Worldwide demand for plant-based beverages is estimated to grow by leaps and bounds, on account of consumers’ holistic approach to health and wellness. In fact, the demand for plant-based beverages is likely to expand at a CAGR of over 6% through 2028, as per research released by Persistence Market Research, New York.
The growth of plant-based beverages continues to be influenced by the pervasive trend of veganism and flexitarianism. Rapid gravitation toward plant-based diets coupled with increasing cases of food allergies and lactose intolerance are also creating favorable grounds for growth of plant-based beverages.
According to the this research study, consumers will continue to show marked preferences for dairy alternatives over any other source type, with global demand estimated to surpass $25.5 billion by the end of 2028.
In addition, organic plant-based beverages are likely to put conventional variants in the shade, with consumers increasingly opting for organic as a trustworthy investment. Quality combined with health benefits remains among one of the key selling points of organic plant-based beverages, with global demand estimated to grow at a CAGR of over 7% through 2028. Moreover, the upswing in sales of organic plant-based beverages can also be attributed to positive consumer perceptions associated with organically grown and produced foods and beverages.
North America, Western Europe and APEJ (Asia Pacific excluding Japan) hold more than 79.5% of the total share for plant-based beverages. Surging preferences for healthy diets and rising concerns for animal welfare are among the key reasons driving the growth of plant-based beverages market in these regions.
According to the report, producers are extensively targeting untapped potential across emerging economies of MEA and APEJ, as these are under-penetrated markets with progressive growth in consumers’ per-capita income levels. The study unveils that evolving eating habits are likely to drive demand for healthier alternatives, such as plant-based beverages. This, in turn, demonstrates a healthy growth of plant-based beverages market over the forecast period. In addition, increasing reluctance toward soft drinks, carbonated drinks and energy drinks is also inducing a drastic shift toward plant-based beverages.
Plant-based beverage processors are also tapping into innovative replacements and approaches. Producers are spanning across different countries and cultures to analyze consumer attitudes at a granular level, which will aid in solidifying their sustenance in the plant-based beverages market.