Pune, India, Aug. 10, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Dairy Alternatives Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Source, Product Type, Distribution Channel, and Geography,” the dairy alternatives market is expected to grow from $28.18 billion in 2022 to $51.66 billion by 2028; it is estimated to grow at a CAGR of 10.6% from 2022 to 2028.
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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 provide a wide range of product portfolio for the dairy alternatives. These companies have widespread presence, which provides a lucrative opportunity for market to serve a large set of customers and increase the market share. These market players are highly focused on developing advance technology platform to serve their customer with better way. For instance, in April 2021, SunOpta announces acquisition of plant-based brands ‘Dream’ and ‘WestSoy’.
In 2022, the Asia Pacific dairly alternatives market held the largest share whereas the Middle East & Africa is projected to register the highest CAGR from 2022 to 2028. The increasing number of lactose-intolerant and health-conscious consumers are the driving factors for the growth of the dairy alternatives market. According to the industry experts, more than 85% of the Japanese population is lactose intolerat. People in countries like Japan, South Korea, and China are increasingly shifting toward plant-based milk as it is lactose free. Natural milk may trigger an allergic response in several people. Therefore, consumers are increasingly looking for lactose-free dairy alternatives, derived from plant sources, and the choice of products multiplying on the shelves satisfies health and wellness-orientated consumers’ taste for novelty and variety. Moreover, growing awareness about ethical, environmental, and health concerns encourages the consumers in Asia Pacific to shift from animal-based to plant-based food products. This factor further drives the Asia Pacific dairy alternatives market growth.
Product Innovation by Key Market Players to Provide Lucrative Opportunities to the Dairy Alternatives Market
The manufacturers of dairy alternative products are making a significant investment in product innovation to attract a large number of consumers are meet their changing preferences. They focus on getting organic certification from renowed organizations such as the United States Department of Agriculture (USDA) owing to rising demand for certified-organic plant-based dairy. They are also launching non-GMO, clean-label, all-natural, gluten-free, and allergen-free products to cater to the emerging customer requirements. Moreover, as consumers have become health-conscious, they prefer low-calorie and low-fat products. Therefore, manufacturers of plant-based dairy offer unsweetened and low-sugar products. For instance, in February 2021, Hasla Foods launched zero sugar oatmilk yogurt in a 24 oz family size. The product contains only 90 calories per serving and has no added sugar. In June 2021, the same company expanded its retail footprint by making its products available across 160 National Grocers by Vitamin Cottage stores in the US. Such strategies are expected to provide lucrative opportunities to the dairy alternatives market over the forecast period.
Dairy Alternatives Market: Segmental Overview
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. Over the past few years, the demand for plat-based yogurt has been growing rapidly as consumers are focusing on their digestive health. Yogurt is a rich source of probiotics which results in healthy gut. The beauty from within trend also focuses on healthy gut as good gut health results in radiant, clear, and acne-free skin. This factor is driving the demand for plant-based yogurt across the globe. The manufacturers of plant-based yogurt are launching new flavors to attract a large number of consumers and boost their product sales. 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.
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. The sales of various grocery items remained steady even during the lockdowns due to online grocery retail platforms. These platforms stock a wide range of products of different brands at discounted prices. Moreover, they offer home delivery services which helps the customers to get the desirable products remotely. This factor is expected to further propel the demand for dairy alternatives through e-commerce platforms, driving the dairy alternatives market growth over the forecast period. However, millennials prefer shopping through supermarkets and hypermarkets and other brick and mortar stores due to the availability of different items under one roof, affordable prices, and enhanced shopping experience.Owing to this factor, the supermarkets & hypermarkets segment in the global dairy alternatives market is expected to continue its dominance even during the forecast period.
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Impact of COVID-19 Pandemic on Dairy Alternatives Market
Before the emergence of the COVID-19 pandemic, the growth of the dairy alternatives market was mainly attributed to the surging trend of veganism and the rising health-conscious population globally. However, the outbreak of COVID-19 affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. However, consumers shifted to vegan diets as the COVID-19 pandemic led to increased health concerns among consumers, which created lucrative opportunities in the dairy alternatives market. Moreover, the demand for plant-based dairy products increased due to an increased preference for low-calorie and low-fat products. However, premium prices of dairy alternatives hindered their demand in developing countries such as India, Brazil, Mexico, and South Africa due to the pandemic-caused economic recession. Further, e-commerce platforms contributed significantly to the dairy alternatives marlet growth during the pandemic as they offered home delivery services and remote shopping facilities even during lockdowns. Considering 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. This factor is positively impacting the growth of the dairy alternatives market.
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