Dairy Alternatives Products Market Trends and Insights Information by Source (Soy, Almond, Coconut, Rice, Oats and others), Type (Milk, Cheese, Yoghurt, Ice Creams and others), Distribution Channel [Store-Based (Supermarkets & Hypermarkets, Convenience Stores and others) and Non-Store-Based] and Region (North America, Europe, Asia-Pacific and RoW) Competitive Market Growth, Size, Share and Forecast to 2027
New York, US, Nov. 24, 2022 (GLOBE NEWSWIRE) -- Dairy Alternatives Products Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), "Dairy Alternatives Products Market Information by Source, Type, Distribution Channel, and Region - Forecast till 2027”, the market can touch USD 46.59 Billion by the end of 2027 and also record a healthy CAGR of more than 10.88% from 2020 to 2027.
Foods and beverages that can be used in place of dairy products are known as dairy alternatives. These are made from plants and are thought to be a particularly healthy substitute for dairy. Almond milk, rice milk, and soy milk are some of the most widely used dairy alternatives in the world. Dairy alternatives are regarded as healthful since they provide a variety of vital vitamins and minerals. Additionally, they contain no lactose and have low fat and cholesterol levels.
Due to their excellent nutritional content and positive health effects, dairy-free alternatives to traditional foods and drinks are becoming more and more popular. Examples include cheese, sweets, soy milk, snacks, and almond milk. Additionally, the functional qualities offered by dairy-free goods help with texture improvement, resistance to stress, weariness, and aging, among many other issues. Additionally, the demand for these goods will rise as the vegan population consumes more items free of dairy.
In both the developed and developing markets, dairy replacements have become quite popular. The increase in dairy allergy cases can be blamed for this. The market for dairy alternatives has also grown as a result of rising disposable income and health awareness.
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|Market Size in 2027||USD 46.59 Billion|
|Forecast Units||Value (USD billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Source, Type, Distribution Channel, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Increasing lactose Intolerance|
|Growing Consumer Preference for Vegan Diet|
Market Competitive Landscape:
The affluent firms in the dairy alternatives products industry are
- The Whitewaves Food Company (US)
- The Hain Celestial Group (US)
- Blue Diamond Growers (US)
- Sunopta (Canada)
- Freedom Foods Group (Australia)
- Eden Foods (US)
- Nutriops S.L. (Spain)
- Earth's Own Food Company (Canada)
- Triballat Noyal (France)
Three flavors of cubed cheese (Cheddar, Plain, and Blueberry) will be introduced by Armored Fresh, which raised $23M in Pre-Series B funding in June, through retail distribution through Key Foods, Met Fresh, C Town, City Acres, and affiliated retailers throughout Manhattan and Brooklyn.
Armored's cheese is made from almond milk and plant-based lactic acid utilizing cutting-edge methods that mimic the production of dairy cheese. This procedure provides the cheese with a similar soft texture and distinctive, fragrant flavor to that of regular cheese.
Market USP Covered:
Large-scale investments and product advancements boost the market for dairy alternatives. Dairy alternatives are expected to have significant growth in the next few years, thanks to consistent improvements in flavor and texture as well as shifting consumer values. The advantages of dairy alternatives for the environment also increase customer demand for them. According to the most recent studies, producing just one glass of milk with a dairy base leads to nearly three times the amount of carbon emissions as producing one with a soy, rice, almond, or oat base. In addition, approximately 10 times as much land is needed to produce the same amount of dairy milk over the course of a year.
The phenomenal expansion of the food and beverage sector as a whole, brought on by advantageous trade rules, has raised the potential of the dairy alternatives products market. This is particularly true in light of consumers' growing preference for healthier alternatives to items containing dairy. In order to increase their profit margins, industry players are focused on new innovations, mergers, and collaborations after assessing the growth potential.
The market for dairy alternatives has benefited from the sharp rise in lactose intolerance around the globe. Milk that has only partially digested causes a number of health problems, such as diarrhea, abdominal bloating, vomiting, stomach pain, fatigue, and disturbed sleep. Lactose intolerance is greatly influenced by ethnicity; Asian, African, and American races have rates of 80% to 95% lactose intolerance, compared to 20% to 26% for Europeans. The demand for dairy alternatives like almond and soy milk is growing quickly because to the sudden increase in these cases around the world, which will likely result in significant economic growth over the coming years.
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The fact that many dairy substitute products typically include chemicals like thickeners and sugars is a disadvantage. In people with diseases like inflammatory bowel disease or dietary sensitivities, these chemicals cause inflammation. Leading manufacturers may experience a significant growth limitation as a result in the years to come.
COVID 19 Analysis
Globally, the COVID-19 pandemic significantly damaged the economy. Many businesses failed, while others had serious financial problems.
On the plus side, the market growth will continue to be steady during the analysis period because significant producers of dairy alternatives have adopted successful tactics and gone into survival mode.
Oats, almonds, soy, rice, coconut, and other ingredients are among the primary sources of dairy alternatives mentioned in the MRFR study. The top source of dairy alternatives is almond, with the segment anticipated to escalate at the quickest rate between 2020 and 2027.
Cheese, milk, ice cream, yogurt, and other dairy-alternative products are some of the major types of dairy alternative products sold in the worldwide market. Milk is the top dairy substitute, with the biggest share in the worldwide market. Over the succeeding years, the cheese segment can garner the fastest CAGR, says MRFR.
By Distribution Channel
Dairy alternative products are sold through both store- and non-store-based channels. Convenience stores, supermarkets, hypermarkets, and other retail outlets are examples of store-based channels. From 2020 to 2027, the non-store-based segment will procure the faster rate while the store-based segment will get a larger portion of the worldwide market.
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As lactose intolerance becomes a significant problem over the coming years, MRFR anticipates North America to become the market leader and drive the biggest demand for dairy alternatives. Numerous dairy alternatives, such as yoghurt, ice cream, and others, are widely consumed in the area. In many schools in North America, flavoured milk is one of the most well-liked milk options, with sweetened flavoured almond and soy milk garnering the most traction. In order to produce a variety of desserts and culinary products, milk-based dairy alternatives are being used more and more, which will further solidify North America's leadership position in the next years.
India, Japan, and China all have booming populations, and they all have rising disposable incomes, which will guarantee Asia Pacific's rapid expansion in the global market. Sales of non-dairy goods including rice milk, almond milk, soy milk, and more have increased in the area due to an increase in lactose sensitivity and growing health concerns about dangerous additives found in dairy products.
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