Vegan Drink Mixes Market: Overview

The global Vegan Drink Mixes market size was valued at USD 24.45 billion in 2022 and will expand further at a CAGR of 12.5% over the forecast period. In general, animal products and byproducts of any type are not used in the preparation of vegan drink mixes. Meat, eggs, dairy, honey, and other products that involve animal exploitation or suffering are typically avoided by vegans. Drinks that are essentially vegan could be described as strictly plant-based and centered on fruits, vegetables, seeds, grains, and nuts. Dairy-free drinks are alternatives to those made with dairy. Vegan beverages are also known as plant-based drinks sans dairy components. Typically, ingredients like oats, soy, almond, nut, coconut, rice, etc. are used to make vegan drink mixes. Coke, ordinary Pepsi, almond breeze, orange soda, fruit juices, coffee, and other beverages are examples of vegan beverages. Additionally, vegan beverages come in a variety of flavors. Because they contain essential minerals, vegan beverages are good for your health. The market for vegan drinks is expanding as a result of rising instances of lactose intolerance and milk allergies and rising demand for vegan goods and beverages. The industry is also growing as a result of the rising demand for organic agricultural products. However, the high price of vegan beverages is limiting market expansion.

Report Scope

Over the past two years, there has been a rapid rise in demand for organic juices. People are actively picking goods that are particularly labeled as organic and plant-based. Additionally, the urban population is making prudent investments in their workout routines and making an attempt to lead a healthy lifestyle. As a result, businesses now provide plant-based beverages both before and after workouts. Customers can now select their preferred beverage from a variety of options. As a result, investment in vegan beverages is rising. Businesses are investing in environmentally friendly packaging to appeal to the vegan market. Plant-based beverage producers are concentrating on lowering the use of plastic as consumers become more conscious of their choices. The major markets for plant-based beverages are anticipated to be Asia Pacific and North America. People from nations like the United States and Canada have demonstrated a rising preference for plant-based beverages. For brewing coffee, the majority of individuals in this region have switched from using dairy to plant-based milk. Additionally, producers are benefiting from the growth of plant-based energy drinks.

Vegan Drink Mixes Market – Market Trends

• Adoption of a healthier lifestyle has increased over the previous two years as a result of COVID's severe effects in China and India. This caused a rise in the consumption of beverages made from plants.

• One of the major factors boosting the market for plant-based beverages is the quickening trend toward vegan as well as flexitarian lifestyle choices.

• Consumer preference for plant-based goods over animal-based goods has resulted in an apparent shift toward plant-based foods and beverages. Consumer demand for plant-based protein supplements has increased as a result of the shift toward a plant-based diet, providing ongoing potential for manufacturers of plant-based beverages.

Vegan Drink Mixes Market –Segmental Analysis

The soy vegan drinks market is experiencing significant growth globally, driven by several factors, including the increasing demand for plant-based alternatives to dairy products, the growing awareness of the health benefits of a plant-based diet, and concerns over animal welfare and environmental sustainability.

One trend in the soy vegan drinks market is the increasing availability of innovative and unique flavors. Manufacturers are introducing a range of new and exciting flavors to attract consumers, such as vanilla, chocolate, coffee, and fruit flavors.

Another trend in the soy vegan drinks market is the growing popularity of fortified and functional drinks. These drinks are designed to provide additional nutritional benefits beyond traditional soy milk, such as added vitamins, minerals, and probiotics. This trend is driven by consumers' increasing interest in health and wellness, and the desire for convenient and nutritious drinks.

In addition, there is an increasing focus on sustainability and environmental concerns in the soy vegan drinks market. Many manufacturers are investing in sustainable farming practices and using packaging materials that are environmentally friendly.

The Asia-Pacific region, including countries such as China, Japan, and India, is one of the largest markets for soy vegan drinks, and it is expected to continue to grow in the coming years. This growth is driven by increasing awareness of the benefits of a plant-based diet, the availability of innovative and unique flavors, and the growing demand for functional and fortified drinks.

Overall, the soy vegan drinks market is expected to continue to grow globally, driven by increasing consumer awareness of health and wellness, concerns over animal welfare and sustainability, and the availability of innovative and delicious soy vegan drinks.

Vegan Drink Mixes Market –Regional Analysis

In 2021, the Asia Pacific region accounted for the largest portion of global revenue—more than 65.75%. The region's growing vegan population and, in particular, millennials' preference for plant-based, organic, and healthful foods and drinks are projected to increase demand for products there. Countries like China, India, and Thailand have been choosing nutritious food options in order to live a healthy lifestyle.

The vegan drinks market in Thailand is experiencing significant growth due to several factors, including the increasing awareness of the health benefits of a plant-based diet, concerns over animal welfare, and environmental sustainability. One of the most popular vegan drinks in Thailand is soy milk. Soy milk is a traditional drink in Thailand and is consumed by many as a dairy alternative. Soy milk is rich in protein and is also low in fat, making it a healthy alternative to dairy milk.

Another popular vegan drink in Thailand is coconut water. Coconut water is a natural and refreshing drink that is rich in electrolytes, making it an ideal choice for those looking to replenish their fluids after exercise or outdoor activities. In addition, coconut water is a rich source of vitamins and minerals, making it a healthy and nutritious drink.

Thailand is also known for its delicious fruit juices, which are a popular choice for vegans. These juices are made from a variety of tropical fruits, such as mango, papaya, and pineapple, and are often blended with other ingredients such as coconut milk or ginger for added flavor.

