The global plant-based protein beverages market is predicted to achieve US$ 1065.3 million in 2022. Based on the report, sales of plant-based protein beverages are anticipated to climb at a CAGR of 9.60% to reach an estimate of US$ 2664.3 million by 2032.
Demand for plant-based protein beverages is growing due to demand for a protein-rich diet, rising consumer focus on meat alternatives, growing health and wellness trends, innovation in ingredient technologies, and increasing requirements from the food and beverage industry. These factors are accountable for the growth of the plant-based protein beverages market.
| Report Attribute | Details |
|---|---|
| Plant-Based Protein Beverages Market Value (2022) | US$ 1065.3 Million |
| Plant-Based Protein Beverages Market Anticipated Value (2032) | US$ 2664.3 Million |
| Plant-Based Protein Beverages Market Projected Growth Rate (2022 to 2032) | 9.60% |
There is more awareness regarding obesity and other lifestyle diseases. This has led to widespread health and fitness trends, as consumers are focusing on improving their health and quality of life by adopting healthier dietary habits.
The demand for plant-based protein beverages is experiencing high demand due to growing veganism, along with more consumer awareness pertaining to the significance of protein in weight loss diets.
In addition, growing preference towards vegan diets, developing economies such as Latin America, Southeast Asia, and the Middle East and Africa, raising intolerance for animal proteins, these factors deliver substantial growth opportunities for plant-based protein manufacturers.
A rapid shift towards vegan and flexible lifestyle choices is the key attribute propelling the global plant-based protein beverages market. Demographic segments such as millennials are aimed at retailers that are making progressive shifts to plant-based products, hence generating a favorable situation for the growth of the plant-based beverages market.
Based on the product type, plant-based beverages made from soy protein are anticipated to garner considerable momentum owing to several benefits associated with soy. Many market manufacturers are introducing novel products to cater to the growing demand for soymilk products.
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The global plant-based protein beverages market is anticipated to grow exponentially during the forecast period, owing to rising awareness among the health-conscious population due to the hectic and sedentary lifestyle.
A gradual change of preference from high-calorie carbonated beverages to healthy plant-based beverages will promote the plant-based protein beverages market growth. In the sports and nutrition industry, there is a swelling demand for plant protein supplements, which is said to stir the product demand across several economies.
Nevertheless, unpredictable raw material prices and enhanced products cost is anticipated to hamper the growth of the plant-based protein beverages market during the forecast period.
Besides, considerable liking for animal-based proteins and altering raw materials prices restrict the growth of the market. Alternatively, rising gluten-free and soy-free trends pose a significant challenge to the global plant-based protein beverages market.
Consumers’ perception regarding food products with vegetable and fruit ingredients has changed for the better. This promoted the growth of the plant-based protein beverages market. The paradigm shift from animal-based protein to plant-based protein sources, such as soy protein and pea protein, is anticipated to encourage lucrative growth aspects of the plant-based protein beverages market.
Also, an alarming number of investors from the vegan food industry are trying to penetrate the plant-based protein beverages market. Consumers’ demand for plant-based protein beverages is hyped to have a considerable influence on cardiovascular health.
Growing awareness pertaining to degrading bone health and heart health is likely to have a considerable impact on the plant-based beverages market during the forecast period. Even though the most popular plant-based beverage is said to be milk, consumers are also interested in other beverages like RTD coffees, and drinkable plant-based yogurts containing plant-based creamers.
All plant-based products and ingredients can promote the health and sustainability profiles of a broad range of products. Growing applications for natural sweeteners in plant-based protein beverages are fueling the global market.
Consumers’ liking for food products and beverages that promote weight loss is leading to demand for less sugar in healthy food products that include plant-based protein beverages. Hence, market manufacturers are expected to begin making shirts from artificial sweeteners to their natural substitutes to meet the demand of consumers.
Major players focus on inventive plant-based sources for sugar substitutes in plant-based protein beverages. Soon, the demand for plant-based nutritive sweeteners in vegan protein beverages is anticipated to escalate to novel heights.
Principal Consultant
North America to Hold a Significant Market Share in Plant-Based Protein Beverages Market.
North America accounts for 47.80% market share of the global plant-based protein beverages market. North America's plant-based protein beverages market is anticipated to grow substantially, primarily owing to the growing vegan population and rising awareness towards the consumption of plant-based diets.
In North America, the United States holds the biggest plant-based protein beverages market share. The affiliation towards plant proteins is growing at a fast pace, with a change of lifestyle being the reason for this growing demand, improved research and development, and lack of modified dietary admission to invent new types of plant-based protein items.
