Rising Acceptance of Plant-based Diets as Healthier Option than Dairy Products Generating Revenue: Fact.MR Report

Fact.MR, a market research and competitive intelligence provider, through its new market analysis, mentioned that revenue from the plant-based beverage market is approximated to reach US$ 353.29 billion in 2024 and advance at a digit CAGR of 6.1% through 2034.

Growing health concerns about issues such as lactose intolerance, cholesterol control, and digestive disorders are driving up demand for plant-based beverages among consumers. Plant-based diets are thought to be healthier than dairy products, which is another factor driving market demand. Non-dairy alternatives are gaining prominence as flexitarian and vegan diets become more popular. The reforms are motivated by health, ethical, and environmental concerns. As consumers are becoming more aware of the environmental effects of animal agriculture, such as water use and greenhouse gas emissions, they are choosing ecologically friendly products such as plant-based beverages. The flavor, texture, and nutritional value of plant-based beverages are improved by manufacturers with innovative approaches.

Key Takeaways from the Market Study:

• ·The global market for plant-based beverages is analyzed to reach a value of US$ 637.86 billion by the end of 2034. The United States is evaluated to reach a market valuation of US$ 70.68 billion by the end of 2034.
• ·China is projected to contribute a market share of 48.9% in East Asia in 2024. The demand for plant-based beveragesin Japan is estimated to reach US$ 22.87 billion in 2024.
• ·The market in the East Asia region is approximated to advance at 6.4% CAGR through 2034. Worldwide demand for regular plant-based beverages is forecasted to reach US$ 339.98 billion by 2034.

“Consumer access to plant-based beverages is growing as a result of their growing retail presence and strong distribution networks, which is increasing the market size,”says a Fact.MR analyst.

Contemporary Plant-Based Movement Building Strong Foundation for Dairy-free Beverages in China

Several food items in China have long incorporated soy milk, which gives the market of plant-based beverages a strong foundation. The modern plant-based movement is expanding on this legacy by providing a wider range of non-dairy beverage options and inventive creations such as flavored or fortified soy milk. A sizable portion of the population in the country is lactose intolerant, which increases the need for plant-based, lactose-free alternatives to traditional dairy milk.

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Manufacturers Innovate to Enhance Flavor, Texture, and Nutrition in Plant-Based Beverages

The demand for plant-based beverages is rising as consumers become more conscious of health issues such as digestive concerns, cholesterol management, and lactose intolerance. A growing perception that plant-based alternatives are healthier than traditional dairy products is further fueling this trend. Additionally, the increasing popularity of flexitarian and vegan diets is driving the shift toward non-dairy substitutes.

Health, ethical, and environmental factors are playing a significant role in this transformation. With rising awareness about the environmental impact of animal agriculture, including greenhouse gas emissions and water consumption, many consumers are opting for more sustainable choices, such as plant-based beverages.

In response, manufacturers are introducing innovative solutions to enhance the nutritional profile, taste, and texture of these beverages. The market is expanding with the launch of new varieties, including fortified options enriched with essential vitamins and minerals. Additionally, companies are investing in eco-friendly packaging and sustainable sourcing practices to attract environmentally conscious consumers.

Challenges: Consumer Preference for Dairy and Taste Perception

Despite the growing demand for plant-based alternatives, traditional dairy milk remains the preferred choice for many consumers. Dairy farmers continue to market their products aggressively, creating strong competition for plant-based brands. Conflicting information about the nutritional benefits and drawbacks of vegan beverages has also led to confusion and skepticism among consumers.

Taste and texture remain significant challenges for plant-based drinks. Some alternatives may have an aftertaste or a flavor profile that consumers find unfamiliar or unappealing. Achieving the same creamy consistency as cow’s milk is particularly difficult, especially for options like rice or almond milk, which tend to be thinner. This issue becomes even more noticeable when these beverages are used in coffee or cooking, where the texture may not be as satisfying.

As the plant-based beverage market continues to evolve, manufacturers are working to overcome these hurdles by improving formulations and refining processing techniques. By addressing taste and texture concerns while maintaining nutritional integrity, the industry aims to make plant-based drinks more appealing to a wider audience.

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Key Market Players:

1. Bayer AG
2. Abbott; DSM
3. DuPont.
4. Amway
5. The Nature's Bounty Co.
6. GlaxoSmithKline plc.
7. Nestlé SA
8. RiceBran Technologies
9. Mead Johnson & Company LLC
10. Medifast Inc.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the plant-based beveragemarket for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges the plant-based beverage market based on source (RTD drinks, dairy alternatives, plant-based juices), format (flavor, regular drinks), nature (conventional, organic), function (cardiovascular health, cancer prevention, bone health, lactose-free alternative), and packaging (plastic bottles, pouches, glass bottles, cans, carton packaging), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

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