According to MarketsandMarkets, the dairy alternatives market is estimated to be valued at USD 22.6 billion in 2020 and is projected to reach USD 40.6 billion by 2026, recording a CAGR of 10.3 % in terms of value. The market is primarily driven by factors such as the growing vegan and flexitarian population across the world and increasing incidences of lactose-intolerant among consumers. Asia Pacific region accounted for the largest market share in the dairy alternatives market owing to the increasing consumer inclination towards vegan food. One of the major restraining factors in the growth of the dairy alternatives market is allergies associated with plant-based sources such as soy and almonds.
“By application, the yogurt segment is projected to grow at the highest CAGR during the forecast period.”
Based on application, the yogurt segment is expected to be the fastest-growing during the forecast period. This segment is rapidly growing, mainly due to the increasing demand for varieties of healthy plant-based yogurt, creating opportunities for dairy-free manufacturers. Innovation is a vital part of dairy alternatives market, which is expected to further drive the growth of non-dairy yogurt market.
“By formulation, the flavored segment is estimated to account for the largest share.”
The flavored segment of the dairy alternatives is dominating the market. Flavored dairy alternative products are quite popular among manufacturers. The incorporation of flavors helps in enhancing the palatability of dairy alternatives such as soy, rice, and oat milk. Also, it helps the manufacturers to cater to changing consumer demands and increase their product offering.
“The Europe region is projected to grow at the highest CAGR during the forecast period”
Europe is projected to be the fastest-growing market for the period considered for this study, due to increasing demand for dairy alternatives, mostly by the flexitarian population. European consumers are health-conscious and often check for ingredients before making purchasing decisions. The rising health awareness among consumers along with environmental concerns and sustainability factors is driving the growth of European dairy alternatives market.
The dairy alternatives market is segmented region-wise, with a detailed analysis of each region. These regions include Asia Pacific, North America, Europe, South America, and RoW (Middle East and Africa).
Break-up of Primaries
- By Company Type: Tier 1 – 35%, Tier 2 – 25% and Tier 3 – 40%
- By Designation: Manager- 40%, CXOs– 35%, and Executives – 25%
- By Region: Asia Pacific - 35%, North America- 15%, Europe - 30%, and South America, Middle East & Africa - 20%
This report segments the dairy alternatives market on the basis of source, application, distribution channel, formulation, and region. In terms of insights, this research report focuses on various levels of analyses?competitive landscape, pricing insights, end-use analysis, and company profiles?which together comprise and discuss the basic views on the emerging & high-growth segments of the dairy alternatives market, high-growth regions, countries, industry trends, drivers, restraints, opportunities, and challenges.
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