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Vegan Drinks Market Analysis by Type (Vegan Hot Drinks, Vegan Cold drinks, plant-based milk, Vegan Juices), By Packaging Type (Cans, Bottles, Pouches), By Source (Soy based, Coconut based, Rice based, Almond based, Oats based, Fruits based, Hazelnut based, Hemp based, Cashew based, Flax based), By Sales Channel (B2B, B2C), By Flavor (Plain, Flavored), By Distribution Channel (Hypermarkets & Supermarkets, Convenience Stores, Specialty Stores, Online) and by Region: Global Forecast, 2024 - 2033

  • PUBLISHED ON
  • 2024-03-14
  • NO OF PAGES
  • 280
  • CATEGORY
  • Food & Beverages

Market Overview

The Vegan Drinks market is predicted to develop at a compound annual growth rate (CAGR) of 6.23% from 2024 to 2033, when it is projected to reach USD 21.42 billion, based on an average growth pattern. The market is estimated to reach a value of USD 14.46 billion in 2024.

                                   

SOURCE: We Market Research

Vegan drinks are made entirely of plant-based ingredients without any animal products; they also don't include any cruelty. These drinks include non-dairy versions of traditional drinks as well as plant-based alternatives such fruit juices, herbal teas, soy, almond, and coconut milks. Beyond dietary limitations, veganism considers ethical and environmental issues, promoting sustainability and compassion. Popular choices include beverages, coffee, and smoothies made with plant-based milk. Vegan drinks appeal to people who want to live a lifestyle that is in accordance with environmental consciousness and animal welfare because they offer a variety of delicious and nutritious options that encourage a more compassionate and sustainable world.

The global market for vegan drinks is being driven by a number of significant reasons. People are calling for an increase in plant-based products, especially drinks, because to concerns about the environment and health. Vegan drink alternatives are expanding due to consumer desire for cruelty-free and ecological products. The increase in dietary preferences and lactose intolerance has also benefited the business. The industry has expanded as a result of improvements in nutrition, creative packaging, and taste characteristics. As more individuals switch to plant-based diets, the worldwide market for vegan drinks is anticipated to expand due to a variety of ethical, environmental, and health reasons.

Market Scope

Report Attributes

Description

Market Size in 2024

USD 14.46 Billion

Market Forecast in 2033

USD 21.42 Billion

CAGR % 2024-2033

6.23%

Base Year

2023

Historic Data

2016-2022

Forecast Period

2024-2033

Report USP

 

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

By Type, By Packaging Type, By Source, By Sales Channel, By Flavor, By Distribution Channel and By Region

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

 

Vegan Drinks Industry: Dynamics & Restrains

Market Drivers

Rise in Veganism and Plant-Based Diets - The rise in veganism and the widespread adoption of plant-based diets are major drivers propelling the global vegan drinks market. Increasing health consciousness, ethical considerations, and environmental awareness have fueled a growing consumer preference for cruelty-free and sustainable alternatives. As individuals seek plant-based lifestyles, there's a heightened demand for diverse and innovative vegan drinks, including plant-based milks, juices, and smoothies. This shift is reshaping consumer habits and influencing the food and beverage industry, prompting manufacturers to develop and market a wide array of flavorful and nutritious vegan drink options to cater to the expanding market of health-conscious and environmentally conscious consumers.

Increasing prevalence of lactose intolerance and milk allergies - The increasing prevalence of lactose intolerance and milk allergies is a significant driver propelling the global vegan drinks market. As more individuals experience discomfort or adverse reactions to dairy products, there's a rising demand for plant-based alternatives. Vegan drinks, such as non-dairy milks and beverages, serve as viable substitutes, offering a lactose-free and allergen-friendly option. This trend is reshaping consumer choices, prompting a shift towards plant-based alternatives that cater to the dietary needs of those who are lactose intolerant or allergic to traditional dairy, consequently driving the expansion of the vegan drinks market on a global scale.

Market restrains

Competition with Dairy Industry - Competition with the well-established dairy industry poses a restraint on the global vegan drinks market. Despite the growing popularity of plant-based alternatives, traditional dairy products maintain a significant market share, and consumer loyalty can be a hurdle for vegan options. Perceptions related to taste, texture, and nutritional value, along with deeply ingrained dietary habits, create challenges for vegan drinks to compete effectively. To overcome this restraint, marketing strategies emphasizing the benefits of plant-based choices, such as environmental sustainability and health advantages, are essential to sway consumers away from conventional dairy options and foster broader acceptance of vegan beverages.

