New York, US, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Dairy Alternatives Products Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Dairy Alternatives Products Market Information by Technology and Region - Forecast till 2027”, the market is projected to cross USD 46.59 Billion by 2027 at 10.88% CAGR.
Top Growth Boosters
The dairy alternative products industry benefits from large-scale investments as well as product innovations. Steady advances in texture as well as taste, along with the changes in consumer values and preferences, the dairy alternatives products market is bound to witness significant growth in the years ahead. The environmental benefits of diary alternatives also raise their demand among consumers. Latest studies reveal that production of only one glass of dairy-based milk causes close to three times carbon emissions as compared to a glass of soy, rice, almond, or oat milk. Besides, production of dairy milk regularly for a year requires over 10 times the land area as is needed for the same volume of oat milk.
The incredible growth of the overall food and beverage industry owing to favorable trade policies has boosted the widened the growth scope of dairy alternatives. This is true especially given the rising preference for healthier alternatives to dairy-based products. Industry players are sensing the lucrative opportunities and are resultantly focusing on product innovations, mergers and collaborations, to elevate their profit margins.
The massive surge in lactose intolerance worldwide has worked in favor of the dairy alternative products market. Partially digested milk leads to diarrhea, abdominal bloating, vomiting, stomach pain, tiredness, sleep disturbances, and many more health issues. Ethnicity is a huge factor in lactose intolerance, with Asian, African, and American ethnicities witnessing 80% - 95% lactose intolerance rates while Europeans account for 20% to 26%. With the rapid surge in these cases across the globe, the demand for dairy alternatives like almond and soy milk is surging rapidly, which would mean considerable business growth in the next several years.
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Competitive Landscape:
The renowned market participants outlined in the MRFR study are:
- The Whitewaves Food Company (US)
- The Hain Celestial Group (US)
- Blue Diamond Growers (US)
- Sunopta (Canada)
- Sanitarium Health and Wellbeing Company (Australia)
- Freedom Foods Group (Australia)
- Eden Foods (US)
- Nutriops S.L. (Spain)
- Earth's Own Food Company (Canada)
- Triballat Noyal (France)
- Valsoia S.P.A (Italy)
- Dohler GmBh (Germany)
- Organic Valley (US)
- Panos Brands LLC (US)
- Daiya Foods Inc. (Canada)
- Galaxy Nutritional Foods Inc. (US)
- Tofutti Brands Inc. (US)
For better growth prospects, most of these companies launch a variety of products while also adopting strategies like agreements, partnerships, and collaborations. To illustrate, in July 2021, Forager Project introduced Silk Greek Style Yogurt, made of coconut milk, as well as vegan pea protein.
Market Restraints
A drawback to several dairy alternative products is that they generally contain ingredients like sweeteners and thickeners. These additives lead to inflammation in individuals suffering from conditions like inflammatory bowel disease, or food sensitivities. This could be a notable growth restraint for leading manufacturers in the years to follow.
Browse In-depth Market Research Report (90 Pages) on Dairy Alternatives Products: https://www.marketresearchfuture.com/reports/dairy-alternatives-market-1627
COVID 19 Analysis
The COVID-19 pandemic caused enormous economic downfall all over the world. Several businesses went under while others faced huge financial issues.
On the bright side, with major dairy alternative products manufacturers going into survival mode and adopting effective strategies, the market growth will remain steady throughout the analysis period.
Market Segmentation
The key sources of dairy alternatives products listed in the MRFR study are oats, almond, soy, rice, coconut, and more. Almond remains the leading source of diary alternatives in the market and shall witness the fastest growth between 2020 and 2027.
Different types of dairy alternative products sold in the global market are cheese, milk, ice creams, yogurt, and others. With the biggest market share, milk is the leading dairy alternatives product. Meanwhile, the fastest CAGR is slated to be captured by the cheese segment over the ensuing years.
Dairy alternative products are solid via distribution channels that are either store-based or non-store-based. The store-based channels are convenience stores, supermarkets and hypermarkets, and others. It is presumed that the store-based segment will accrue a higher share in the global market while the non-store-based segment would thrive at a better growth rate from 2020 to 2027.
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Regional Analysis
In the next few years, MRFR expects North America to emerge as the market leader, generating the highest demand for dairy alternatives as lactose intolerance becomes a huge burden. Different dairy alternative products including yogurt, ice cream and more are consumed extensively in the region. Flavored milk is one of the most popular milk products in several schools across North America, with sweetened flavored almond and soy milk gaining highest traction. Milk-based dairy alternatives are increasingly being used to product a variety of desserts and food items, which will further cement North America’s leading position in the following years.
Booming population along with the surge in their disposable incomes across India, Japan, and China will ensure Asia Pacific’s rapid growth in the global market. Escalation in lactose intolerance, combined with mounting health concerns regarding harmful additives present in dairy products have bolstered the sales of non-dairy items like rice milk, almond milk, soy milk, and more in the region.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