Also, with escalating cases of lactose intolerance and food allergies, consumers across North America are getting more and more diet conscious, and this is the primary reason for their shift towards plant-based products, which include plant-based protein beverages.
In the global plant-based protein beverages market, the Europe region is attributable to a 14.50% market share. The European market is motivated by increasing vegetarianism, rising preference for plant-based food, reduced meat consumption, and escalated venture capital investment in animal substitutes.
Nevertheless, plant-based food and beverages are relatively higher in cost, and a few populations significantly prefer animal-based products, and this is anticipated to restrict the growth of the Europe plant-based protein beverages market.
In Europe, the soy protein-based beverages segment is surging owing to its ease of availability, cost-efficiency, superior quality, broader application, and increased consumer acceptance for soy-based food products. In countries like Germany and Austria, there is more adoption of plant-based food and beverages.
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In July 2022, TMRW, a Canadian plant protein start-up, raised C$2 million in financing to meet the escalated distribution across North America. The company offers a variety of plant-based protein food products and beverages.
TMRW most recently marked its foray into the gluten-free market. The products are sold in retailers across Canada and with the help of a local delivery platform in lower mainland Vancouver.
In May 2022, Novolutions, an Indian food tech start-up, announced its aim to grow from mocktail drinks to include plant-based protein products.
In December 2021, three flourishing plant-based protein companies came together to meet the current trend of meeting the consumer demand for plant-based protein beverages. The trio of start-ups gained over $100 million in investment in 2021.
Some of the key players in the Plant-Based Protein Beverages market are Kerry Group, Malk Organic, Archer Daniels Midland Company, Axiom Foods Inc., Califia Farms, ALOHA, Ripple Foods, Sotexpro, The New Barn, Dr. McDougall’s Right Foods, Pacific Foods, Crespel & Deiters GmbH & Co. KG and Beyond Meat.
Market players have adopted strategies such as product approvals, product launches, market initiatives, and mergers and acquisitions.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 9.60% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2014 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD million, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| Customization | Available Upon Request |
The plant-based protein beverages market is predicted to advance at a CAGR of 9.60% from 2022 to 2032.
The North American region is anticipated to lead the plant based protein beverages market during the forecast period.
The plant based protein beverages market is likely to hold a valuation of US$ 2664.3 million by 2032.
1. Executive Summary | Plant-Based Protein Beverages Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and Their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ Million) & Volume (Tonnes) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute Opportunity Analysis
5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Source
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Tonnes) Analysis By Source, 2017 to 2021
5.3. Current and Future Market Size Value (US$ Million) & Volume (Tonnes) Analysis and Forecast By Source, 2022 to 2032
5.3.1. Soy
5.3.2. Pea
5.3.3. Wheat
5.3.4. Rice
5.3.5. Oats
5.3.6. Others
5.4. Y-o-Y Growth Trend Analysis By Source, 2017 to 2021
5.5. Absolute $ Opportunity Analysis By Source, 2022 to 2032
6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Sales Channels
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Tonnes) Analysis By Sales Channels, 2017 to 2021
6.3. Current and Future Market Size Value (US$ Million) & Volume (Tonnes) Analysis and Forecast By Sales Channels, 2022 to 2032
6.3.1. Modern Trade
6.3.2. Independent Retailers
6.3.3. Health and Beauty Stores
6.3.4. Speciality Stores
6.3.5. Online stores
