Pune, India, June 07, 2023 (GLOBE NEWSWIRE) -- The global dairy alternatives market size was USD 25.19 billion in 2022 and is projected to reach USD 28.55 billion in 2023 to USD 69.84 billion by 2030 at a CAGR of 13.63% during the 2023-2030 period. Rise in the plant-based food substitutes has led to the demand for non-dairy products or dairy alternatives. Such alternative products are made from essential legumes, nuts, or cereals. As per the report, the market is projected to grow during the projected period due to increasing veganism and the rising inclination of consumers toward plant-based foods. Fortune Business Insights™ publishes this information in a report titled, "Dairy Alternatives Market, 2023-2030".
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List of Key Players Profiled in the Dairy Alternatives Market:
- Danone S.A. (France)
- Archer-Daniels-Midland Company (U.S.)
- Blue Diamond Growers (U.S.)
- SunOpta, Inc. (Canada)
- Vitasoy International Holdings Ltd (Hong Kong)
- Daiya Food, Inc. (Canada)
- Goya Foods, Inc. (U.S.)
- Living Harvest Foods, Inc. (India)
- Organic Valley (U.S.)
- Eden Foods, Inc. (U.S.)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 13.63% |
| 2030 Value Projection | USD 69.84 Billion |
| Dairy Alternatives Market Size in 2022 | USD 25.19 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 185 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Dairy Alternatives Market Growth Drivers | Increasing Veganism and Inclination Towards Plant-Based Foods to Bolster Market Growth |
COVID-19 Impact:
Lack of Manufacturing Activities Amid Pandemic Hampered Market Growth
During the COVID-19 pandemic, people were inclined toward plant-based and healthy food products to improve their immune systems. The dairy alternatives market growth was hampered during the initial lockdown phase due to lack of supplies and halted production activities. Also, the low availability of labor and disrupted manufacturing processes created a huge impact on the demand and sales of these products.
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Segments:
Soy Segment to Lead the Market Due to High Availability
By source, the market is categorized into soy, almond, coconut, rice, oats, and others. The soy segment is anticipated to hold a dominating market position during the forecast period owing to increasing availability and rising demand for soy milk.
Non-dairy Milk Segment to Dominate Owing to Increasing Demand
Based on product type, the market is segregated into non-dairy milk, butter, cheeses, yogurts, ice cream, and others. The non-dairy milk segment is anticipated to lead the market share due to increasing demand from the vegan population.
Supermarket/Hypermarkets to Hold Highest Share Due to Their Affordability
On the basis of distribution channel, the market is divided into supermarkets/hypermarkets, convenience stores, online retail, and others. The supermarkets/hypermarkets segment is expected to dominate the market owing to its accessibility, affordability, and proximity.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report sheds light on qualitative and quantitative analysis of recent trends and current market conditions. Also, the developments and advancements in the industry are highlighted further in this report along with the drivers and restraints affecting the market growth during the forecast period. The impact of COVID-19 pandemic on market growth and expansion is given further in the report. Regional insights on segmented market areas are given with a list of leading market players in the industry.
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Drivers & Restraints:
Increasing Veganism and Inclination Towards Plant-Based Foods to Bolster Market Growth
Plant-based food products and veganism is expected to offer market with opportunities for growth. Recent surge in demand for dairy alternatives and robust popularity of plant-based ingredients along with rising adoption rates for meat and dairy substitutes is anticipated to drive market development. Furthermore, water and carbon footprint of milk and dairy commodities is significantly higher than that of horticultural products.
However, low consumer awareness and sub-optimal market penetration may hamper market growth.
Regional Insights:
Asia Pacific Dominates Global Market Share Due to Rising Cases of Lactose Intolerance
Asia Pacific held a dominating part in the global dairy alternatives market share owing to rising cases of cow milk allergy and lactose intolerance among the population. Calorie concerns and higher prevalence of hypercholesterolemia and obesity are the major reasons for regional market growth.
North America is anticipated to hold the second-leading position due to the increasing demand for plant-based food products and surging veganism. Also, consumers intend to adopt a highly nutritional diet and develop their immunity.
Growth in South America is influenced by the rising shifts toward reduction in the consumption of animal-based products due to improving health, animal, and environmental welfare concerns.
Competitive Landscape:
New Product Launch Allow Companies to Improve their Business Performance
The leading companies focus on introducing products to attract customers and enhance their product portfolio. Rising adoption of the latest technologies and integration of emerging consumer demand allow companies to build their business performance. Key market players have also been trying to create more products. For instance, Danone S.A. acquired several leading plant-based brands recently to strengthen its vegan products portfolio. Products includes Silk, Vega, and Alpro.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview on the Parent/Related Market
- Analysis on Global Plant-Milk Sector
- Dairy Foods – Production and Consumption Trends
- Recent Industry Developments - Policies, Mergers & Acquisitions, and New Product Launches
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities to Support the Market during the Global Crisis
- Global Dairy Alternatives Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Source (Value)
- Soy
- Almond
- Coconut
- Rice
- Oats
- Others
- By Product Type (Value)
- Non-dairy Milk
- Butter
- Cheeses
- Yogurts
- Ice Cream
- Others
- By Distribution Channel (Value)
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Retails
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Source (Value)
To Be Continued…!
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Key Industry Development:
- February 2023: Kagome USA launched sweet and savory vegan butter blends in the U.S. market. Kagome USA a leading global sauce producing company.
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