Dairy Alternatives Market is Predicted to Reach USD 51.65 Bn by 2028 | Grow at a CAGR of 10.6% Says, The Insight Partners

The dairy alternatives market is projected to reach US$ 51,656.58 million by 2028 from US$ 28,181.76 million in 2022; it is expected to grow at a CAGR of 10.6% from 2022 to 2028.

New York, Nov. 15, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Dairy Alternatives Market to Forecast 2028 – COVID-19 Impact and Global Analysis – by Source, Product Type, Distribution Channel, and Geography," The market is projected to reach US$ 51.65658 billion by 2028 from US$ 28.18176 billion in 2022; it is expected to grow at a CAGR of 10.6% from 2022 to 2028. The rising health-consciousness among consumers and the increasing popularity of plant-based diets are the key factors driving the growth of the dairy alternatives market.

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Dairy Alternatives Market Report Scope & Strategic Insights:

Report CoverageDetails
Market Size Value inUS$ 28.18176 billion in 2022
Market Size Value byUS$ 51.65658 billion by 2028
Growth rateCAGR of 10.6% from 2022 to 2028.
Forecast Period2022-2028
Base Year2022
No. of Pages196
No. of Tables88
No. of Charts & Figures85
Historical data availableYes
Segments coveredSource, Product Type, and Distribution Channel
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends

Dairy Alternatives Market: Competitive Landscape and Key Developments

The key players operating in the dairy alternatives market include SunOpta; Blue Diamond Growers; Nestle SA; Danone S.A.; Oatly Inc.; Califia Farms, LLC; Valsoia S.p.A.; Lactasoy co.th.; Valio Ltd.; and Sanitarium. These companies are launching innovative products to attract a large number of consumers. For instance, Take Two Foods, one of the key manufacturers of plant-based milk, offers nutrient-enriched barley milk with a complete portfolio of nutrients such as protein, fiber, calcium, and unsaturated fats. The company uses spent barley or upcycled barley from the beer-brewing process to manufacture its barley milk. Such innovative products are expected to gain immense popularity among consumers over the coming years.

The Middle East & Africa dairy alternatives market is expected to register the fastest CAGR during the forecast period. Consumers in the UAE and the rest of the Middle East & Africa are becoming increasingly conscious of the influence of food on their health. Various efforts by governments to tackle obesity in their nations boosted the awareness regarding health and wellness among consumers in the Middle East & Africa. For instance, in March 2022, the UAE government organized a joint meeting to discuss the roadmap for tackling obesity in the country. Such initiatives result in various lifestyle changes that influence various markets, including the dairy alternatives market across the Middle East & Africa.

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Surging Demand for Functional Dairy Alternatives to Drive the Market Growth

Nowadays, consumers are increasingly seeking functional benefits from the products they consume. They are looking for products with high nutrient content to fulfill their daily nutritional requirements. The dairy alternatives manufacturers are incorporating functional ingredients, such as antioxidants, collagens, adaptogens, and nootropics, in their products to meet the rising demand for functional dairy alternatives. For instance, back in March 2019, Pop and Bottle, a manufacturer of plant-based lattes, launched a new line of functional oat milk lattes with added ingredients such as collagen, adaptogen, and antioxidants. The oat milk latte is cold brew and is certified organic. The addition of functional ingredients enhances the popularity of the products and boosts their adoption among consumers. Thus, the surging demand for functional dairy alternatives is driving the growth of the dairy alternatives market.

Dairy Alternatives Market: Segmental Overview

Based on source, the dairy alternatives market is segmented into soy, almond, coconut, oats, and others. The soy segment held the largest share of the market in 2020. Soy-based products are becoming popular, especially among women, including isoflavones, lowering the risk of heart disease and breast cancer. Soy milk is one of the most popular and easiest-to-find non-dairy milk. It has the approximately same amount of protein as cow's milk and is a very good vitamin D and calcium source. Moreover, the increasing adoption of soy-based dairy alternatives among professional athletes and fitness enthusiasts further boosts the growth of the soy segment.

Based on product type, the dairy alternatives market is segmented into milk, ice cream, yogurt, cheese, and others. The yogurt segment is expected to register the highest CAGR during the forecast period and gain significant traction among consumers due to its health benefits. People widely consume yogurt to improve their gut health due to its natural prebiotic content. Plant-based yogurts have low fat and cholesterol content, thereby boosting their popularity among health-conscious consumers. The manufacturers of non-dairy yogurt are launching innovative products to expand their customer size. For instance, In June 2019, Yooga launched plant-based yogurt in various innovative flavors, including sea salt chocolate and golden turmeric milk. Such innovations enable companies to gain a competitive advantage, which is further fueling the dairy alternatives market growth.

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Based on distribution channel, the dairy alternatives market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The online retail segment is expected to register the highest CAGR during the forecast period. E-commerce platforms witnessed massive growth over the past few years due to the increasing number of consumers looking for convenient shopping platforms. Consumers find online retail channels convenient for shopping as they offer multiple brands of products under one roof and home delivery services. Moreover, these stores provide lucrative discounts and offers, which attract many consumers. In addition to a hassle-free shopping experience, the availability of a wide range of dairy alternatives with consumer reviews, multiple payment options, and home delivery services drives the growth of the dairy alternatives market for the online retail segment.

Impact of COVID-19 Pandemic on Dairy Alternatives Market

The COVID-19 pandemic affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The food & beverages industry was one of the major areas that suffered serious disruptions, such as breaks in supply chains and shutdowns of production plants. During the initial phases of the COVID-19 pandemic, various companies announced possible delays in product deliveries and a slump in future sales of their products. However, due to the COVID-19 pandemic, people became more concerned about health and fitness. They began shifting toward healthy alternatives that reinforce their immune system and boost their health. People increasingly replaced conventional dairy products with plant-based dairy products, especially after the outbreak, due to increased health and wellness concerns. Generally, people associate plant-based products with enhanced health benefits. This factor offered the strong potential to the dairy alternatives market during the COVID-19 pandemic. Further, online grocery sales increased as brick-and-mortar stores were closed, while e-commerce platforms provided home delivery amid lockdown restrictions. In line with this trend, the manufacturers of dairy alternatives strengthened their online presence by offering their products through e-commerce platforms, such as Amazon.com, Walmart, and Lidl.

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