The global dairy alternatives market is anticipated to reach a value of around USD 22.6 billion by 2020. Dairy substitutes are foods and drinks that can be used in place of dairy. These plant-based foods and drinks are thought to be a healthier alternative to dairy. Soy milk, rice milk, and almond milk are some of the most common dairy alternatives around the world. Dairy alternatives are considered safer since they contain a variety of vitamins and minerals. They're also low in fat and cholesterol, and lactose isn't present.
Dairy alternatives have gained a lot of traction in both the mature and emerging markets. This is due to an increase in the number of people who are allergic to dairy. Furthermore, rising health consciousness and disposable income have aided the growth of the dairy alternatives sector. Furthermore, the launch of additional healthy ingredients by various market players is one of the other factors driving the market's development. However, the industry is hampered by fluctuating raw material prices and high operating costs. On the contrary, growth in demand for dairy alternatives by vegan population and introduction of new flavor & variety of dairy alternatives is anticipated to provide growth opportunities for the dairy alternatives market.
Source, application, distribution channel, and region have all been used to segment the dairy alternatives industry. The market is segmented by source into soy, almond, rice, and other sources. It is divided into two categories based on application: food (spread, creamer, yogurt, tofu, and others) and beverages (dairy substitute milk, dairy-free probiotic drinks, and others). It is divided into four categories based on distribution channel: large retail, small retail, specialty store, and online. The dairy alternatives market is examined across North America, Europe, Asia-Pacific, and Latin America and the Middle East and Africa.
Dairy Alternatives Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 40.5 billion|
|Segment Covered||Source, Application|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East & Africa|
Key Segments of the Global Dairy Alternatives Market
Source Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global dairy alternatives market.
- Dairy Alternatives is widely used for various end uses, owing to their excellent properties and the market is expected to gain traction over the coming years
- With the growing personal care uses, there is a rise in the demand for dairy alternatives which is further expected to have a positive impact on the overall market growth
What does the report include?
- The study on the global dairy alternatives market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the dairy alternatives industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on Source and End Use. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global dairy alternatives market. The report will benefit: Every stakeholder involved in the dairy alternatives market.
- Managers within the dairy alternatives industry looking to publish recent and forecasted statistics about the global dairy alternatives market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global dairy alternatives market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
The demand for dairy alternatives has accelerated due to the growing number of lactose-intolerant and dairy-allergic consumers. Milk and other dairy foods such as ice cream, cheese, and yogurt contain lactose, which is the main carbohydrate. Abdominal discomfort, diarrhea, nausea, stomach distension, flatulence, and constipation are some of the signs of lactose intolerance. As consumers become more conscious of healthy eating habits, the rising number of these allergies encourages the consumption of dairy alternatives. As a result, demand for a variety of dairy alternatives, such as plant-based non-dairy products like milk, ice creams, creamers, and cheese, is increasing among these consumers.
Despite the fact that most dairy alternatives have a feel and taste similar to dairy milk, dairy milk is less expensive than its alternatives. The cost of dairy alternatives is determined by the availability of raw materials; as a result, there are price fluctuations. Raw material scarcity is a challenge for oat milk and many other dairy alternatives, causing prices to rise. One of the most significant constraints to the growth of dairy alternative commodity sales is market uncertainty.
According to one source, almond is the market's fastest-growing segment. High nutritional content, easy availability of raw materials, and increased consumer awareness have all contributed to the growth of almond-based dairy alternatives. Almond has a nutty taste and is suitable for vegans.
Organic foods and beverages have the potential to transform the dairy alternatives market as a whole. Market tastes are shifting toward healthier foods and drinks, owing to increased understanding of the practical health benefits of organic food intake. Clean-label foods and drinks have piqued consumer interest around the world, resulting in an increase in demand for organic ingredients. Developing countries such as China and India are expected to see a significant increase in demand for organic food ingredients from the supply side during the forecast period.
The dairy alternatives market is divided into milk, yogurt, ice creams, cheese, and creamers based on use. Due to growing health issues related to lactose intolerance and consumers' hectic lifestyles, the milk segment dominated the market. Plant-based milk products are nutrient-dense and come in a variety of flavors.
The global dairy alternatives market is dominated by the Asia Pacific region due to the changing lifestyles of consumers and increase in consumption of clean label products. Consumers are also more aware about their health and wellness, which is further fueling the demand for dairy alternatives in the region.
The Asia Pacific dairy alternatives market is also driven by large economies such as China, Japan, and Australia. The overall investment in the region has increased substantially over the past few years, especially in China.
The Hain Celestial, Blue Diamond Growers, SunOpta, Sanitarium Health and Wellbeing Company (Australia), Danone (France), Freedom Foods Group (Australia), Earth’s Own Food Company (Canada), Triballat Noyal (France), Valsoia S.P.A (Italy), Panos Brands (US), Melt Organic (US), Oatly (Sweden), Living Harvest Foods (US), Ripple Foods (US), Kite Hill (US), Califia Farms (US), Hudson River Foods Inc. (US), Daiya Foods Inc. (Canada), Pureharvest (Australia), Yoconut Dairy Free (US), and Yumbutter (US).