According to the latest report by IMARC Group, titled "Dairy Alternatives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global dairy alternatives market reached a value of US$ 24.9 Billion in 2021. Dairy alternatives are dairy-free food products that are sourced from plants. They are used as a major substitute for animal-based milk and milk-based products, such as butter, cheese and yogurt. These substitutes, including soy, oats, rice, almond and coconut milk and related products, are characterized by similar taste and texture while being considered a healthier option to their traditional counterparts. They are rich in iron, calcium, iodine, zinc, riboflavin, vitamins, minerals, magnesium and potassium, as well as low in fat and calories. Consequently, their consumption is widely associated with improving bone structure, repairing damaged cells, enhancing brain functioning and assisting in weight loss.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Dairy Alternatives Market Trends:
The market is primarily driven by the increasing numbers of lactose intolerant individuals, along with the growing incidences of food allergies among the masses. Dairy alternatives are easily digestible and do not cause gastric problems, due to which there has been a rise in their adoption. The emerging trend of veganism and the growing consciousness regarding its benefits is acting as another major growth-inducing factor. There has also been an increasing demand for fortified dairy alternatives with improved nutritional value. This, along with the shifting dietary preferences of the consumers, inflating disposable incomes and the willingness to experiment with new flavors, has impelled manufacturers to introduce numerous flavored, sweetened and unsweetened product variants in the market that are rich in calcium, vitamin D and DHA. Furthermore, manufacturers are also upgrading their production processes to enhance the yield and nutritional content of the substitutes. Advanced non-thermal processing technologies, including ultra-high pressure homogenization and pulsed electric field processing, are expected to be used for the production of these plant-based dairy products in the near future. Their utilization is anticipated to improve the emulsion stability and extend the shelf life of the products, thereby creating a positive outlook for the market. On account of the aforementioned factors, the market is projected to grow at a CAGR of
11.4% during 2022-2027.
- On the basis of the source, the market has been divided into almond, soy, oats, hemp, coconut, rice and others.
- Based on the formulation, the market has been bifurcated into plain (sweetened and unsweetened) and flavored (sweetened and unsweetened) variants.
- On the basis of the nutrient, the market has been classified into protein, starch, vitamin and others.
- Based on the distribution channel, the market has been categorized into supermarkets and hypermarkets, convenience stores, online stores and others.
- On the basis of the product type, the market has been segmented into cheese, creamers, yogurt, ice creams, milk and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Blue Diamond Growers, Döhler GmbH, Earth’s Own Food Company Inc., Eden Foods, Inc., Freedom Foods Group, Nutriops S.L, Organic Valley, PANOS brands, Sanitarium, SunOpta Inc., Hain Celestial Group, Inc., The Whitewave Foods Company (Danone North America), Triballat Noyal, and Valsoia S.p.A.
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