The global market for functional and specialty beverages has seen a surge in demand for plant-based and non-dairy milk alternatives. The growing fondness for these options can be attributed to several factors, which include cow milk allergy, lactose intolerance, the increase in calorie-watching consumers, the rise in hypercholesterolemia cases, and a general shift to vegan diets. Moreover, non-dairy milk options can be a cheaper alternative to the economically disadvantaged in developing regions, where cow’s milk is not readily available. There has been a shift towards the adoption of a vegan diet, and plant-based drinks are still relatively new in the market and face some challenges, such as processing and preserving. Unlike bovine milk, most of the alternatives still need to develop a fully balanced nutrition; however, the presence of bioactive compounds makes them nutritionally appealing to people looking to improve their health. When it comes to consumer perception, some can mask the unsatisfactory nutritional value, and some are unable to mask it, making certain legume-based milk alternatives less favourable. Emerging processing technology beyond heating, ultra-high temperature treatment, ultra-high press homogenization, and pulse electric field processing is being targeted towards increasing the shelf life and stability of emulsion foods. There is still a lot of rural work required in the field, as the functional beverages market requires continuous and innovative research in acceptability and taste, and continued research in functional beverages is essential to develop innovative, palatable, and nutritionally enriched plant-based milk alternatives.