Europe Dairy Alternatives Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Europe Dairy Alternatives Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The European dairy alternatives market is forecasted to witness a CAGR of 7.12% during the forecast period, 2022-2027.

The COVID-19 crisis has significantly affected the market. There was a change in the buying behavior of the consumers. This was due to the fact that the consumers were aware of their health. Consumers prefer lactose-free foods because of several health benefits. The manufacturers of vegetarian products have witnessed a terrific growth of these products through e-commerce websites rather than the retail stores, and it was majorly because of the closures of certain retail stores due to the several rules and regulations imposed by the government. Danone SA, which is one of the major players in this segment, has estimated growth of 2.9% in sales during the first quarter of fiscal 2021.

The antioxidant properties of dairy alternatives such as almond milk that can have a protective effect against cancer and heart diseases have further fueled the demand for dairy alternatives in Europe.

The rising number of health-conscious consumers and consumer awareness about the health benefits of dairy alternatives are set to fuel the market growth during the forecast period.

Europe Dairy Alternatives Market TrendsIncreased Consumption of Plant-based Milk

With the increasing consciousness toward health, consumers are preferring healthy foods such as plant-based milk, because it is lactose-free, this is also because of fact that lactose-free food can have several health benefits. Some of the major reasons due to which consumers prefer these food products are because it helps in weight reduction, the lactose-free food products enable accurate digestion, thus strengthening the gut of an individual. Moreover, due to the spread of several diseases worldwide, which can cause severe health damage, consumers are preferring lactose-free food products as they can reduce the effect of antimicrobial in the body. For example, soy milk is one such highly consumed product among consumers because the milk is a plant-based milk that contains no lactose. Soy milk is also having several health benefits and it is also a dairy-free product that is even free from cholesterol and low in fat percentage. Thus, due to several health benefits that can be achieved from plant-based products the consumers are trending toward this market.

United Kingdom is the Largest Market

The popularity of vegan diets is increasing in United Kingdom due to the shift in consumer demand from animal protein to plant protein. This inclination toward plant-based diets is associated with different factors, such as sustainability issues, health awareness, ethical or religious views, and environmental and animal rights. The increasing consumer appetite for vegan-friendly foods depicts a huge market potential for plant-based beverages. The growing concerns of consumers about the consumption of conventional animal-based food and beverage products and the adoption of vegan diets due to rising health awareness are expected to drive the growth of plant-based food and beverages, including dairy alternatives. According to the World Health Organization (WHO), the consumption of healthy natural fats and proteins, such as coconut and soy, can provide a healthy gut and other health benefits. Due to these factors, plant-based food and beverages, especially in the dairy segment, are projected to skyrocket in the market during the forecast period.

Europe Dairy Alternatives Market Competitive Analysis

The European dairy alternatives market is highly competitive in nature. This is due to the presence of domestic and international players in this sector. The major players in the industry are Hain Celestial Group, Oatly AB, Blue Diamonds Growers, Danone, and Daiya Foods Inc. Key players are majorly focusing on product development and product innovation to meet the consumer's needs by offering a variety in taste and in the product's quality to maintain premiumization. Some of the major players use mergers and acquisitions as their key strategy. The strategy to follow mergers and acquisitions by these top players is to sustain and secure a leading position in the industry. This will enable the companies to maintain dominance over other players, and also, the companies can remain a strong competition for other players in the market.

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