The report titled “Dairy Alternatives Market” assesses the global and regional market based on source, product type, formulation, sales channel, and region. A comprehensive report provides a detailed historical and future market size with trend analysis. The report underlines the market share analysis, production capacities by leading players, competition overview, strategic imperatives, annual sales figures, growth avenues, production overview, and competition assessment for the target players assessed in the dairy alternatives market study.
Market Overview and Dynamics: Consumption of Dairy Alternatives to rise during the Forecast Period
The global market for dairy alternatives is expected to observe an impressive increase of over 10% over the forecast period. A shift in the preference of consumers for plant-based foods because of environmental issues aids the market’s expansion.
The global dairy alternatives market is expected to experience a strong expansion over the next 6 years, driven mainly by the growing demand for dairy substitutes among people who suffer from milk allergies or lactose intolerance. The large number of people suffering from lactose intolerance significantly drives demand for dairy alternatives like soymilk rice milk, and coconut milk, which, in turn, fuels the growth of the global markets for alternative dairy products. According to data published by the Food Allergy Research and Education Organization, Soy is one of the top 8 food allergens and is the reason for the most severe food-related allergic reaction in the US.
The Asia Pacific is dominating the global dairy alternatives market and is expected to continue this trend throughout the forecast period. The presence of a large number of consumers who are health conscious and the wide distribution of products across the economies of Asia Pacific is making it easier for the regional market to expand. In the developed regions such as North America and Europe, the market is expected to expand significantly because of the growing demands for healthy food products and the significant rise in the number of vegans. Latin America and Middle East & Africa are expected to witness significant growth over the forecast period owing to the changing lifestyle and food preferences.
Segmental Analysis
- On the basis of source, almond milk is widely preferred over soymilk due to allergies and other health issues that are associated with soy milk.
- Based on the region, Asia Pacific is expected to lead the dairy alternatives market due to the presence of a significant consumer base as well as the large availability of dairy products across the various economies in the region.Competition Analysis: Regional Players Dominate the Domestic Markets The global dairy alternatives market observes intense competition as a result of the presence of a large number of established players. In the same way that large meat companies are increasingly offering meat alternatives; the world’s leading dairy businesses, or food majors with a significant position in dairy, are becoming ever more involved in providing dairy alternatives. Moreover, the plant-based alternatives are clearly at an advantage in terms of sustainability. Therefore, this matter urges a transformation of dairy consumption towards plant-based alternatives. As a result, this transformation raises many opportunities for food startups to capture new market demand.
Product innovations, launches, and partnerships are the identified industry trend in the global dairy alternatives market.
- In October 2021, Hershey India has expanded its portfolio of plant-based drink brand Sofit in India with the launch of Sofit Almond drink.
- In May 2021, Saputo acquired Bute Island Foods Ltd. based in the UK. With this acquisition, the company aimed to accelerate its growth in the dairy alternatives market.
Some of the leading players involved in the production and marketing of dairy alternatives market include ADM, Daiya Foods Inc., Freedom Foods Group Ltd., OATLY AB, CP Kelco U.S Inc., Vitasoy International Holdings Limited, WhiteWave Foods Company, Blue Diamond Growers, SunOpta Inc., Earth’s Own Food Inc., Living Harvest Foods Inc., Cargill Inc., The Hain Celestial Group Inc., Eden Foods Inc., Valsoia S.p.A, and others.
RationalStat has segmented the global dairy alternatives market on the basis of source, product type, formulation, sales channel, and region
- By Source
- Soy
- Almond
- Oats
- Rice
- Coconut
- Others (Hemp, Cashew, etc.)
- By Product Type
- Milk
- Yogurt
- Ice Cream
- Cheese
- Others (Creamers etc.)
- By Formulation
- Flavored
- Plain
- By Sales Channel
- Offline
- Supermarkets and Hypermarkets
- Convenience Stores
- Pharmacies
- Specialty Stores
- Online
- Offline
- By Region
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Western Europe
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Turkey
- Rest of the Middle East & Africa
- North America
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