The global Dairy Alternatives market size is expected to be worth around US$ 62.58 billion by 2030, according to a new report by Vision Research Reports.
The global Dairy Alternatives market size was valued at US$ 20.60 billion in 2020 and is anticipated to grow at a CAGR of 12.10% during forecast period 2021 to 2030.
The rise in demand for plant-based alternatives and changing consumer diets utilizing milk alternatives are driving the demand for dairy alternatives.
Increasing occurrence of milk allergies or cases of lactose intolerance is expected to drive the market further. People with lactose intolerance are increasingly opting for milk alternatives, which has made beverage manufacturers adopt dairy alternatives to appeal to the respective consumer base, further propelling the demand for dairy alternatives.
Changing consumer preferences caused by environmental or moral concerns resulting in the mass adoption of vegan or similar diets are expected to positively impact the market growth over the forecast period. Europe has a well-established food and beverages industry and has seen significant growth in the vegan population, resulting in the high market growth in the region.
Moreover, consumers are opting for more variety in their food and beverage products such as almond milk coffee or coconut panna kotta. Similar dishes with dairy alternatives are becoming available across major industries such as hotels, restaurants, and cafes as well as in. The increased availability of the products has made it easier for consumers to opt for dairy alternatives and products consisting of the same.
Asia Pacific has been the most dominant regional market as it consists of numerous emerging economies, along with a growing population. The growing middle-class population, coupled with the increasing disposable income, has empowered consumers to opt for variety in their food choices. Moreover, exposure to westernized foods and diet trends is driving the market further in the region.
Soy led the market in 2020 and accounted for more than 35.0% share of the global revenue. Soy milk is rich in nutrients and has a high protein content compared to other dairy alternatives, which is expected to drive the segment over the forecast period. Soy milk has been traditionally used in the Asia Pacific region over centuries and is a part of numerous recipes, which is expected to keep the product demand consistently stable over the forecast period. It is used for the purpose of lowering obesity and blood cholesterol levels. It also helps in reducing the risk of several postmenopausal issues, along with improving cardiovascular health, which, in turn, has made it a preferred supplement.
Almond milk held the second-largest share in 2020. It is rich in vitamin B, which helps raise the basal metabolic rate of the body, enabling it to burn fats and calories more efficiently. Increasing demand for almond milk due to these nutritional benefits is likely to contribute to the segment growth.
Almond milk has essential minerals such as iron, magnesium, phosphorous, zinc, and copper that help in controlling blood pressure, improving blood oxygenation, and providing protection to the body against diseases. In addition, almond milk is rich in vitamin E and manganese, making it a more powerful drink for improving skin quality and protecting against cancer.
Increasing consumer preference for plant-based products, coupled with an ease of raw material availability, is a significant factor driving the market. Moreover, the rising demand for rice milk to manufacture various food and beverage items, such as ice creams, snacks, and beverages, is expected to drive the demand for the product over the forecast period.
Rice milk is made with white or brown rice and is usually unsweetened, however, it has more carbohydrates and is therefore fortified with iron, vitamin D, and vitamin B12. The organic form of rice milk in the market is gaining momentum over the conventional product even though it is priced at a premium. The high price is because of the moderately high production and distribution overheads as well as the willingness of the consumers to pay more for organic products as they observe them being free from preservatives. This is also anticipated to be one of the major drivers for the source demand.
The milk-based dairy alternatives product segment led the market and accounted for a revenue share of more than 67.0% in 2020. The increasing old age population has resulted in people preferring milk-based dairy alternatives in Europe. However, growing health concerns over soymilk, especially for breast cancer survivors, are likely to hamper the market growth. In Europe, increasing demand for low-calorie content food, coupled with the rising popularity of plant-based nutritional products, is likely to augment the demand for the product over the next eight years.
The milk product segment includes various new and innovative beverage options with dairy alternatives as the base ingredient. The manufacturers of beverages are introducing new products for higher market capitalization. The increasing demand among consumers for varied beverage options has resulted in varied options of flavored beverages consisting of dairy alternatives. The flavored beverages also appeal to lactose-intolerant consumers who are looking for a variety of milk-based dairy alternative beverages.
The growing demand for dairy alternatives-based cheese products, such as soy and almond-based cream cheese, sour creams, and regular cheese, is expected to propel the demand for dairy alternative products over the forecast period. Consumers who are lactose intolerant and have allergies to milk products are switching over to various cheeses made from almond and soy, which drives the market.
Market penetration of dairy alternatives-based cheese products is likely to grow over the forecast period on account of the presence of companies like Galaxy Nutritional Foods, Tofutti, and Trader Joe’s that provide the famous dairy-free soy cream cheeses. In addition, Daiya Foods Inc. makes a variety of cheeses, which are nut, gluten, dairy, and soy-free, making them a great choice for those with allergies to these ingredients.
