North America Plant-Based Beverages Market: Industry Analysis and Forecast (2024-2030) by Type, Form and Region

North America Plant-based Beverages Market Dynamics:

One of the primary factors driving the growth of the North American plant-based beverages market is the rise in health consciousness across the area. The market is growing due to a rise in consumers substituting plant-based beverages for dairy milk and high adoption of the products due to the nutritional benefits offered by plant-based dairy substitute beverages. The market is also influenced by a large number of product launches and investments by manufacturers, as well as a growth in the number of cases of lactose intolerance and milk allergies among the population. Furthermore, rising food and beverage spending, consumer preference for veganism, lifestyle changes, and increased urbanisation all benefit is driving the growth of the North American plant-based beverages market.

Plant-based foods, beverages, and coffees are now part of the product lines of large global dairy firms that have invested in technology and expanded their product ranges. These companies are focusing on plant-based dairy alternatives by broadening the appeal of their goods and employing unique dairy replacements and approaches. Plant-based milkshakes can cost anywhere from $3 to more than $3 for a half-gallon, whereas conventional milk is usually significantly cheaper. A gallon of gas costs $3.58 on average. The cheapest milk in this market will be cow's milk. This fluctuation of cost is hindering the growth of the market.

The demand for sports and nutrition goods by athletes, bodybuilders, and recovering patients gives a huge opportunity for the soy protein section of the North American plant protein market. Furthermore, the weight-loss category is expanding, with protein as the primary constituent ingredient. The need for dairy alternatives, such as soy protein, in North America is driven by a large lactose intolerant population. Furthermore, the GMO-free and clean-label based soy protein components have significant untapped potential. Manufacturers are looking for environmentally sustainable solutions to grow and source soybeans for processing into high-quality, safe soy proteins.

To get more Insights: Request Free Sample Report

Impact of Covid-19 on the North American Plant-based Beverages Market:

During the epidemic, concern about sustainability intensified, and it's expected to continue to be one of the elements that drive customers' future purchases. Plant-based foods appeal to consumers who want to support environmentally friendly products and businesses. People have also been able to experiment with milk replacements as a result of the outbreak. Many plant-based kinds of milk are shelf-stable, which means they don't need to be refrigerated, making them more appealing than dairy milk with known expiration dates. And, in other circumstances, they were the only alternative at first because dairy milk quickly sold out and was difficult to restock in the North American region.

North America Plant-based Beverages Market Segment Analysis:

By Type, the market is segmented as Wheat Protein, Soy Protein, Pea Protein, and Others. Wheat Protein Plant-based Beverages dominated the market with a 36.2% share in 2023. Gliadin and glutenin are two insoluble protein families found in wheat. Wheat protein generates an elastic texture that allows for a high level of dough strength in plant-based manufacturing. Soft, elastic, and extensible texture made from wheat protein isolates. Wheat is one of the most important sources of plant protein for humans. Wheat proteins, like other grain staples, do not have the same high concentration of nutritionally important amino acids as plant protein sources which is the major factor for driving the growth of the segment.  

However, The Soy Protein Plant-based Beverages segment is expected to grow at a CAGR of 5.4% through the forecast period. Isolated soybean protein is known as soy protein. It's made from soybean meal that's been dehulled and defatted. Soy flour, distillates, and separates are three forms of high protein commercial products made from dehulled and defatted soybeans that are commonly sourced from plants.

North America Plant-based Beverages Market Regional Insights:

The United States is the main region that dominates the Plant-based Beverages market in north america and accounts for 67.5% of the revenue market share in 2023. Plant protein demand is rapidly increasing as a result of changing lifestyles, a lack of a well-balanced diet and better R&D to develop new types of plant protein-enriched goods. The United States continues to dominate the plant protein industry, with Canada and Mexico following closely after. The desire for processed and low-cholesterol foods has propelled the market for plant-based protein in the region. Due to an increase in the availability of counterfeit items on the market, consumers are migrating to various alternative products, such as green label food products, along with a growing awareness of healthy and plant-based products.

However, Canada is expected to grow at a CAGR of 6.5 % through the forecast period. The main reason is that Daiya Foods Inc, Maple Leaf Foods Inc, and McCain Foods are just a few of the biggest plant-based food producers in Canada. Plant-based foods and drinks have also been recognised by the Canadian government as a growing business. The plant-based business has been included in the country's Supercluster Initiative, with the federal government investing $150 million in its growth. Thus Canada is expected to grow at a steady pace for plant-based beverage market.

The objective of the report is to present a comprehensive analysis of the North America Plant-based Beverages market to the stakeholders in the industry. The report provides trends that are most dominant in the North America Plant-based Beverages market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the North America Plant-based Beverages Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

The qualitative and quantitative data provided in the North America Plant-based Beverages market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the North America Plant-based Beverages market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the North America Plant-based Beverages market.

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the North America Plant-based Beverages market. The report also analyses if the North America Plant-based Beverages  market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few Players, etc.

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the North America Plant-based Beverages market. Economic variables aid in the analysis of economic performance drivers that have an impact on the North America Plant-based Beverages market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the North America Plant-based Beverages market is aided by legal factors.

North America Plant-based Beverages Market Scope:

North America Plant-based Beverages Market Key Players:  

• Hain Celestial (New York)

• Pureharvest (U.S)
• SunOpta (Canada)
• Ripple Foods (U.S)
• Califia Farms (California)
• THE COCA COLA COMPANY (U.S)
• Pulmuone Foods (USA)
• Troll Bridge Creek (Canada)
• CSC BRANDS, L.P. (U.S)
• Blue Diamond Growers (U.S)