Dairy Alternatives Products Market Size - Global Industry Growth, New Opportunities and Forecast – 2027
Market Analysis
The global dairy
alternatives market size is anticipated to grow by leaps and bounds at a
promising CAGR over the assessment period (2020-2027). Milk and milk products
are a vital constituent of the food supply chain of humans as it is rich in
vitamins, proteins and other nutritional content which is necessary for proper
growth and development. Dairy alternative is casein and lactose free as it is
derived from milk sources that are plant-based such as hazelnut, rice, coconut,
almond, soy and others. Today food allergies and food intolerances have turned
into a key concern amid consumers that are health-conscious. Consuming a diet
that is dairy-free has numerous advantages, and is exercised widely by fitness
enthusiasts and health-conscious consumers. Having milk like texture, the dairy
alternatives are used as a dairy product replacement which are widely adopted
by different cereals such as nuts, barley, rice, wheat and oats. The dairy
alternatives which are easily available in the market include different milk
options such as flax, hemp, rice, coconut, almond and soy along with dairy-free
cheeses, spreads, yoghurts and frozen desserts. Dairy alternatives also provide
health benefits such as vitamin content and high calcium.
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There are many factors
that is fueling the growth of the dairy alternatives market size. The different
market trends and factors in this market according to an analysis performed by
Market Research Future (MRFR) include innovations and increasing awareness for
new products, increase in health awareness, growing vegetarian population,
demand for low cholesterol concentration and low-fat content, strong support
from government and associations, changing consumer trends for a vegan diet, rising
intolerance of lactose products, increasing dietary allergies and increasing
number of diabetic patients, appealing flavors and multiple health benefits
that dairy alternatives offer, consumers increasing disposable income and also
the growing need for fortified beverage and nutritional food products. On the
contrary, soaring cost of dairy alternative beverages, lack of adequate
nutrients and cross contamination of the raw materials may restrict the growth
of the dairy alternatives market size.
Market Segmentation
As per the MRFR
report, the global dairy alternatives market size has been segmented on the
basis of source, application, formulations and distribution channel.
Based on source, it is
segmented into rice milk, coconut milk, almond milk, soy milk and others. Of
these, soy milk is expected to dominate the market during the assessment
period.
Based on application,
the dairy alternatives market size is segmented into food and beverages.
Based on formulations,
it is segmented into flavored and plain. Of these, the plain segment is
expected to dominate the market during the assessment period.
Based on distribution
channel, the dairy alternatives market size is segmented into non-store based
and store based. The store based is further segmented into convenience stores,
pharmacy, health and wellness, supermarkets and hypermarkets and others.
Regional Analysis
Based on region, the dairy alternatives
market size covers growth opportunities and latest trends across North America,
Europe, Asia Pacific and Rest of the World. Of these, Asia Pacific will have
lion’s share in the market during the assessment period. Rising urbanization,
robust economic growth and explosion in the middle-class population are the key
factors that is driving the growth of the dairy alternatives market size in the
European region. Besides, vegan diet is gaining enough acceptance here that is
anticipated to drive the market growth. The dairy alternatives market size in
North America is anticipated to expand exponentially at a favorable 14.63% CAGR
over the assessment period.
Competitive Analysis
To have an edge in the
market, the leading players are investing in launching novel products and also
expanding the geographical presence. Further, they are laying emphasis on
investments, expansion and acquisitions of their facilities for entering the
market. Good investment in new product launches and extensive R&D in varied
packaging, flavors and sizes will remain the strategy employed by the companies
for marketing their products. The dairy alternatives market size is new and
small, but increasing product innovations and awareness will rule the market
for having substantial growth during the assessment period.
Key Players
Leading players
profiled in the dairy alternatives market size include Tofutti Brands Inc.
(U.S.), Galaxy Nutritional Foods, Inc. (U.S.), Daiya Foods Inc. (Canada),
Sunopta Inc. (Canada), Whitewave Foods (France), Hain Celestial Group (U.S.),
and Blue Diamond Growers (U.S.).
Sept 2018- Wessanen
has acquired Abbot Kinney, a leading dairy alternative brand with an aim for
making dairy alternatives mainstream. This acquisition will help to accelerate
innovation and growth in their core categories.
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NOTE: Our Team of
Researchers are Studying Covid19 and its Impact on Various Industry Verticals
and wherever required we will be considering Covid19 Footprints for Better
Analysis of Market and Industries. Cordially get in Touch for More Details.
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