In recent years, there has been a growing demand for plant-based protein drinks in Thailand. These drinks are made from plant-based sources such as peas, soy, and hemp, and are designed to provide a convenient and nutritious source of protein for vegans and vegetarians.

Overall, the demand for vegan drinks in Thailand is expected to continue to grow in the coming years, driven by increasing awareness of the benefits of a plant-based diet, concerns over animal welfare and sustainability, and the availability of innovative and delicious vegan drinks.

One of the most popular vegan drinks in Japan is soy milk. Soy milk has been a traditional drink in Japan for many years and is consumed by many as a dairy alternative. Soy milk is rich in protein and is also low in fat, making it a healthy alternative to dairy milk.

Another popular vegan drink in Japan is matcha latte, which is made from matcha powder and plant-based milk. Matcha is a finely ground powder made from specially grown and processed green tea leaves. It is high in antioxidants and has been associated with several health benefits, including improved brain function and increased metabolism.

Japan is also known for its delicious fruit juices, which are a popular choice for vegans. These juices are made from a variety of fruits, such as orange, grapefruit, and apple, and are often blended with other ingredients such as ginger or honey for added flavor.

In recent years, there has been a growing demand for plant-based protein drinks in Japan. These drinks are made from plant-based sources such as soy, peas, and hemp, and are designed to provide a convenient and nutritious source of protein for vegans and vegetarians.

Overall, the demand for vegan drinks in Japan is expected to continue to grow in the coming years, driven by increasing awareness of the benefits of a plant-based diet, concerns over animal welfare and sustainability, and the availability of innovative and delicious vegan drinks. The Japanese market is also known for its high standards of quality, safety, and innovation, which is expected to drive further growth and innovation in the vegan drinks market.

Vegan Drink Mixes Market – Competitive Landscape

The Coca-Cola Company: This company has invested heavily in plant-based drinks, including brands such as Honest Tea, SmartWater, and AdeZ. They have also launched new plant-based drinks, such as Simply Almond and Simply Oat.

Danone: This company owns brands such as Silk, Alpro, and So Delicious, which offer a range of plant-based drinks, including soy, almond, and oat milk. They have also invested in research and development to improve the taste and texture of plant-based drinks.

PepsiCo: This company owns brands such as Tropicana and Naked Juice, which offer a range of fruit and vegetable juices. They have also launched new plant-based drinks, such as Quaker Oat Beverage and Solero Organic Fruit Bars.

Nestlé: This company has launched a range of plant-based drinks under brands such as Garden Gourmet, Sweet Earth, and Nesquik. They have also invested in new technologies, such as fermentation, to improve the taste and nutritional profile of plant-based drinks.

Califia Farms: This company specializes in plant-based milk alternatives, such as almond, oat, and coconut milk. They have also launched new products, such as plant-based creamers, and have invested in sustainable and eco-friendly packaging.

Why to buy this Report?

The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.

The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.

The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:

§  Business Model

§  Production Capacity, Revenue, Sales, Gross Margin

§  Key Business Strategy

§  SWOT Analysis

In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:

§  Company Share Analysis from 2018-2022

§  Company Analysis by Revenue and Sales

§  Company Production Capacity, Gross Margin

§  Company Share Analysis by Application/End Use

§  Company Share Analysis by Product/Specification

Vegan Drink Mixes Market – Segmentation

Vegan Drink Mixes Market based on Type is segregated into

• Vegan hot drinks

• Vegan Cold drinks

• Vegan Juices

• Others

Vegan Drink Mixes Market based on Source is fragmented into

• Soy based

• Coconut based

• Rice based

• Almond based

• Oats based

• Fruits based

• Hazelnut based

• Hemp based

• Cashew based

• Flax based

• Others

Vegan Drink Mixes Market based on Packaging Type

• Cans

• Bottles

• Pouches

• Others

Vegan Drink Mixes Market based on Sales Channel is bifurcated into

• B2B

• B2C

Vegan Drink Mixes Market based on Flavour is categorized

• Plain

• Flavoured

Vegan Drink Mixes Market based on Distribution Channel

• Hypermarkets & Supermarkets

• Convenience Stores

• Specialty Stores

• Online

• Others

Key Companies

Oatly Group AB,

yfood Labs GmbH.,

Beverage Universe,

Vegan Tipples,

Chobani, LLC.,

Vvegano,

PepsiCo, Inc,

THE BRIDGE S.R.L,

Guinness & Co.,

SIMANDL,

spol. s r. o,

The Good Pea Co.,

Soho Juice Co. Ltd,

PAISLEY DRINKS CO. LTD.,

SunOpta,

Vvegano,

Starbucks,

The Coca-Cola Company,

Alfa Laval,

Archer Daniels Midland Company ,

BLUE DIAMOND GROWERS,

1HAIN CELESTIAL GROUP, INC.,

LIVING HARVEST FOODS INC.,

ORGANIC VALLEY CROPP COOPERATIVE,

PANOS BRANDS LLC (KONINKLIJKE WESSANEN N.V.),

Hain Celestial Group.

By Region

·         North America

o   U.S.

o   Canada

o   Mexico

·         Europe

o   Germany

o   France

o   UK

o   Italy

o   Spain

o   Russia

o   Rest of Europe

·         Asia Pacific

o   China

o   Japan

o   India

o   Australia

o   South Korea

o   ASEAN

o   Rest of APAC

·         South America

o   Brazil

o   Argentina

o   Chile

o   Rest of South America

·         Middle East and Africa

o   Saudi Arabia

o   UAE

o   South  Africa

o   Rest of MEA