London, March 22, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “Dairy Alternatives Market by Product Type (Plant Milk, Cheese, Yogurt, Butter, Ice Cream), Source (Almond Protein, Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) – Global Forecast to 2027”, published by Meticulous Research®, the dairy alternatives market is expected to grow at a CAGR of 11.2% from 2020 to 2027 to reach $44.89 billion by 2027.
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The dairy alternatives industry is booming these days owing to the growing cases of lactose-intolerant people opting for dairy alternative, growing ethical concern on animal abuse in modern dairy farming methods, and high nutritional benefits associated with alternative products. Therefore, the alternative dairy food industry has witnessed attention from many large vendors looking to capitalize on the veganism trend and surging demand for sustainable foods. This has created significant opportunity for the dairy alternatives like plant-based milk, desserts, and cheese having capability to satisfy food need with the high nutrition and environmental sustainability. All above factors have contributed to the ongoing transition towards plant-based dairy products, fueling the investment and availability of dairy alternatives on shelves for sales across the globe.
The growing trend of millennial adopting flexitarian and vegan diets signals a change in purchasing habits that is a significant shift from earlier generations. Companies across the food value chain, from producers to retailers, are already investing in these opportunities. Some companies are hedging against or preparing for the decline of demand for animal products by investing in other companies producing alternatives. The market has received investment or funding from several high-profile individuals, financial investors, and companies in the past few years. There was more investment in the alternative protein market in the first quarter of 2020 than in all of 2019 (Source: Good Food Institute). In 2019, US plant-based meat, egg, and dairy companies received more than USD 747 million in investments. This is the most capital raised in any single year in the industry’s history. Moreover, the COVID-19 pandemic is reshaping the North American food market, where plant-based cheese sales increased by 95% compared with the same period last year in the last week of April 2020.
Thus, growing venture capital investments, which supports plant-based dairy product companies' growth and increasing focus of leading dairy product manufacturers to build up a portfolio of investments in plant-based proteins is expected to drive the growth of the global dairy alternatives market.
Impact of COVID-19 on the Dairy Alternatives Market
The on-going coronavirus (COVID-19) pandemic is re-shaping everything from global economies to product categories, pricing, and stock availability to consumer behavior. This pandemic has triggered people to re-evaluate their diets because it has underlined the link between food and health. In the space of the dairy alternatives industry, COVID-19 is providing an unexpected boost. Medical studies show that coronavirus disease has an overwhelming impact on people with underlying health conditions like diabetes, hypertension, and heart disease. Dairy alternatives can help reduce the effects of the virus on at-risk people as macronutrients, micronutrients, and antioxidants are abundant. From a manufacturing and distributing point of view, this industry has faced unprecedented demand from manufacturers and consumers, particularly for some products, such as plant-based milk, cheese, and yogurt. Alternative proteins can be generated with less dependence on labor, making it less prone to staffing scarcity than animal-based products, which is relatively labor-intensive. Consumers worldwide are going to be enormously health-conscious and will take preventative measures and continue to try alternative sources of protein.
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Many companies in the alternative protein space have already started changing their strategies as the coronavirus pandemic has affected the connection between public health and animal-based products consumption. For instance, according to the Plant-Based Foods Association (PBFA), in March 2020, the US-based trade association representing 180 dairy alternative companies, partnered with Dot Foods to increase access to dairy alternatives in North America. Further, COVID-19 provides a surprising increase in sales of dairy alternatives, which is benefitting stakeholders in the alternative protein market. As of May 2020, Califia Farms’ grocery sales increased by 50% as compared to 2019.
Key Findings in the Global Dairy Alternatives Market Study:
The global dairy alternatives market is mainly segmented on the basis of product type, source, distribution channel, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on the source, the dairy alternatives market is segmented into almond protein, soy protein, wheat protein, pea protein, rice protein, and other sources. The almond protein segment held the largest share of the overall dairy alternatives market in 2020, primarily attributed to the easy availability of raw material (almonds), higher preference by consumers due to various health benefits, and growing application of almond protein in various plant-based dairy product categories. The almond protein is healthy with high healthy monounsaturated fats, fiber, protein, and various important nutrients. In the developed countries, the consumption of almonds has increased. According to the US Department of Agriculture (2018), almonds' demand has increased over 100% since 2010. This segment is also expected to grow at the fastest CAGR during the forecast period.
