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

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:

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.