Europe Plant-Based Beverages Market Size and Forecast 2021–2026 [ 2023 UPDATE Available — Forecast 2023–2030*]
The plant-based beverages market in Europe is poised to experience remarkable growth, following the global trend of increasing demand for healthier and innovative drink options. According to a recent market analysis, the global plant-based beverages market, which was valued at US$15.3 billion in 2019, is projected to surpass US$34.8 billion by the end of 2026, registering an impressive compound annual growth rate (CAGR) of 12.9% during the forecast period from 2021 to 2026.
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The rise in consumer preference for low-calorie foods and beverages, driven by the desire for healthier drink alternatives, has propelled the adoption of plant-based beverages across a wide range of end-use sectors. With over 1,400 food and beverage products now incorporating prebiotic compounds, manufacturers are increasingly utilizing plant-based ingredients to develop nutritious and health-conscious products. This trend is expected to drive the growth of the plant-based beverages market in Europe, along with North America and the Asia Pacific region.
The growing fondness for non-dairy products among consumers has also played a significant role in boosting the sales of plant-based beverages. As protein emerges as a key trend, individuals adopting plant-based or meat-free lifestyles seek alternative sources of high-quality protein. Notably, more than 45% of consumers in the United States opt for non-dairy milk due to its nutritional benefits, with over 35% considering it a good protein source. However, the ready-to-drink plant-based beverages category still offers a limited selection of products with added protein, presenting a substantial opportunity for manufacturers to expand their product offerings in the global market.
Despite the promising growth prospects, the plant-based beverages market faces certain challenges that can impede its expansion. High manufacturing costs and the need for extensive research and development (R&D) activities pose barriers, particularly for mid-sized companies. Investments in laboratories, research equipment, and skilled professionals are necessary for developing new plant-based beverage formulations, which often result in substantial initial investments. Furthermore, the regulatory framework surrounding plant beverages varies across regions, with a focus on claims authorization rather than quality, safety, and efficacy. These regulatory gaps can potentially impact patient safety and make healthcare professionals liable for prescribing untested formulations for serious conditions.
In the European region, which is expected to witness significant growth in the plant-based beverages market, North America is anticipated to lead globally by the end of 2026. Factors such as continuous product launches and increasing demand for healthy beverages contribute to the region’s dominance. Meanwhile, the Asia Pacific market is projected to experience the highest growth rate, fueled by a rising population, higher spending capacity on staple foods, increasing demand for fast food, and growing disposable incomes.
The global plant-based beverages market features a highly competitive landscape, with the presence of numerous local and international manufacturers. Key market players, including Califia Farms LP, Good Karma Foods, Inc., Danone SA, Ripple Foods, PBC, Koia, Harmless Harvest Inc, Pureharvest, and Blue Diamond Growers, are actively participating in product launches and strategic acquisitions to sustain their market position.