We Market Research: Vegan Drinks Dashboard

Our marketing platform has an extensive dashboard that gives customers insightful information about market changes over time. A screenshot of our dashboard is provided below, and unique PDF login credentials will be sent to enable access to this informative resource.

                                       


Vegan Drinks Segmentation:

Market- By Type Analysis

By Type, the Vegan Drinks Market is Categories into Vegan Hot Drinks, Vegan Cold drinks, plant-based milk, Vegan Juices. The plant-based milk segment accounts for the largest share of around 37% in 2022.

                             

The plant-based milk subsegment of the global vegan drinks market is growing and becoming more and more popular due to factors like health-conscious trends, lactose intolerance, adopting a vegan lifestyle, a variety of product offerings, innovative processing, nutritional fortification, sustainability concerns, celebrity endorsements, and increased retail availability.

The following segments are part of an in-depth analysis of the global Vegan Drinks market:

Market Segments

 

By   Packaging Type

·         Cans

·         Bottles

·         Pouches

By   Source

·         Soy based

·         Coconut based

·         Rice based

·         Almond based

·         Oats based

·         Fruits based

·         Hazelnut based

·         Hemp based

·         Cashew based

·         Flax based

By Sales Channel

·         B2B

·         B2C

By Flavor

·         Plain

·         Flavored

By Distribution Channel

·         Hypermarkets & Supermarkets

·         Convenience Stores

·         Specialty Stores

·         Online

 

Vegan Drinks Industry: Regional Analysis

North America Market Forecast

North America dominate the Vegan Drinks Market with the highest revenue generating market with share of more than 47%. In North America, the demand for vegan beverages has grown dramatically, particularly in the US and Canada. Consumers are starting to favor plant-based alternatives in this field due to concerns about ethics, the environment, and health.

                                


Europe Market Statistics

Europe is the second-largest market for Vegan Drinks. The European countries that have adopted plant-based and vegan diets the quickest are the UK, Germany, and Scandinavia. Demand for vegan drinks is driven by similar factors in Europe as it is in North America, with an additional emphasis on sustainability and animal welfare.

Asia Pacific Market Forecasts

Asia Pacific is expected to be the fastest-growing market for Vegan Drinks during the forecast period. Asia-Pacific is becoming a big market for vegan goods, especially drinks, because of its diversified and sizable population. Plant-based diets are becoming more and more popular in nations like China and India as people look for more sustainable food options and are concerned about their health.

Key Market Players

The Vegan Drinks Market is dominated by a few large companies, such as

·         Oatly

·         Ripple

·         Califia Farms

·         Chobani

·         Vitasoy

·         Califia Farms

·         Elmhurst 1921

·         RISE Brewing Co.

·         Minor Figures

·         Pacific Foods

·         The Republic of Tea

·         Yogi Tea

·         Traditional Medicinals

·         Pukka Herbs

·         Clipper Teas

·         Others

Recent Developments:

·         November 2022, Califia Farms introduced a vegan oat drink in the UK, catering to the growing demand for oat-based milk alternatives. This unsweetened oat milk offered a healthy and versatile option for consumers.

·         July 2022, Califia Farms expanded its Plant-Based Coffee Creamer line with three new flavors: Oatmilk Toasted Coconut, Almondmilk Caramel Macchiato, and Cold Brew Sweet Cream. These creamers provided dairy-free options for coffee enthusiasts.

·         Oatly has been expanding its global reach by entering new markets, such as India and China. In India, Oatly launched its products in partnership with the Tata Group in October 2022. In China, Oatly launched its products in partnership with Alibaba in November 2022.

