. The plant-centric offerings encompass fruits and vegetables, as well as juices, sauces, spreads, toppings, and plant-based treats.

The alteration in consumer dietary practices and the increasing awareness regarding healthful eating and wellness are significant factors driving the expansion of the worldwide plant-based beverages market. The consumer seeks items that are nutritious and organic while maintaining taste and flavor integrity. This has led people to favor plant-based beverages, as they promote healthy eating habits and offer enhanced nutrients. The rising popularity of these beverages has prompted numerous major beverage companies to produce plant-based drinks. PepsiCo, a longstanding manufacturer and provider of beverages, is expanding into plant-based drinks.

The comparatively elevated cost of plant-based beverages relative to dairy milk is hindering the expansion of the plant-based beverages market. The incorporation of value-added ingredients and flavor improvements in dairy replacement beverages is anticipated to drive the increasing demand for plant-based beverages, hence presenting new growth prospects for the plant-based beverage market.

The analysis encompasses the drivers and constraints of the plant-based beverages market, as well as their influence on demand during the projection period. The paper also examines global potential in the plant-based beverage sector.

To provide customers of this research with an extensive overview of the plant-based beverages market, we have incorporated a competitive landscape and an analysis of Porter’s Five Forces model for the industry. The study includes a market attractiveness analysis, in which all segments are evaluated based on market size, growth rate, and overall appeal.

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The Global Plant-Based Beverages Market is segmented based on product, application and region

Global Plant-Based Beverages Market: Product Segment Analysis

● Milk

● Others

Global Plant-Based Beverages Market: Application Segment Analysis

● Cardiovascular Health

● Cancer Prevention

● Bone Health

● Lactose Intolerance

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The Global Plant-Based Beverages market profiles key players such as:

● Coca-Cola

● PepsiCo Inc.

● Hain Celestial Group

● Danone SA

● Fresh Del Monte Produce Inc.

● Campbell Soup Company

● Califia Strategies

● Koia

● Keurig Dr Pepper Inc.

● SunOpta Inc

Regional Analysis of the Plant-Based Beverages Market

The regional section encompasses the historical and projected demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

In 2023, the Asia Pacific region constituted the largest segment of the global plant-based beverages market. This can be ascribed to the existence of nations such as China and Thailand, which are significant users of plant-based dietary products. The North American plant-based beverages market is projected to experience substantial expansion during the forecast period, driven by several important advancements that have heightened regional demand for plant-based beverage products. In 2023, Europe had a moderate growth rate in the global plant-based beverages market. The region is anticipated to have significant demand for plant-based beverages in the future, driven by a growing consumer inclination towards healthier products with reduced fat content and the increasing prevalence of dietary restrictions stemming from food allergies.

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