Luton, Bedfordshire, United Kingdom, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the dairy alternatives market.
"The global dairy alternatives market is expected to grow at more than 12.5% CAGR from 2022 to 2028. It is expected to reach above USD 52.5 billion by 2028 from a little above USD 19.29 billion in 2021."
A dairy alternative is any substance that resembles milk and has the same flavor as that regular milk. Such alternatives are known as non-dairy products. Dairy alternatives have two types; the first is plant-based milk and the second is coffee creamer (a commercially produced synthetic product to replace milk in regular coffee-based beverages.). Plant-based milk is created from plants extracts and water.
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Key Developments
- In April 2021, Hain Celestial Group has sold its North American non-dairy beverage brands Dream and WestSoy to SunOpta Inc. The value of this sale accounts for a total of USD 33 million.
- In August 2021, SunOpta Inc. announced the launch of new plant-based beverage facility in the Dallas-Fort Worth, Texas, metropolitan area. The new production facility, to be in Midlothian, Texas, will initially be sized at 285,000 square feet, with the ability to be expanded to 400,000 square feet.
Rise in cases of lactose intolerance and milk allergies is the key factors for growth in global dairy alternatives market.
The increasing number of lactose-intolerant and dairy-allergic consumers have accelerated the growth of the dairy alternatives market. Lactose is the major carbohydrate in milk and other dairy foods such as ice cream, cheese, and yogurt. The symptoms of lactose intolerance among individuals include abdominal pain, nausea, gut distension, flatulence, and constipation. The increasing number of these allergies’ prom
The Asia-Pacific region dominated the dairy alternative market in the year 2022.
This can be attributed to China being the leading importer of almond milk in the region in the same year with over US$ 609 million worth of imports. Cambodia followed China in terms of almond milk imports in the same year with US$ 441 million worth of imports.
Environmental Concerns and Dietary Changes of Consumers Influence Market Growth
The market for dairy alternatives has dominated product innovation and expanded significantly over the past few of years, posing a serious challenge to the sales of conventional dairy products. However, there are now environmental worries as a result of the rising demand for plant-based diets. Water resources must be subjected to extreme pressure from manufacturers in order to grow almonds. Because of bacterial activity in flooded rice paddies, rice also produces the highest greenhouse gases, including methane. Large land tracts are needed for the cultivation of soy and oats, which results in deforestation.
Dairy Alternatives Market: Innovative Soy Milk Offerings Gain Demand with Novel Packaging Techniques
Unique dairy alternatives are being introduced to the food and beverage industry by players in the dairy alternatives sector. Lactose intolerance affects over 65% of the world's population, according to the National Institutes of Health. For this reason, producers in the market for dairy replacements are coming out with new products like soy milk with chickpea protein.
Dairy Alternatives Market Report Scope
| Report Attribute | Details |
| Market size value in 2021 | USD 19.29 billion in 2021 |
| Revenue forecast in 2029 | USD 52.5 billion by 2028 |
| Growth rate | CAGR of 12.5% from 2022 to 2028 |
| Base year for estimation | 2021 |
| Historical data | 2017 - 2020 |
| Forecast period | 2022 - 2028 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2022 to 2028 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
| Key companies profiled | The Hain Celestial, SunOpta, Danone, Freedom Foods Group, Earth’s Own Food Company, Valsoia S.p.A, Melt Organic, Oatly, Living Harvest Foods, Ripple Foods, and various others. |
| Key Market Opportunities | The major driver in the dairy alternatives market is the rising number of milk-allergic consumers and lactose-intolerant consumers around the globe. The common systems of lactose intolerance are indigestion, abdominal pain. |
| Key Market Drivers |
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| Customization scope | Innovative product launches and attractive marketing techniques |
| Pricing and purchase options | The entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel. |
Dairy Alternatives Market: Plant-based Foods Trigger Sales
Expanding their non-dairy options, manufacturers are expanding their product lines. They are adding vegan options like yoghurt made with almond milk. This dairy substitute has a delicious flavour and a satisfying texture thanks to the use of high-quality almonds and unique toppings like granola and chocolate chips. Yogurt made from plant-based almond milk is a high-quality dairy substitute that is free of lactose and other allergies.
Oat milk is attracting consumer interest with the development of cutting-edge oat milk beverages as the market for dairy replacements is predicted to increase to a value of US$34.6 billion by the year 2029. Companies are creating oat beverages in both unflavored and flavoured varieties, such as vanilla, in an effort to capitalise on the spike in sales of non-dairy milk.