1.      Global Vegan Drinks Market Introduction and Market Overview

1.1.    Objectives of the Study

1.2.    Global Vegan Drinks Market Scope and Market Estimation

1.2.1. Global Vegan Drinks Overall Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023 - 2033)

1.2.2. Global Vegan Drinks Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2033

1.3.    Market Segmentation

1.3.1. Component of Global Vegan Drinks Market

1.3.2. Technology of Global Vegan Drinks Market

1.3.3. Source of Global Vegan Drinks Market

1.3.4. Region of Global Vegan Drinks Market

2.      Executive Summary

2.1.    Global Vegan Drinks Market Industry Trends under COVID-19 Outbreak

2.1.1. Global COVID-19 Status Overview

2.1.2. Influence of COVID-19 Outbreak on Global Vegan Drinks Market Industry Development

2.2.    Market Dynamics

2.2.1. Drivers

2.2.2. Limitations

2.2.3. Opportunities

2.2.4. Impact Analysis of Drivers and Restraints

2.3.    Pricing Trends Analysis & Average Selling Prices (ASPs)

2.4.    Key Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.

2.5.    Porter’s Five Forces Analysis

2.5.1. Bargaining Power of Suppliers

2.5.2. Bargaining Power of Buyers

2.5.3. Threat of Substitutes

2.5.4. Threat of New Entrants

2.5.5. Competitive Rivalry

2.6.    Value Chain / Ecosystem Analysis

2.7.    Russia-Ukraine War Impacts Analysis

2.8.    Economic Downturn Analysis

2.9.      Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Region

3.      Global Vegan Drinks Market Estimates & Historical Trend Analysis (2019 - 2022)

4.      Global Vegan Drinks Market Estimates & Forecast Trend Analysis, by TYPE

4.1.    Global Vegan Drinks Market Revenue (US$ Mn) Estimates and Forecasts, by TYPE, 2019 to 2033

4.1.1. Vegan Hot Drinks

4.1.2. Vegan Cold drinks

4.1.3. Plant-based milk

4.1.4. Vegan Juices

5.      Global Vegan Drinks Market Estimates & Forecast Trend Analysis, by Packaging Type

5.1.    Global Vegan Drinks Market Revenue (US$ Mn) Estimates and Forecasts, by Packaging Type, 2019 to 2033

5.1.1. Cans

5.1.2. Bottles

5.1.3. Pouches

6.      Global Vegan Drinks Market Estimates & Forecast Trend Analysis, by Source

6.1.    Global Vegan Drinks Market Revenue (US$ Mn) Estimates and Forecasts, by Source, 2019 to 2033

6.1.1. Soy based

6.1.2. Coconut based

6.1.3. Rice based

6.1.4. Almond based

6.1.5. Oats based

6.1.6. Fruits based

6.1.7. Hazelnut based

6.1.8. Hemp based

6.1.9. Cashew based

6.1.10.   Flax based

7.      Global Vegan Drinks Market Estimates & Forecast Trend Analysis, by SALES CHANNEL

7.1.    Global Vegan Drinks Market Revenue (US$ Mn) Estimates and Forecasts, by Source, 2019 to 2033

7.1.1. B2B

7.1.2. B2C

8.      Global Vegan Drinks Market Estimates & Forecast Trend Analysis, by FLAVOR

8.1.    Global Vegan Drinks Market Revenue (US$ Mn) Estimates and Forecasts, by Source, 2019 to 2033

8.1.1. Plain

8.1.2. Flavored

9.      Global Vegan Drinks Market Estimates & Forecast Trend Analysis, by DISTRIBUTION CHANNEL

9.1.    Global Vegan Drinks Market Revenue (US$ Mn) Estimates and Forecasts, by Source, 2019 to 2033

9.1.1. Hypermarkets & Supermarkets

9.1.2. Convenience Stores

9.1.3. Specialty Stores

9.1.4. Online

10.  Global Vegan Drinks Market Estimates & Forecast Trend Analysis, by Region

10.1.                     Global Vegan Drinks Market Revenue (US$ Mn) Estimates and Forecasts, by Region, 2019 to 2033

10.1.1.   North America

10.1.2.   Europe

10.1.3.   Asia Pacific

10.1.4.   Middle East & Africa

10.1.5.   South America

11.  North America Vegan Drinks Market: Estimates & Forecast Trend Analysis

11.1.      North America Vegan Drinks Market Assessments & Key Findings

11.1.1.   North America Vegan Drinks Market Introduction

11.1.2.   North America Vegan Drinks Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

11.1.2.1.    By TYPE

11.1.2.2.    By Packaging Type

11.1.2.3.    By Source

11.1.2.4.    By SALES CHANNEL

11.1.2.5.    By FLAVOR

11.1.2.6.    By DISTRIBUTION CHANNEL

11.1.2.7.    By Country

11.1.2.7.1. The U.S.

11.1.2.7.2. Canada

11.1.2.7.3. Mexico

12.  Europe Vegan Drinks Market: Estimates & Forecast Trend Analysis

12.1.  Europe Vegan Drinks Market Assessments & Key Findings

12.1.1.   Europe Vegan Drinks Market Introduction

12.1.2.   Europe Vegan Drinks Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

