London, Oct. 06, 2020 (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”, the dairy alternatives market is expected to grow at a CAGR of 11.2% from 2020 to 2027 to reach $44.9 billion by 2027.
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The dairy alternatives sector has been growing rapidly on the back of key issues, such as growing cases of lactose-intolerant people, rising awareness on ethical concerns about animal abuse in modern dairy farming practices, and nutritive benefits offered by plant-based dairy products. This has opened a great opportunity for dairy alternatives, such as plant-based milk, desserts, and cheese, which have the capability to satisfy food need with high nutrition and environmental sustainability. The shift towards plant-based dairy products has been predominantly driven by consumer concern surrounding health, desire for variety in food consumption, flexibility, and increased ethical awareness fueling the need to incorporate new products, such as vegan milk, cheese, butter, and yogurt.
The dairy alternatives industry has been attracting investment from venture capital firms and major established dairy product supply companies. Investments in dairy alternative manufacturing companies have risen in recent years, as numerous start-ups are selling dairy alternatives and experimenting with many vegan products.
The global dairy alternatives market study presents historical market data in terms of values (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market study is 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.
Impact of COVID-19 on the Dairy Alternatives Market
The COVID-19 pandemic is re-shaping everything from global economies to product categories, pricing, and stock availability to consumer behavior. This crisis caused people to re-evaluate their diets because it has underlined the link between food, health, and immune responses. The COVID-19 pandemic is providing an unexpected boost for the dairy alternatives industry. Globally, medical studies show that COVID-19 has an overwhelming impact on people with underlying health conditions like diabetes, hypertension, and heart disease. From a manufacturing and distributing point of view, this industry has faced unprecedented demand from manufacturers as well as consumers, particularly for some products such as plant-based milk, cheese, and yogurts.
COVID-19's association with animal sources will result in a large population shifting from animal-based proteins to plant proteins due to various health and environmental concerns. Moreover, dairy alternatives are generated with less dependence on labor, making it less prone to staffing scarcity than red meat, which is relatively labor-intensive, encouraging the production of dairy alternatives.
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As healthy diets play a crucial role in better immunity, the demand for a plant-based diet is increasing globally. Many companies in dairy alternatives have already started changing their strategies, witnessing sudden growth in demand. For instance, companies like Nestle S.A, Saputo Inc., and Danone SA are ramping up their production, discounting their plant-based alternative products to appeal to more consumers, expanding into more stores, and partnering with the stakeholders. Along with this, to further capitalize on the opportunities in the dairy alternative sector over the coming years, expansions, new product launches, diversifications, and acquisitions strategies are being implemented by leading manufacturers, such as Danone SA, Follow Your Heart, Sahmyook Foods, AXIOM Foods, Inc., Daiya Foods, Inc., and VBItes Food, among others.
Key Findings in the Global Dairy Alternatives Market Study:
Based on product type, the dairy alternatives market is segmented into plant-based milk, cheese, yogurt, butter, ice-cream, creamer, and other dairy alternatives. Among these, the plant-based milk category is estimated to hold the largest share of the overall dairy alternatives market in 2020. However, the plant-based yogurt segment is projected to grow at the fastest CAGR in the forecast period, mainly due to the rising demand & preference for plant-based yogurt from the vegan population to overcome the vitamin deficiency and ensure nutritional benefits.
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 is estimated to command the largest share of the overall dairy alternatives market in 2020. The large share of this segment is mainly attributed to the higher consumer acceptance level for almond milk and increasing application of almond protein in various plant-based dairy product categories. This segment also expected to grow at a fastest CAGR during the forecast period.
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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 is estimated to command the largest share of the overall dairy alternatives market in 2020. The large share of this market is mainly attributed to consumers' preference for shopping from brick-and-mortar grocers due to easy access and availability and growing dairy alternative sales from the B2C channel with growing number of supermarkets and hypermarkets.
Geographically, Europe is estimated to command the largest share of the global dairy alternatives market in 2020, followed by North America and Asia-Pacific. The leading position of the European in dairy alternatives market is primarily attributed to the well-established food sector in the region with huge demand for processed foods, higher vegan & vegetarian trend, higher awareness of 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. Among other regional markets, Asia-Pacific region is demonstrating signs of strong growth mainly with the rising adoption of processed foods due to changing lifestyles, large vegan population base in countries like India, collaboration between international and domestic food companies & increasing focus of large number of key players to expand foothold in this region, and increasing government’s investment in food R&D sector.
The key players operating in the global 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
- Yogurts
- 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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