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 dairy alternatives market is expected to witness a robust growth rate of more than 10% during the forecast period. Shifting consumer preference toward plant-based food products due to environmental concerns supports the market growth.
The global dairy alternatives market is set to observe strong growth in the next six years, primarily driven by the Increasing consumption of dairy alternatives by people with milk allergies and lactose intolerance. The high number of people with lactose intolerance considerably increases the demand for dairy alternative products such as soy milk, rice milk, and coconut milk, among others which in turn, drives the growth of the global dairy alternatives market. According to the data published by Food Allergy Research and Education Organization, soy is among the top eight major food allergens and is responsible for the most serious food allergy reaction in the US.
The Asia Pacific is dominating the global dairy alternatives market and is expected to maintain this trend over the forecast period. The significant presence of health-conscious consumers and wide product availability across the economies of the region is helping the market to grow. In developed regions like North America and Europe, the market is expected to grow significantly on account of the rising demand for healthy food products coupled with the substantial increase in the vegan population. Latin America and Middle East & Africa are expected to observe considerable growth.
- In terms of source, almond milk is preferred over soy milk due to allergies and other health-related concerns associated with soy milk. Because of this, new product launches show almond milk meeting established and emerging health claims in dairy alternatives.
- Based on region, Asia Pacific is expected to dominate the dairy alternatives market due to the significant presence of health-conscious consumers and wide product availability across the economies of the region. Over the forecast period, India is expected to witness a strong growth rate.
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
- Others (Hemp, Cashew, etc.)
- By Product Type
- Ice Cream
- Others (Creamers etc.)
- By Formulation
- By Sales Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
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