Market Overview
According to Market Research Future (MRFR), the global dairy alternatives products market share is estimated to garner a valuation of USD 46.59 Billion by 2027, growing at 10.88% CAGR during the forecast period (2020–2027). Also, increasing veganism and demand for protein creates enormous market demand. Increasing health-conscious populaces, alongside the pervasively rising lactose intolerance disorder, predominantly boosts the growth of the market.
Dairy alternatives are gaining in popularity as more and more consumers are looking for alternative sources of nutrition. The dairy alternatives market is estimated to be worth USD 18.2 billion in 2020 and is projected to grow at a CAGR of 10.88% from 2021 to 2027. It is expected to reach a value of USD 46.59 Billion by 2027.
Dairy alternatives are plant-based products that are used as a substitute for traditional dairy products such as milk, yogurt, cheese, and butter. They are made from a variety of plant-based ingredients such as soy, nuts, grains, and seeds. Dairy alternatives are becoming increasingly popular as consumers are looking for healthier and more sustainable options.
There are several factors driving the growth of the dairy alternatives market. The increasing awareness of the health benefits of dairy alternatives is one of the major factors driving the growth of the market. Dairy alternatives are free from cholesterol, lactose, and saturated fats, making them a healthier option for consumers. Additionally, the growing vegan and vegetarian population is also driving the growth of the dairy alternatives market.
Market - Segments
The report is segmented into four dynamics;
By Source : Soy, Almond, Coconut, Rice, Oats, and others.
By Type : Milk, Cheese, Yoghurt, Ice Creams, and others.
By Distribution Channel : Store-Based (Supermarkets & Hypermarkets, Convenience Stores and others) and Non-Store-Based.
By Regions : Europe, Americas, Asia Pacific, and Rest of the World.
Market - Geographical Analysis
North America dominates the global dairy alternatives products market trends. The increasing lactose intolerance occurrences foster the largest market share among demographics. Also, industry players' strong presence and the availability of innovative dairy-free and alternative lines in the region drive market growth. Furthermore, increasing consumer inclination for a vegan diet and the rising popularity of plant-based milk propels the growth of the regional market.
Europe stands second in the global dairy alternatives products market. The region perceives a spurting rise in consumers of alternative dairy products. Market growth is majorly bolstered by the augmenting demand for plant-based health drinks and increased exports. Besides, advances in derivation techniques and the rising prevalence of lactose intolerance in the region increase the market size.
The dairy alternatives products market in the Asia Pacific region is proliferating. Lactose malabsorption disorder leading to lactose intolerance symptoms such as diarrhea and bloating is prevailing rapidly in Asian countries. Furthermore, increasing consumption of dairy-free and plant-based dairy products and changing consumer preferences drive the regional market growth.
Market - Competitive Analysis
Highly competitive, the dairy alternatives products market appears fragmented due to the presence of many notable players. To gain a larger competitive share, market players initiate strategies such as collaboration, mergers & acquisitions, and innovations/ product launch. Substantial investments are transpired to drive R&D required for product development and improve the existing portfolio.
Also, a large share of investments is used to expand global footprints. Matured players acquire or form partnerships with promising companies from emerging markets. Moreover, they tie-up with e-commerce companies to sell and create awareness about their products among consumers.
Major Players
Players leading the global key dairy alternatives products market players include The Hain Celestial Group (US), The Whitewaves Food Company (US), Blue Diamond Growers (US), Sanitarium Health and Wellbeing Company (Australia), Sunopta (Canada), Freedom Foods Group (Australia), Nutriops S.L. (Spain), Eden Foods (US), Earth's Own Food Company (Canada), Valsoia S.P.A(Italy), Triballat Noyal (France), Dohler GmBh (Germany), Tofutti Brands Inc. (US), Panos Brands LLC (US), Organic Valley (US), Daiya Foods Inc. (Canada), and Galaxy Nutritional Foods, Inc. (US), among others.
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Market AnalysisThe global dairy alternatives market 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.
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.
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.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/dairy-alternatives-market-1627 Market Segmentation As per the MRFR report, the global dairy alternatives market has been segmented on the basis of source, application, formulations and distribution channel.
