Newark, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 30 billion in 2022 global dairy alternatives market will reach USD 85.18 billion in 2032. Traditional dairy products can be substituted with dairy replacements. These substitutes include various plant-based milks, such as soy, almond, coconut, and oat milk. Additionally, there are cheese substitutes made of soy or almonds. Popular dairy substitutes include ice cream and butter made from coconut, almond, or soy milk and yoghurt alternatives like coconut or almond milk. Dairy substitutes come in a lactose-free choice with reduced cholesterol and saturated fat content. They are essential to vegetarian or vegan diets. The acceptance of plant-based alternatives has also been influenced by ethical concerns about animal welfare and environmental awareness since manufacturing these products usually has a smaller environmental impact than traditional dairy farming. Dairy substitutes have less environmental impact, improved nutrition, and comfort for sensitive stomachs. To accommodate different tastes and preferences, a wide variety of flavours and textures are also offered in the market.
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Key Insight of the Global Dairy Alternatives Market
Asia Pacific will dominate the market during the forecast period.
Due to the high incidence of lactose intolerance in the local population, people seek easier dairy substitutes for their digestive systems. Customers in the region are largely prioritizing better diets due to the growing health consciousness in the area. The increasing popularity of plant-based and vegan diets is also favourably influencing the market's expansion. Growing disposable incomes give consumers more purchasing power parity and enable them to experiment with niche or premium goods, such as dairy substitutes. The market is expanding due to industry participants' effective marketing tactics, which also help increase consumer interest in and awareness of plant-based substitutes.
In 2022, the soy segment dominated the market with the largest market share of 35% and market revenue of 10.50 billion.
The source segment is divided into soy, almond, rice, coconut, oats, and others. In 2022, the soy segment dominated the market with the largest market share of 35% and market revenue of 10.50 billion.
In 2022, the milk segment dominated the market with the largest market share of 44% and market revenue of 13.20 billion.
The product type segment is divided into milk, yogurt, cheese, ice-cream, creamers, and others. In 2022, the milk segment dominated the market with the largest market share of 44% and market revenue of 13.20 billion.
In 2022, the supermarkets and hypermarkets segment dominated the market with the largest market share of 45% and market revenue of 13.50 billion.
The distribution channel segment is divided into distribution channel supermarkets and hypermarkets, convenience stores, online and others. In 2022, the supermarkets and hypermarkets segment dominated the market with the largest market share of 45% and market revenue of 13.50 billion.
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Advancement in market
Novation Indulge 2940 is a functional native maize starch component introduced by Ingredion that helps provide a gelled texture for use in dairy and dairy substitute goods such as yoghurts, puddings, and cheeses. The ingredients giant bragged about the starch's healthier qualities, pointing out that it has a "clean label," is lightly processed, and is not genetically modified. This component expands Ingredion's market penetration into the dairy and vegan sectors by expanding its product line to provide formulators with healthier options.
Market Dynamics
Driver: The growing prevalence of dairy allergies and lactose intolerance.
Dairy substitutes are becoming more and more popular as customers become more health conscious due to their decreased cholesterol and saturated fat content. Moreover, the growing number of people searching for dairy substitutes as a more palatable option results from lactose sensitivity. The increasing demand for dairy substitutes is partly due to the popularity of vegan and vegetarian diets. The demand for these substitutes will rise sharply as people shift to plant-based diets due to ethical, environmental, and health concerns. Furthermore, the trend towards cruelty-free and sustainable dairy alternatives is being aided by growing public awareness of the negative effects traditional dairy farming has on the environment and animal welfare.
Restraints: The comparatively high price of substitute dairy products.
The market's expansion will be constrained by the higher price point of many dairy alternatives linked to resource-intensive manufacturing processes and possibly restricted economies of scale. As a result, fewer people will choose expensive goods in the presence of less expensive alternatives. In many markets, dairy substitutes are positioned as high-end goods aimed at affluent consumers, hindering the market's further expansion. Limited availability will also make adoption more difficult. Certain weather and soil conditions are necessary for developing dairy substitutes, particularly plant-based milk and other possibilities. These factors exacerbate regional differences and lead to unequal access to dairy substitutes. Additionally, dairy substitutes are relatively new to the market, and despite their high cost and restricted availability, customers are willing to make the move to them as their everyday option. Thus, the high price point and restricted availability will constrain the market's expansion.
Opportunities: Growing knowledge of non-dairy substitutes.
Health-conscious and knowledgeable consumers are actively looking for dairy, gluten, and meat substitutes, which raises the profile, accessibility, and uptake of dairy substitutes. Dairy substitutes are becoming increasingly popular among consumers because of the rise in popularity of vegan and vegetarian diets, which are driven by ethical, environmental, and health factors. A wide range of product options, such as cheeses, ice creams, yoghurts, and plant-based milks, satisfy different palates and grow the market. Continued efforts to improve the flavour and texture of these products to make them more like traditional goods without the drawbacks will make them more appealing and promote broader acceptance. Celebrities and social media influencers significantly impact the market by raising consumer knowledge of dairy alternatives and influencing their positive attitudes.
Challenges: Nutritional and Environmental concerns.
Nutritional considerations with lesser protein profiles in dairy alternatives may pose a challenge. Cultural and culinary traditions deeply rooted in the consumption of dairy products also hinder the market's growth, as dairy has been a part of global culture for decades. Lack of awareness in semi-urban and rural clusters stands as another limitation.
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Some of the major players operating in the global dairy alternatives market are:
• Blue Diamond Growers
• Earth’s Own Food Inc.
• Eden Foods Inc.
• Kikkoman Corporation
• Living Harvest Foods Inc.
• Organic Valley
• Panos Brands LLC
• Rebel Kitchen
• The Hain Celestial Group Inc.
• WhiteWave Foods Company
Key Segments covered in the market:
By Source
• Soy
• Almond
• Rice
• Coconut
• Oats
• Others
By Product Type
• Milk
• Yogurt
• Cheese
• Ice-cream
• Creamers
• Others
By Distribution Channel
• Supermarkets and Hypermarkets
• Convenience Stores
• Online
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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