Supermarket and hypermarkets led the market and accounted for more than 40.0% share of the global revenue in the year 2020. Supermarkets and hypermarkets are large-sized retail outlets, which usually offer multiple categories of retail products under one roof. Supermarkets are usually located near a residential area in order to be accessible to the customers. However, due to the unavailability of land near residential areas, most of the supermarket and hypermarket chains are opening their new stores outside the city.
In developed regions such as Europe and North America, the penetration of supermarkets and hypermarkets is higher than that in the developing regions. Besides, the presence of a large variety of dairy alternatives in one place and ease of buying contributed to the growth of supermarkets and hypermarkets as distribution channels in 2020.
Convenience stores usually offer lower discounts in comparison to hypermarket and supermarket and online stores owing to their low-volume procurement from manufacturers or suppliers. Besides, convenience stores mainly focus on everyday items, thus, the availability of limited shelf size restricts them from keeping an extensive assortment of dairy alternatives products.
Owing to the limited availability of dairy alternative brands in convenience stores, consumers mainly prefer other distribution channels, which, in turn, is expected to restrain the growth of this segment over the forecast period. However, convenience stores offer better traction for fresh milk as consumers usually prefer it for everyday use.
Asia Pacific dominated the market and accounted for more than 44.0% share of the global revenue in 2020. Expanding population and rising disposable incomes in emerging countries, such as India, China, and Japan, are expected to augment the demand for the product in the Asia Pacific region. Increasing cases of lactose intolerance, coupled with the rising health issues associated with harmful additives used in dairy products, are anticipated to boost the demand for non-dairy products, such as soy milk, almond milk, rice milk, and other dairy alternatives.
North America is one of the major markets for dairy alternatives as a variety of dairy alternative products, such as ice cream and yogurt, are consumed on a large scale. Flavored milk accounts for over two-thirds of milk products sold in North American schools. Increasing consumer demand for sweetened flavored soy and almond milk is expected to be a key factor driving the dairy alternatives industry. Milk-based dairy alternatives are used for manufacturing various food items and desserts, which is expected to drive the industry over the forecast period in the North American region.
Despite dairy alternatives-based ice cream witnessing moderate demand in North America as compared to milk-based ice cream, the growth of this product category is expected to be much higher over the forecast period. As a result, the demand for dairy alternatives among ice cream manufacturers is anticipated to grow significantly over the forecast period.
The growing demand for plant-based products with high nutritional value is expected to drive the market over the forecast period. The increasing number of milk allergies and health-related issues associated with harmful additives used additionally in dairy products is expected to augment the demand for dairy alternative products, such as soymilk, almond milk, and rice milk.
The European market is expected to witness growth owing to the rising demand for healthy food and beverages in the region. Dairy alternative-based beverages are often consumed as alternatives to dairy beverages. Manufacturers are focusing on new product development, which includes soy juice mixes and fresh soy drinks.
|Market Size||US$ 62.58 billion by 2030|
|Growth Rate||CAGR of 12.10% during forecast period 2021 to 2030|
|Segments Covered||Product, Sources, Distribution Channel|
|Report Scope||North America, Europe, Asia Pacific, Middle East & Africa, Latin America|
|Companies Mentioned||The Hain Celestial Group, Inc., SunOpta Inc., Danone, Oatly, DAIYA FOODS INC., Melt Organic, Living Harvest Foods Inc., Ripple Foods|
The Hain Celestial Group, Inc.
Vitasoy International Holdings Limited
DAIYA FOODS INC.
Living Harvest Foods Inc.
Earth’s Own Food Company Inc.
The Whitewave Foods Company
Eden Foods, Inc.
Freedom Foods Group Ltd.
Blue Diamond Growers
Organic Valley Family of Farms
Source Outlook (Revenue, USD Million, 2017 - 2028)
Product Outlook (Revenue, USD Million, 2017 - 2028)
Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
Supermarkets & Hypermarkets
Regional Outlook (Revenue, USD Million, 2017 - 2028)
Central & South America (CSA)
Middle East & Africa (MEA)
The Dairy Alternatives market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Dairy Alternatives market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Dairy Alternatives market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Dairy Alternatives market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Dairy Alternatives market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Dairy Alternatives capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Dairy Alternatives by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Dairy Alternatives market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Dairy Alternatives market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Dairy Alternatives market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Dairy Alternatives industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Dairy Alternatives market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Dairy Alternatives market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Dairy Alternatives market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Dairy Alternatives market. These factors have benefited the growth of the global market for Dairy Alternatives. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Dairy Alternatives. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Dairy Alternatives are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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