Asia-Pacific plant-based beverages market is on the rise, driven by evolving consumer preferences towards healthier and environmentally sustainable alternatives. Traditional dairy consumption patterns are shifting as consumers become more health-conscious and ethically aware. Plant-based milk options like soy milk, rice milk, and coconut milk are gaining popularity, fueled by factors such as lactose intolerance and growing vegan populations. The market is witnessing significant investments in research and development to introduce innovative plant-based beverage products tailored to local tastes and preferences. With increasing urbanization and disposable incomes, the Asia-Pacific region presents immense growth opportunities for plant-based beverage manufacturers.
The market size for plant-based beverages was estimated at USD 219.80 billion in 2022. It is anticipated that the market for plant-based beverages will increase from USD 238.48 billion in 2023 to USD 389.07 billion in 2030, with a compound annual growth rate (CAGR) of 8.50% over the five-year projection period (2023–2030). The primary market drivers accelerating market expansion include rising health and awareness Plant-based beverages market trends, environmental concerns, and the emergence of veganism and vegetarianism.
Plant-based beverages market are viewed as a healthier alternative to conventional sugary drinks by consumers who are becoming more and more concerned with their overall health and wellness. Compared to their conventional counterparts, plant-based beverages frequently have fewer calories and sugar, and they frequently lack artificial additives and preservatives.
Additionally, consumers are becoming more knowledgeable about the possible health advantages of plant-based diets, such as decreased risk of diabetes, heart disease, and various types of cancer.
Recent years have seen a rise in the diversity and accessibility of plant-based beverages, making it simpler for customers to discover and try new items. This has been made possible by advances in plant-based components and processing techniques as well as rising demand for items made from plants.
Plant-based beverages are now more pleasant, nourishing, and sustainable than ever thanks to advancements in plant-based ingredients and processing techniques. For instance, new plant-based protein sources, like oat and pea proteins, are being exploited to produce high-protein plant-based beverages with a variety of health benefits.
Meanwhile, improved flavour stability and a longer shelf life for plant-based beverages are now achievable thanks to new processing technology.
Segmentation
Fruits, nuts, vegetables, soy, seeds, and leaves are included in the market segmentation for plant-based beverages depending on source. Fruits led the market in 2022 and are anticipated to increase at a quicker rate over the forecast period of 2022–2030.
RTD tea and coffee, plant-based milk, and juices are all included in the market segmentation for plant-based beverages depending on type. The segment of plant-based milk contributed the majority of the market revenue for plant-based beverages in 2022.
The market data for plant-based beverages has been divided into store-based and non-store-based segments based on the distribution channel.
In 2022, the store-based distribution channel segment dominated the market. From 2022 to 2030, it is anticipated that the non-store-based category will increase at a faster rate.
Key Companies in the Plant-Based Beverages market includes
Coca-Cola Company
PepsiCo Inc.
Hain Celestial Group
Danone SA
Fresh Del Monte Produce Inc.
Campbell Soup Company.
Califia Strategies
Koia Keurig Dr Pepper Inc.
SunOpta Inc.
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