New product development along with acquisition, and expansion is among the primary business strategies adopted by manufacturers
The dairy alternatives market is highly competitive, with various small and medium-sized companies and a few big players, resulting in stiff competition in the market. The market has the presence of various family-owned private companies operating in distinct categories, and their presence is limited to fewer countries across the region. Key players in the market include The Hain Celestial, SunOpta, Danone, Freedom Foods Group, Earth’s Own Food Company, Valsoia S.p.A, Melt Organic, Oatly, Living Harvest Foods, Ripple Foods and various others. Key players in the market are focusing on mergers and acquisitions to reach a wider customer base and cater to the customer's needs in dairy alternatives segments.
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Key Market Segments: Dairy alternatives Market
Dairy Alternatives Market by Source, 2022-2028, (In USD Million)
- Soy
- Almond
- Coconut
- Rice
- Oats
- Others
Global Market by Product, 2022-2028, (In USD Million)
- Milk
- Yogurt
- Ice Cream
- Cheese
- Cream
- Others
Global Market by Distribution Channel, 2022-2028, (In USD Million)
- Supermarkets
- Convenience Stores
- Online Retails
- Others
Dairy Alternatives Remain More Preferred than Dairy Products
- Increasing prevalence of food-borne allergies & intolerance related to dairy-based food products are boosting the market for dairy alternatives.
- Increasing health consciousness among consumers is one of the key factors, due to which, the market demand for dairy alternatives is increasing in food and beverage industries such as bakeries, confectionaries, and others.
- Dairy alternatives are witnessing high market demand because of the growing preference for plant-based products among the population.
- Another reason for increasing demand for dairy alternatives is the growing number of vegan populations. North America, followed by Europe, has the highest number of vegan populations; hence, dairy alternatives have become more popular than dairy products.
Rising Prevalence of Dietary Restrictions
- Consumers have become more health conscious these days, and are opting for restrictive diet/food that is mainly focused on more intake of plant-derived products, as well as dairy alternatives.
- Though food allergies or intolerances (i.e., lactose intolerance) initiate some of these types of diets, others such as Paleo diet and flexitarian diets are aimed at attaining better well-being, and are being preferred by consumers.
Increasing Vegan Population Driving the Market Demand for Dairy Alternatives
- Veganism is a type of diet that includes only plants products. Vegans don’t support animal exploitation and don’t use or consume animal products.
- In the last few years, the vegan population has been consistently increasing, globally. Another reason for increasing veganism is the intolerance or allergy of animal products.
- North America and Europe have the largest numbers of vegan population. Dairy alternatives are plant-based products, and due to this, the market for dairy alternatives is increasing rapidly in all industries to fulfill the demands of vegan consumers.
Checkout Exactitude Consultancy’s Research Key Updates:
Dairy Ingredient Market
The global Dairy Ingredient market is expected to grow at more than 7.2% CAGR from 2022 to 2029. It is expected to reach above USD 109.26 billion by 2029 from USD 59.33 billion in 2021.
https://exactitudeconsultancy.com/reports/5444/dairy-ingredient-market/
Plant-based Protein Market
The global plant-based protein market is expected to grow at 7.5% CAGR from 2022 to 2028. It is expected to reach above USD 18.7 billion by 2028 from USD 9.8 billion in 2021.
https://exactitudeconsultancy.com/reports/1246/plant-based-protein-market
Dairy Processing Equipment Market
The global Dairy Processing Equipment Market is expected to grow at 6.2% CAGR from 2022 to 2029. It is expected to reach above USD 15.53 billion by 2029 from USD 9.03 billion in 2021.
https://exactitudeconsultancy.com/reports/8884/dairy-processing-equipment-market/
Beverage Processing Equipment Market
Beverage processing equipment market size was valued at USD 20.7 billion in 2021 and is projected to reach USD 32.94 billion by 2029, growing at a CAGR of 5.30% from 2022 to 2029.
https://exactitudeconsultancy.com/reports/6467/beverage-processing-equipment-market
Beverage Packaging Market
The global beverage packaging market is expected to grow at 5.5% CAGR from 2022 to 2028. It is expected to reach above USD 220 billion by 2028 from USD 136 billion in 2021.
https://exactitudeconsultancy.com/reports/1042/beverage-packaging-market