Based on type, dairy alternatives market is divided into plant-based Milk, cheese, yogurt, butter, ice cream, creamer, and others. The plant-based milk segment commanded the largest share of the overall dairy alternatives market in 2020. Factors such as an increased preference for plant-based milk with a rising number of people becoming aware of animal milk allergies and calorie concern with rising obese population and hypercholesterolemia drive this segment's growth. The plant-based milk market is further segmented into almond milk, soy milk, coconut milk, rice milk, and other plant-based milk. In 2020, the almond milk segment accounted for the largest share of the overall plant-based milk market. Factors such as increased number of consumers switching to nut-based lactose-free milk, changing taste preferences and increasing general health and environmental concerns, and increased consumer preference for soy-free and gluten-free products are supporting the largest share of this segment.
Based on the distribution channel, the dairy alternatives market is mainly segmented into business to business and business to customers. The business to customers distribution channel segment commanded the major share of the overall dairy alternatives market in 2020. This segment's large share can be attributed to consumers' preference for brick-and-mortar grocers, the growing online retail sector, urbanization, and the rising number of supermarkets and hypermarkets. This segment is also expected to grow at the fastest CAGR during the forecast period due to rapidly growing online retail sector. The growth in the B2C business model has been facilitated by increased online shopping and increased social media use, which allows businesses, including startups, to reach a wide market at a relatively low-cost base while avoiding the need to route product through traditional distributors and wholesale & retail operators. The B2C model helps companies build a more consumer-centric base for their products based on their views and choices. The growing shelf space for dairy alternatives in retail stores is also driving the growth in this segment.
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The B2C distribution channels market is further segmented into modern groceries, convenience stores, specialty stores, and online retail among others. In 2020, the modern groceries segment accounted for the largest share of the overall B2C distribution channels market. This segment's large share is attributed to its wider reach, greater shelf-space, attractive discounts, and bundling strategies. However, the online retail segment is expected to grow at the fastest CAGR during the forecast period due to its faster accessibility and cost-effectiveness
Geographically, Europe commanded the major share of the global dairy alternatives market in 2020, followed by North America, and Asia-pacific region. The leading position of the Europe in dairy alternatives market is primarily attributed to the well-established food sector in the region with the huge demand for processed foods, higher vegan & vegetarian trend, higher awareness on protein rich diet consumption, and high investments into the innovation of dairy alternatives sector.
However, the Asia-Pacific market is developing and expanding at a significant pace. This region is demonstrating the signs of strong growth mainly with the rising adoption of processed foods due to changing lifestyle, large vegetarian population base in countries like India, collaboration between international and domestic food companies, increasing government’s investment in food R&D sector, and increasing focus of large number of key players on the region for expansion. China is the growth engine in the Asia-Pacific dairy alternatives market. The Chinese dairy alternatives industry has seen a surge in interest in recent years, with startups, traditional food businesses, and investors betting trend-loving Chinese consumers. The Chinese dairy alternatives market is currently largely fragmented, which is expected to create opportunities for new brands. Recently, most major food brands in China have adopted a plant-based beverage strategy. Also, there is an increasing preference towards processed & packaged food, meat and dairy alternatives, meals away from home, and safer food because of a greater variety of food choices. This scenario is expected to push the demand for dairy alternatives in China in the coming years
Some of the key players operating in the overall dairy alternatives market are Danone SA (France), Follow Your Heart (U.S.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium health and wellbeing company (Australia), AXIOM Foods, Inc. (U.S.), Daiya Foods, Inc.(Canada), Earth's Own Food Company, Inc. (Canada), VBItes Food, Ltd. (U.K.), SunOpta Inc. (Canada), Valsoia SpA (Italy), and Freedom Foods Group Limited (Australia) among others.
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Scope of the report:
Dairy Alternatives Market, by Product Type
- Plant Based Milk
- Almond Milk
- Soy Milk
- Coconut Milk
- Rice Milk
- Others
- Cheese
- Yogurt
- Butter
- Ice Cream
- Creamer
- Others
Dairy Alternatives Market, by Source
- Almond Protein
- Soy Protein
- Wheat Protein
- Pea Protein
- Rice Protein
- Others
Dairy Alternatives Market, by Distribution Channel
- Business to Business
- Business to Customers
- Modern Groceries
- Convenience Store
- Specialty Store
- Online Retail
- Others
Dairy Alternatives Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- RoE
- Asia-Pacific (APAC)
- China
- Japan
- India
- RoAPAC
- Latin America
- Middle East and Africa
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