The global dairy alternatives market is projected to grow at a CAGR of 9.85% during the forecast period.
- Asia-Pacific was the largest geographical segment of the market studied. Improved consumer preferences for non-dairy products, with a myriad of food choices, has enabled them to get most of the nutrients they need without sacrificing taste.
- Most of the consumers are seen switching from dairy to dairy-free products, because they are constantly getting aware of the fact that dairy-free diets may help alleviate certain problems, including digestive distress, an inability to lose weight, acne, and irritable bowel syndrome. Higher availability of dairy alternative products, along with growing awareness regarding benefits of dairy alternatives, will continue to drive the market over the forecast period.
Scope of the Report
The global dairy alternative market includes dairy-free food such as frozen dessert, yogurt, others. the others include sour cream, dairy-free beverages include soy milk, almond milk, coconut milk, rice milk, and other types. The other beverages include cashew milk, pea milk, oat milk, hemp milk, by sales channel into supermarkets/hypermarkets, convenience stores, online stores; and others. The other sales channel include warehouse, discounters, kiosks, vending machines, etc.
Key Market Trends
Non-Dairy Beverage Segment Leads the Market Share
The non-dairy beverages explored in this study are beverages made from extracts of plant materials, such as soy, rice, coconut, oats or quinoa. The non-dairy plant-based beverages have much less calcium than cow’s milk. In the United States, non-dairy beverages are hence fortified with calcium and vitamins. Even when the content of fortified micronutrients is equivalent to that of cow’s milk, they cannot be considered equivalent, as the bioavailability of the added calcium also depends on the type of food. The dairy alternative beverages have been further boosted by the growing availability and promotion of plant-based options to traditional dairy lines. The dairy alternative space is bound to continue to develop and move in response to rapidly changing consumer demands.
Asia-Pacific to Dominate the Global Market
The health and wellness trend in Asia - Pacific has brought the issue of food intolerances and allergies to the forefront of modern consumers’ minds, boosting the consumption of dairy alternative products. Consumers are starting to prefer products that are low in calories, contain no artificial ingredients, and protein-rich. This is driving the studied market’s growth. Plant-based beverages provide vegetable protein or mixed proteins, which cater to the rising need for a healthy lifestyle. Consumers of plant-based protein in Asia-Pacific have adopted a dairy-free diet to improve their health and well-being, as plant-based diets can not only help curb obesity, stroke, and heart disease, prevent a variety of cancers, reduce cholesterol and arthritis pain, but also lower blood sugar, and increase energy and mental clarity.
The dairy alternative products market is highly fragmented, 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. Some examples include Edward & Sons Trading Co., Earth’s Own Food Company, Goya Foods Inc., Eden Foods Inc., Califia Farms, Ripple Foods, Hudson River Foods, etc.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client’s requirements
- 3 months of analyst support