In its new report titled “Plant-based Beverages Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028,” Future Market Insights, Valley Cottage, N.Y.,  forecasts the global plant-based beverage market to reach US$474.7 billion by 2028. The growth reflects a compound annual growth rate (CAGR) of 6.7%, revised from the company’s previously estimated CAGR of 5.2%.            

Drivers behind the anticipated growth include increasing health and wellness consciousness among the population, the growing vegan/vegetarian/flexitarian trend, and dietary restrictions such as lactose intolerance and food-related allergies. The segment includes dairy alternatives, ready-to-drink beverages and plant-based juices.

Organic plant-based beverages are anticipated to overtake conventional plant-based beverages, with an expected CAGR of 7.2% by 2028, the company said, owing to the increasing awareness of consumers in developed regions about the quality and health benefits of organic food products, and increasing per-capita disposable income of consumers.

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