6.3.6. Other Sales Channels
6.4. Y-o-Y Growth Trend Analysis By Sales Channels, 2017 to 2021
6.5. Absolute $ Opportunity Analysis By Sales Channels, 2022 to 2032
7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) & Volume (Tonnes) Analysis By Region, 2017 to 2021
7.3. Current Market Size Value (US$ Million) & Volume (Tonnes) Analysis and Forecast By Region, 2022 to 2032
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
8.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Trend Analysis By Market Taxonomy, 2017 to 2021
8.2. Market Size Value (US$ Million) & Volume (Tonnes) Forecast By Market Taxonomy, 2022 to 2032
8.2.1. By Country
8.2.1.1. United States of America
8.2.1.2. Canada
8.2.2. By Source
8.2.3. By Sales Channels
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Source
8.3.3. By Sales Channels
8.4. Key Takeaways
9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
9.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Trend Analysis By Market Taxonomy, 2017 to 2021
9.2. Market Size Value (US$ Million) & Volume (Tonnes) Forecast By Market Taxonomy, 2022 to 2032
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Source
9.2.3. By Sales Channels
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Source
9.3.3. By Sales Channels
9.4. Key Takeaways
10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
10.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Trend Analysis By Market Taxonomy, 2017 to 2021
10.2. Market Size Value (US$ Million) & Volume (Tonnes) Forecast By Market Taxonomy, 2022 to 2032
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. United Kingdom
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Europe
10.2.2. By Source
10.2.3. By Sales Channels
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Source
10.3.3. By Sales Channels
10.4. Key Takeaways
11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
11.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Trend Analysis By Market Taxonomy, 2017 to 2021
11.2. Market Size Value (US$ Million) & Volume (Tonnes) Forecast By Market Taxonomy, 2022 to 2032
11.2.1. By Country
11.2.1.1. China
11.2.1.2. Japan
11.2.1.3. South Korea
11.2.1.4. Malaysia
11.2.1.5. Singapore
11.2.1.6. Australia
11.2.1.7. New Zealand
11.2.1.8. Rest of Asia-Pacific
11.2.2. By Source
11.2.3. By Sales Channels
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Source
11.3.3. By Sales Channels
11.4. Key Takeaways
12. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
12.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Trend Analysis By Market Taxonomy, 2017 to 2021
12.2. Market Size Value (US$ Million) & Volume (Tonnes) Forecast By Market Taxonomy, 2022 to 2032
12.2.1. By Country
12.2.1.1. GCC Countries
12.2.1.2. South Africa
12.2.1.3. Israel
12.2.1.4. Rest of Middle East and Africa
12.2.2. By Source
12.2.3. By Sales Channels
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Source
12.3.3. By Sales Channels
12.4. Key Takeaways
13. Key Countries Market Analysis
13.1. United States of America
13.1.1. Pricing Analysis
13.1.2. Market Share Analysis, 2021
13.1.2.1. By Source
13.1.2.2. By Sales Channels
13.2. Canada
13.2.1. Pricing Analysis
13.2.2. Market Share Analysis, 2021
13.2.2.1. By Source
13.2.2.2. By Sales Channels
13.3. Brazil
13.3.1. Pricing Analysis
13.3.2. Market Share Analysis, 2021
13.3.2.1. By Source
13.3.2.2. By Sales Channels
13.4. Mexico
13.4.1. Pricing Analysis
13.4.2. Market Share Analysis, 2021
13.4.2.1. By Source
13.4.2.2. By Sales Channels
13.5. Germany
13.5.1. Pricing Analysis
13.5.2. Market Share Analysis, 2021
13.5.2.1. By Source
13.5.2.2. By Sales Channels
13.6. United Kingdom
13.6.1. Pricing Analysis
13.6.2. Market Share Analysis, 2021
13.6.2.1. By Source
13.6.2.2. By Sales Channels
13.7. France
13.7.1. Pricing Analysis
13.7.2. Market Share Analysis, 2021
13.7.2.1. By Source
13.7.2.2. By Sales Channels
13.8. Spain
13.8.1. Pricing Analysis
13.8.2. Market Share Analysis, 2021
13.8.2.1. By Source
13.8.2.2. By Sales Channels
13.9. Italy
13.9.1. Pricing Analysis
13.9.2. Market Share Analysis, 2021
13.9.2.1. By Source
13.9.2.2. By Sales Channels
13.10. China
13.10.1. Pricing Analysis
13.10.2. Market Share Analysis, 2021
