Global Dairy Alternatives Market Is Expected to Reach USD 47.95 Billion by 2028 : Fior Markets

Dairy Alternatives Market Share, Share & Trends Analysis Report By Distribution Channel (Convenience Stores, Online Stores, Supermarket/Hypermarkets), By Source (Almond, Rice, Soy, Coconut, Hemp, Oats), By Application (Cheese, Ice creams, Milk, Yogurt), By Region and Forecasts, 2021 – 2028

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Newark, NJ, Nov. 18, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global dairy alternatives market is expected to grow from USD 19.79 billion in 2020 to USD 47.95 billion by 2028, at a CAGR of 11.7% during the forecast period 2021-2028.

Certain factors are boosting the growth of the global dairy alternatives market. Some of them include the rising health consciousness among the consumers, rising awareness regarding nutritional benefits of dairy alternatives, increasing consumer perception towards calorie-conscious individuals, dietary advantages offered by plant-based dairy products, and growth in disposable income. Further, a substantial rise in the vegan population has been seen in many major economies like the UK & the US. Customers in developed economies accept plant-based milk since dairy alternatives provide energy, increase food palatability, and improve health. As stated in the American Gastroenterological Association, cow’s milk is an important cause of food allergies between infants & children. The growing number of lactose-intolerant consumers has hastened the market growth. Various infants & adults suffer from milk allergies that result in an adverse immune reaction after ingestion of animal milk. The increasing number of these allergies improves the consumption of dairy alternatives. The demand for many dairy alternatives like rice, soy, and oat milk rises. Substantial R&D investments made by foremost market players due to extreme competition will provide a strong business viewpoint. Latest technologies & methods for enhancing dairy-free products, such as removing flavour & inhibitors, improved shelf life, and fortifying food items, will help business growth.

Dairy alternatives are food & drinks which can be utilised as a substitute for dairy. Dairy alternatives are plant-based chemical & natural free milk products obtained through seeds, nuts, or grains. A dairy alternative is considered healthy owing to the presence of many essential minerals & vitamins. They are also low on cholesterol, fats and have zero concentration of lactose. Dairy alternative products substitute for customers who are allergic to dairy products or on a vegan diet. Rice milk, almond milk, & soy milk are among the most common dairy alternatives worldwide. Some of the essential alternatives to dairy are cheese, ice cream, non-dairy milk, soft drinks, juice, yoghurts, and energy drinks.

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The global dairy alternatives market is expected to witness significant growth due to the rich in vitamins and calcium, which has improved its adoption for household purposes. Further, increasing incidences of gastrointestinal & diabetic diseases amongst the population, shifting preference of customers towards a vegan diet, and introducing new innovative products by different companies are other factors anticipated to promote the market growth across the projection period. The factors restraining the market growth are the high cost of the act and fluctuating prices of raw materials. Apart from this, the cross-contamination in dairy alternatives is expected to hinder the development of the global dairy alternatives market across the projection period. Rising demand for organic food & drinks and favourable marketing & correct positioning of dairy alternatives are the market growth possibilities. Furthermore, emerging countries are expected to build profitable opportunities for players working in this market.  The challenges of the market growth are the genetically modified soybeans and limited awareness among consumers.

Key players operating in the dairy alternatives market include are Danone, ADM, Vitasoy International Holdings Limited, The Hain Celestial Group Inc., Living Harvest Foods Inc., Freedom Foods Group Ltd, Organic Valley Family of Farms, Blue Diamond Growers, The Whitewave Foods Company, Earth’s Own Food Company Inc., Nutriops, S.L., CP Kelco, Oatly, SunOpta Inc., Ripple Foods, Eden Foods, Inc., and Melt Organic. To gain a significant market share in the global dairy alternatives market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. SunOpta Inc and Blue Diamond Growers are vital manufacturers operating in the dairy alternatives market.

The supermarket/hypermarkets segment dominated the market and held the largest market share of 38.15% in 2020.

The global dairy alternatives market is segmented into convenience stores, online stores, and supermarket/hypermarkets based on the distribution channel. The supermarket/hypermarkets segment dominated the market and held the largest market share of 38.15 % in 2020. This growth is attributed to its accessibility, affordability, and proximity.

The soy segment dominated the market and held the largest market share of 20.15% in 2020.

Based on sources, the global dairy alternatives market is segmented into almond, rice, soy, coconut, hemp, and oats. The soy segment dominated the market and held the largest market share of 20.15% in 2020.  This growth is attributed to the high protein content, easy availability, low-fat content, high calcium content, and other nutritional value. 

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The milk segment dominated the market and held the largest market share of 30.05% in 2020.

Based on application, the global dairy alternatives market is segmented into cheese, ice creams, milk, and yoghurt. The milk segment dominated the market and held the largest market share of 30.05% in 2020. This growth is attributed to the increasing health concerns related to lactose intolerance and the hectic lifestyles of consumers.

Regional Segment Analysis of the Dairy Alternatives Market

  • North America (U.S, Canada, Mexico)
  • Europe (Germany, France, U.K, Italy, Russia, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Rest of APAC)
  • Latin America (Brazil, Argentina)
  • The Middle East and Africa (South Africa, UAE, Saudi Arabia and the Rest of MEA)

Based on geography, the dairy alternatives market has been classified into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Asia Pacific region held the largest market share of 28.19% in the year 2020. This growth is attributed to diet diversification, rapid urbanization, and foreign direct investment in the food sector. Further, improved living standards, economic development, increased consumer spending on foods, and Western trends will incentivise dairy alternatives industry demand. Additionally, purchasing power, increase in income, the fast growth of the middle-class population, increased customer awareness about health & fitness and increased consumption of soymilk, which is cheap & plentiful in this region. Food producers have been beginning various soymilk distribution channels to meet the growing customer demand for healthy drinks & purified soymilk as dairy alternatives & provide different flavours of soy drinks. On the other hand, the European region is witnessing significant growth due to increasing demand for dairy alternatives, mainly by the flexitarian population. European customers are health-conscious and frequently check for ingredients before making buying decisions. The rising health awareness amongst customers and environmental concerns, and sustainability factors propel the growth of the European dairy alternatives market.

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About the report

The global dairy alternatives market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.

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Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients’ objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.

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