Dairy Alternatives Market, Size, Global Forecast 2022-2027, Industry Trends, Growth, Impact of COVID-19, Company Analysis

Dairy Alternatives Market, Size, Global Forecast 2022-2027, Industry Trends, Growth, Impact of COVID-19, Company Analysis

According to Renub Research, Global Dairy Alternative Market is estimated to reach US$ 42.26 Billion by 2027. Products and beverages that can be used as dairy substitutes are dairy alternatives. These are made from plants and are thought to be a healthier alternative to dairy. Furthermore, several essential vitamins and minerals make these alternatives healthy. They're also low in fat and cholesterol, and lactose isn't present in them. Similarly, most people worldwide are transitioning from dairy to dairy-free goods as they become more aware that dairy-free diets can help with various issues such as digestive pain, failure to lose weight, acne, and irritable bowel syndrome.

Global Dairy Alternative Market Size is expanding at a CAGR of 11.49% during 2021-2027:

Dairy substitutes have been more prevalent in both developed and developing markets worldwide. This is due to an increase in the number of allergic persons to dairy. Furthermore, rising health consciousness and disposable income have boosted the expansion of the dairy substitutes industry. Moreover, the introduction of supplementary healthy ingredients by various market participants is one of the main reasons driving the market's growth. However, the primary limitations of this industry are fluctuating raw material prices and high costs. On the contrary, the dairy alternatives market is expected to develop due to increased vegan demand for dairy alternatives and the launch of new flavours and varieties of dairy alternatives.

COVID-19 boost to Global Dairy Alternative Industry:

The COVID-19 crisis has had a considerable consequence on the market. Consumer buying behavior changed due to increased health awareness; customers preferred lactose-free foods because of the numerous health benefits connected with them. In addition, because of the closure of retail stores due to covid regulations around the world, manufacturers of vegetarian products have seen substantial growth of these products through e-commerce websites rather than retail stores. During the first quarter of fiscal 2021, Danone SA, one of the key participants in this market, saw a 2.9 percent increase in sales. As per our analysis, Global Dairy Alternative Market was US$ 22.01 Billion by 2021.

Beverage Segment to Lead Owing to Favourable Demand Dynamics:

According to our analysis, the beverage category dominates the global market due to favorable demand dynamics, growing interest among the industry's major players, and excellent development potential for vegan drinks. Further, soy milk's widespread availability in the Asia Pacific market, notably in China, has been a clear leader in terms of beverage. Nonetheless, almond milk will outperform all other dairy alternatives in terms of growth. It is fast gaining appeal among consumers who avoid soy-based goods due to allergies or other health concerns.

However, food segments such as Ice Cream, Yogurt, Cheese, and Creamers are also showcasing their popularity among consumers across all age groups. Remarkably, the food sector is rapidly evolving in its product offerings and claims, namely, non-dairy, vegan, plant-based, and natural, are experiencing considerable consumer attention. Moreover, vegan food appeal has gone far beyond the vegan consumers, along with the compelling plant-based label claims projecting offerings such as healthy indulgence among consumers.

By Distribution Channel Analysis Supermarkets/Hypermarkets to Dominate:

As the supermarkets and hypermarkets have proximity, accessibility, and affordability, they are likely to hold the most significant market share due to their unique product offerings. There is an excellent store shelf for vegan and plant-based items and enticing discounts to tempt consumers and enhance adoption rates. Plant-based goods are becoming increasingly distinctive. They are undergoing a tremendous transformation from their traditional reputation as a meat or dairy substitute. These products have made the transition to convenience, and customers are finding them simple to store, prepare, and consume. Online retail is anticipated to expand faster in the dairy alternatives market during the forecast period because of its greater convenience, improved shopping experience, and rising digital literacy rates.

By Region, Asia-Pacific is the Fastest Growing Market:

The dairy alternatives industry is expanding at the quickest rate in Asia-Pacific. The growing number of lactose-intolerant people in this region is driving up the demand for dairy alternatives. In addition, the Asian-Pacific health and wellness trend has brought the issue of food intolerances and allergies to the forefront of modern consumers' thoughts, increasing the demand for dairy substitutes. Soy-based alternatives are generally accepted in this region, leading to the establishment of companies like Vitasoy International Holding, which offers a diverse range of soy-based products. Furthermore, plant-based protein consumers in Asia-Pacific have adopted a dairy-free diet to improve their health and well-being. Plant-based diets can help prevent obesity, stroke, and heart disease, reduce cholesterol and arthritis pain, lower blood sugar, increase energy and improve mental clarity.

Key Players:

The global dairy alternatives market is moderately consolidated, with Danone, Hain Group Celestial, SunOpta, Blue Diamond Growers Inc, Vitasoy International Holdings Limited, Oatly, Noumi Limited, and Kikkoman all having substantial presences. These significant firms are also aggressively pursuing acquisitions and mergers to strengthen their positions and make a dramatic change to safeguard their future growth in a fall in dairy product appeal. Furthermore, the competitive intensity of this industry is projected to increase in the coming years if globally renowned firms discover and offer nutritionally adequate and environmentally sound alternatives that are both affordable and acceptable. At the same time, they are continuously attempting to keep up with market trends in dairy alternatives to develop new goods.

Renub Research report titled “Dairy Alternatives Market, Global Forecast by Segment (Food (Ice Cream, Yogurt, Cheese and Creamers), Beverage (Soy Milk, Almond Milk, Rice Milk and Coconut Milk)), Distribution Channel (Supermarket and Hypermarket, Convenience Stores, Other Store based distribution channel and Non store based), Regions (North America, Asia Pacific, Europe and ROW), Companies (Danone, Hain Group Celestial, SunOpta, Blue Diamond Growers Inc, Vitasoy International Holdings Limited, Oatly, Noumi Limited and Kikkoman)” studies the detailed analysis on Global Dairy Alternatives Industry.

Segment – Market has been studied from 2 viewpoints:

1. Food

• Ice Cream
• Yogurt
• Cheese
• Creamers
• Others

2. Beverage

• Soy Milk
• Almond Milk
• Rice Milk
• Coconut Milk
• Others

Distribution Channel – Market has been studied from 4 viewpoints:

1. Supermarket and Hypermarket
2. Convenience Stores
3. Other Store based distribution channel
4. Non store based

Region – Market has been studied from 4 viewpoints:

1. North America
2. Asia Pacific
3. Europe
4. ROW

Company Insights:

1. Business overview
2. Recent Development
3. Sales Analysis

Key Players:

1. Danone
2. Hain Group Celestial
3. SunOpta
4. Blue Diamond Growers Inc
5. Vitasoy International Holdings Limited
6. Oatly
7. Noumi Limited
8. Kikkoman