What are plant-based beverages?
Also known as “plant-based milk” or “plant milk,” plant-based beverages are manufactured by extracting plant material, such as seeds or grain, in water. They are often used as replacements for dairy milk. However, from the nutritive perspective, dairy milk and plant-based beverages are different types of food. Plant-based beverages:
- Can be highly processed foods.
- Often have added synthetic vitamins and minerals, similar to fortified milk.
- Vary widely in their nutritional composition.
- Often have added preservatives and gums, including the inflammatory emulsifier, carrageenan.
- The majority of plant-based beverages are conventional, not organic.
Plant-based beverage sales and marketing Sales of plant-based beverages have skyrocketed since 2010. By 2016, that number had increased substantially; more than one-third of U.S. households had purchased these products, totaling $1.5 billion in sales that year. Large food manufacturers have chosen to invest in expensive marketing campaigns, many of which are designed to target people born between the 1980s and the early 2000s. Their persistent advertising has proven effective, as millennials and Generation Z comprise the largest segment of consumers choosing plant-based beverages. This marketing may specifically appeal to these generations based on the higher reported level of allergies and food sensitivities. Younger generations are also more likely to identify as mostly vegan or vegetarian than previous generations. Common ingredients found in plant-based beverages This is a list of common ingredients found in many plant-based beverage brands:
- Tricalcium phosphate
- Dipotassium phosphate
- Potassium citrate (potassium salt of citric acid)
- Calcium carbonate
- Vitamin E acetate
- High oleic sunflower oil
- Zinc oxide
- Folic acid
- Riboflavin (B2)
- Vitamin A palmitate
- Ergocalciferol (D2)
- Salt/ Sea Salt
- D-alpha tocerpherol (vitamin E)
- Magnesium Phosphate
- Xantham Gum
- Guar Gum
- Locust Bean gum
- Sunflower Lecithin
- Soy Lecithin
- Tapioca Starch
- Natural Flavors
- Natural Colors
- Sugar (evaporated cane juice, cane sugar, or cane syrup)
- Coconut cream
- Monosodium Glutamate (MSG)
- Pea protein
- Rice protein
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According to the current analysis of Reports and Data, the Plant-Based Beverages Market were valued at USD 12.3 Billion in 2018 and is expected to reach USD 23.2 Billion by year 2028, at a CAGR of 13.1%. Plant-based beverages or non-dairy milk alternative is the fast-growing segment in the newer food product development category of functional and specialty plant-based beverages across the globe. Cow milk allergy, lactose intolerance, calorie intake, and occurrence of hypercholesterolemia, more preference to vegan food has attracted the consumers towards looking for cow milk alternatives. Plant-based beverages alternatives are an emerging trend, which provides an adequate alternate where cow’s milk supply is inadequate. Though various types of innovative beverages from plant sources are being exploited for a cow milk alternative, many of these face some/any technological issues, either related to processing or preservation. The majority of these plant-based beverages lack nutritional balance when compared to bovine milk; however, they contain functionally active components with health-promoting properties that attract health-conscious consumers. Some of the key players operating in the Plant-Based Beverages Market are:
- The White Wave Foods Company (US)
- Blue Diamond Growers (US)
- Pacific Foods (US)
- Hain Celestial (US)
- SunOpta (Canada)
- Want Want China Holdings Limited (China)
- Kikkoman (Japan)
- Califia Farms (US)
- The Coca-Cola Company (US)
- Ripple Foods (US)
Further key findings from the report suggest
- By function, bone health holds a market value of about 2.9 Billion in 2018. The high content of calcium in these products is foreseen to be the major driving factor for this market.
- By source, the market for plant-based beverages is divided into almond, soy, coconut, and rice. Soy segment is projected to grow at the highest CAGR of about 12.2% during the forecast period.
- The milk segment is estimated to account for the notable share in the market for plant-based beverages in 2020. A growing number of consumers opt for milk substitutes for medical reasons or as a lifestyle choice. Medical reasons include lactose intolerance with a worldwide prevalence of 75% and cow’s milk allergy, also, in countries where mammal milk is limited.
- The Asia Pacific is experiencing rapid growth in plant-based beverages market over the forecast timeline with a CAGR of about 12.7%. Increasing health concerns among the Japanese population projected to drive the Japanese plant-based beverages market.
Segments covered in the report: This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Reports and Data have segmented the plant-based beverages market on the basis of source, type, function and region: On the basis of source, (Volume Metric Tons, Revenue, USD Million; 2019-2028)
- Others (cashew, oats, pea, and hemp)
On the basis of type, (Volume Metric Tons, Revenue, USD Million; 2019-2028)
- Other drinks (smoothies, shakes, and nogs)
On the basis of function, (Volume Metric Tons, Revenue, USD Million; 2019-2028)
- Cardiovascular health
- Cancer prevention
- Bone health
- Lactose-free alternative
Regional Outlook (Volume Metric Tons, Revenue, USD Million; 2019-2028)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Rest of Latin America
Key Questions Addressed in the Report:
- What is the expected revenue growth rate the global Plant-Based Beverages Market is expected to register during the forecast period?
- What are the key growth driving factors of Plant-Based Beverages Market?
- Who are the leading players in the market?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis?
- Which region is expected to account for the largest market share in the global Plant-Based Beverages Market over the forecast period?
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