13.10.2.1. By Source
13.10.2.2. By Sales Channels
13.11. Japan
13.11.1. Pricing Analysis
13.11.2. Market Share Analysis, 2021
13.11.2.1. By Source
13.11.2.2. By Sales Channels
13.12. South Korea
13.12.1. Pricing Analysis
13.12.2. Market Share Analysis, 2021
13.12.2.1. By Source
13.12.2.2. By Sales Channels
13.13. Malaysia
13.13.1. Pricing Analysis
13.13.2. Market Share Analysis, 2021
13.13.2.1. By Source
13.13.2.2. By Sales Channels
13.14. Singapore
13.14.1. Pricing Analysis
13.14.2. Market Share Analysis, 2021
13.14.2.1. By Source
13.14.2.2. By Sales Channels
13.15. Australia
13.15.1. Pricing Analysis
13.15.2. Market Share Analysis, 2021
13.15.2.1. By Source
13.15.2.2. By Sales Channels
13.16. New Zealand
13.16.1. Pricing Analysis
13.16.2. Market Share Analysis, 2021
13.16.2.1. By Source
13.16.2.2. By Sales Channels
13.17. GCC Countries
13.17.1. Pricing Analysis
13.17.2. Market Share Analysis, 2021
13.17.2.1. By Source
13.17.2.2. By Sales Channels
13.18. South Africa
13.18.1. Pricing Analysis
13.18.2. Market Share Analysis, 2021
13.18.2.1. By Source
13.18.2.2. By Sales Channels
13.19. Israel
13.19.1. Pricing Analysis
13.19.2. Market Share Analysis, 2021
13.19.2.1. By Source
13.19.2.2. By Sales Channels
14. Market Structure Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Market Share Analysis of Top Players
14.3.1. By Regional
14.3.2. By Source
14.3.3. By Sales Channels
15. Competition Analysis
15.1. Competition Deep Dive
15.1.1. Malk Organic
15.1.1.1. Overview
15.1.1.2. Product Portfolio
15.1.1.3. Profitability by Market Segments
15.1.1.4. Sales Footprint
15.1.1.5. Strategy Overview
15.1.1.5.1. Marketing Strategy
15.1.1.5.2. Product Strategy
15.1.1.5.3. Channel Strategy
15.1.2. Califia Farms
15.1.2.1. Overview
15.1.2.2. Product Portfolio
15.1.2.3. Profitability by Market Segments
15.1.2.4. Sales Footprint
15.1.2.5. Strategy Overview
15.1.2.5.1. Marketing Strategy
15.1.2.5.2. Product Strategy
15.1.2.5.3. Channel Strategy
15.1.3. Ripple Foods
15.1.3.1. Overview
15.1.3.2. Product Portfolio
15.1.3.3. Profitability by Market Segments
15.1.3.4. Sales Footprint
15.1.3.5. Strategy Overview
15.1.3.5.1. Marketing Strategy
15.1.3.5.2. Product Strategy
15.1.3.5.3. Channel Strategy
15.1.4. The New Barn
15.1.4.1. Overview
15.1.4.2. Product Portfolio
15.1.4.3. Profitability by Market Segments
15.1.4.4. Sales Footprint
15.1.4.5. Strategy Overview
15.1.4.5.1. Marketing Strategy
15.1.4.5.2. Product Strategy
15.1.4.5.3. Channel Strategy
15.1.5. Dr. McDougall’s Right Foods
15.1.5.1. Overview
15.1.5.2. Product Portfolio
15.1.5.3. Profitability by Market Segments
15.1.5.4. Sales Footprint
15.1.5.5. Strategy Overview
15.1.5.5.1. Marketing Strategy
15.1.5.5.2. Product Strategy
15.1.5.5.3. Channel Strategy
15.1.6. Pacific Foods
15.1.6.1. Overview
15.1.6.2. Product Portfolio
15.1.6.3. Profitability by Market Segments
15.1.6.4. Sales Footprint
15.1.6.5. Strategy Overview
15.1.6.5.1. Marketing Strategy
15.1.6.5.2. Product Strategy
15.1.6.5.3. Channel Strategy
15.1.7. Beyond Meat
15.1.7.1. Overview
15.1.7.2. Product Portfolio
15.1.7.3. Profitability by Market Segments
15.1.7.4. Sales Footprint
15.1.7.5. Strategy Overview
15.1.7.5.1. Marketing Strategy
15.1.7.5.2. Product Strategy
15.1.7.5.3. Channel Strategy
15.1.8. ADM Human Nutrition
15.1.8.1. Overview
15.1.8.2. Product Portfolio
15.1.8.3. Profitability by Market Segments
15.1.8.4. Sales Footprint
15.1.8.5. Strategy Overview
15.1.8.5.1. Marketing Strategy
15.1.8.5.2. Product Strategy
15.1.8.5.3. Channel Strategy
15.1.9. ALOHA
15.1.9.1. Overview
15.1.9.2. Product Portfolio
15.1.9.3. Profitability by Market Segments
15.1.9.4. Sales Footprint
15.1.9.5. Strategy Overview
15.1.9.5.1. Marketing Strategy
15.1.9.5.2. Product Strategy
15.1.9.5.3. Channel Strategy
15.1.10. Kerry
15.1.10.1. Overview
15.1.10.2. Product Portfolio
15.1.10.3. Profitability by Market Segments
15.1.10.4. Sales Footprint
15.1.10.5. Strategy Overview
15.1.10.5.1. Marketing Strategy
15.1.10.5.2. Product Strategy
15.1.10.5.3. Channel Strategy
16. Assumptions & Acronyms Used
17. Research Methodology
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Plant Based Protein Beverages Market
