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“Increase in the cases of lactose intolerance and milk allergies drive the overall growth of thedairy alternatives market.”
The global dairy alternatives market size is projected to grow from USD 21.4 billion in 2020 to USD 36.7billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period. The dairy alternatives market is driven by various factors such asgrowing consumer preference for a vegan diet and nutritional benefits offered by plant-based dairy alternatives. However, the volatile price of raw materials in various regionscan hinder the growth of the market.
“The soy segment, by source, is estimated to dominate the dairy alternatives market in 2020.”
The soy segment held the largest sharein 2020, in terms of value. Soya-based dairy alternatives are considered to be the best substitutes for dairy products and occupy a significant share in the dairy alternatives market. They are a rich source of proteins and calcium and are considered to be one of the best substitutes for dairy products by lactose-intolerant individuals.
“The milksegment is projected to hold the largest market share during the forecast period.”
The demand for dairy alternatives has increased over the years. The popularity of dairy-free milk can be attributed tothe health concerns related to lactose intolerance and the hectic lifestyles of the working middle-class population, which encourage them to use convenience products for on-the-go consumption to save time. As health and convenience are prioritized by consumers, manufacturers are producing different flavored milk alternatives with vanilla or chocolate flavors to meet the growing demand in various regions.
“Europe is projected to be the fastest-growing region in the dairy alternatives market, in terms of value.”
The market in Europe is projected to be the fastest-growing due to the high level of awareness among the consumers. This has resulted in the demand for lactose-free or low-lactose, low-calorie, and low-fat foods in the region. As dairy products are associated with obesity, flatulence, gastrointestinal problems, and diabetes, the food & beverage companies are focusing on innovations to produce various nutritional lactose-free dairy alternative products to meet consumer demand.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors,dairy alternative manufacturers, and executives from various key organizations operating in the dairy alternativeIndustries.
- By Company Type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
- By Designation: D-Level: 30%, C-Level Executives:25% and others: 45%
- By Region: North America: 22%, Europe: 27%, Asia Pacific: 33%, and RoW: 18%
The dairy alternatives market comprises major dairy alternative food and beverages providers such as The WhiteWave Foods Company (US), Hain Celestial (US), Blue Diamond Growers (US), SunOpta (Canada), Sanitarium (Australia), Freedom Foods Group Limited (Australia), Eden Foods, Inc. (US), Ecomil (Spain), Earth’s Own Food Company (Canada), TriballatNoyal (France), Valsoia S.p.A (Italy), Dohler(Germany),Hiland Dairy (US), and Panos Brands (US).The study includes an in-depth competitive analysis of these key players in the dairy alternativesmarket, with their company profiles, recent developments, and the key market strategies.
The study covers the dairy alternativesmarket across segments. It aims at estimating the market size and its growth potential across different segments such as source, application, formulation, nutritive component, distribution channel, and region. The study also includes an in-depth competitive analysis of the key players in the market; along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall dairy alternativesmarket and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businessesbetter and to plan suitable go-to-market strategies. The report will also help the stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.