12.1.2.1.    By TYPE

12.1.2.2.    By Packaging Type

12.1.2.3.    By Source

12.1.2.4.    By SALES CHANNEL

12.1.2.5.    By FLAVOR

12.1.2.6.    By DISTRIBUTION CHANNEL

12.1.2.7.    By Country

12.1.2.7.1. Germany

12.1.2.7.2. U.K.

12.1.2.7.3. France

12.1.2.7.4. Italy

12.1.2.7.5. Spain

12.1.2.7.6. Russia

12.1.2.7.7. Rest of Europe

13.  Asia Pacific Vegan Drinks Market: Estimates & Forecast Trend Analysis

13.1.  Asia Pacific Market Assessments & Key Findings

13.1.1.   Asia Pacific Vegan Drinks Market Introduction

13.1.2.   Asia Pacific Vegan Drinks Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

13.1.2.1.    By TYPE

13.1.2.2.    By Packaging Type

13.1.2.3.    By Source

13.1.2.4.    By SALES CHANNEL

13.1.2.5.    By FLAVOR

13.1.2.6.    By DISTRIBUTION CHANNEL

13.1.2.7.    By Country

13.1.2.7.1. China

13.1.2.7.2. Japan

13.1.2.7.3. India

13.1.2.7.4. Australia

13.1.2.7.5. South Korea

13.1.2.7.6. ASEAN

13.1.2.7.7. Rest of Asia Pacific

14.  Middle East & Africa Vegan Drinks Market: Estimates & Forecast Trend Analysis

14.1.  Middle East & Africa Market Assessments & Key Findings

14.1.1.   Middle East & Africa Vegan Drinks Market Introduction

14.1.2.   Middle East & Africa Vegan Drinks Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

14.1.2.1.    By TYPE

14.1.2.2.    By Packaging Type

14.1.2.3.    By Source

14.1.2.4.    By SALES CHANNEL

14.1.2.5.    By FLAVOR

14.1.2.6.    By DISTRIBUTION CHANNEL

14.1.2.7.    By Country

14.1.2.7.1. U.A.E.

14.1.2.7.2. Saudi Arabia

14.1.2.7.3. Egypt

14.1.2.7.4. South Africa

14.1.2.7.5. Rest of Middle East & Africa

15.  South America Vegan Drinks Market: Estimates & Forecast Trend Analysis

15.1.  South America Market Assessments & Key Findings

15.1.1.   South America Vegan Drinks Market Introduction

15.1.2.   South America Vegan Drinks Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

15.1.2.1.    By TYPE

15.1.2.2.    By Packaging Type

15.1.2.3.    By Source

15.1.2.4.    By SALES CHANNEL

15.1.2.5.    By FLAVOR

15.1.2.6.    By DISTRIBUTION CHANNEL

15.1.2.7.    By Country

15.1.2.7.1. Brazil

15.1.2.7.2. Argentina

15.1.2.7.3. Colombia

15.1.2.7.4. Rest of South America

16.  Competition Landscape

16.1.  Global Vegan Drinks Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants

16.2.  Global Vegan Drinks Market Competition White Space Analysis, By Source

16.3.  Global Vegan Drinks Market Competition Heat Map Analysis, By Source

16.4.  Global Vegan Drinks Market Concentration & Company Market Shares (%) Analysis, 2022

17.  Company Profiles

17.1.                     Oatly

17.1.1.   Company Overview & Key Stats

17.1.2.   Financial Performance & KPIs

17.1.3.   Product Portfolio

17.1.4.   Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

17.2.      Ripple

17.3.      Califia Farms

17.4.      Chobani

17.5.      Vitasoy

17.6.      Califia Farms

17.7.      Elmhurst 1921

17.8.      RISE Brewing Co.

17.9.      Minor Figures

17.10.  Pacific Foods

17.11.  The Republic of Tea

17.12.  Yogi Tea

17.13.  Traditional Medicinals

17.14.  Pukka Herbs

17.15.  Clipper Teas

17.16.  Others

18.  Research Methodology

18.1.  External Transportations / Databases

18.2.  Internal Proprietary Database

18.3.  Primary Research

18.4.  Secondary Research

18.5.  Assumptions

18.6.  Limitations

18.7.  Report FAQs

19.  Research Findings & Conclusion

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Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

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Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size of Vegan Drinks Market in 2024?

Vegan Drinks Market was valued at USD 14.46 Billion in 2024.

What is the growth rate for the Vegan Drinks Market?

Vegan Drinks Market size will increase at approximate CAGR of 6.23% during the forecasted period.

Which are the top companies operating within the market?

Major companies operating within the Vegan Drinks Market are Oatly, Ripple, Califia Farms, Chobani, Vitasoy, Califia Farms, Elmhurst 1921, RISE Brewing Co., Minor Figures, Pacific Foods, The Republic of Tea, Yogi Tea, Traditional Medicinals, Pukka Herbs, Clipper Teas and Other.

Which region dominates the Vegan Drinks Market?

North America dominates the market with an active share of 47%.

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