The global dairy alternatives market accounted for a value of USD 15.2 billion in 2019. The global dairy alternatives market is projected to register growth at 14.5% during the forecast period.
COVID-19 has impacted all the businesses over the globe. Due to corona virus outbreak, the people are adopting healthy lifestyle to improve their immunity. People all across the world are shifting towards vegan diet due its immense benefits. Plant-based milk has been adopting by major economies across the globe as it improves health, energy and helps in weight management. Thus dairy alternative market is expected to witness growth due to COVID-19.
For more details, visit: Global Dairy Alternatives Market By Type (Almond Milk, Rice Milk, Others), By Distributing Channel (Online Stores, Supermarkets, Others), By Application (Yogurt, Ice-cream, Others), By Region– Forecast & Opportunities to 2026
The plant based dairy alternatives offer various nutritional benefits such as improved cardiovascular health, reduced cholesterol and diabetes control. Because of these benefits, there is an increase in the consumption of these products. Thus, drives the market to witness growth during forecast period.
Based on type, the dairy alternatives market is segmented into almond milk, rice milk, soy milk and others. The soy milk segment is accounted for highest market share. The growth in this segment is attributed by the benefits of soy milk such as it is rich in potassium, vitamins, lower calorie content and protein. Thus, people are adopting this at large scale.
On the basis of distribution channel, the dairy alternatives market is segmented into online stores, supermarkets, health food stores, convenience stress, pharmacies and others. The online stores segment is projected to register growth at highest CAGR during the forecast period. The use of online services has been increased immensely across the globe. The availability of various products at discounted rates in online stores drives the growth in this segment. The online stores have faster accessibility, cost-effectiveness and convenient than traditional stores. Hence, drives the growth in this segment of dairy alternatives during forecast period.
Based on application, the dairy alternatives market is segmented into creamers, milk, cheese, yogurt, ice-cream and others. The milk segment is estimated to witness growth at highest CAGR during forecast period. Health is top most priority of consumers when it comes to making choice for beverages. Manufacturers have diversified their beverages with products containing soy milk, almond milk and coconut milk together with other non-dairy alternatives and ingredients. The dairy-free milk is popular because of increasing health concerns and lactose intolerance among people. All these factors together makes milk segment witness highest growth during forecast period.
The Asia-Pacific market is estimated to register growth at highest CAGR during the forecast period. The factors driving growth are diet diversification, rapid urbanization and liberalization of foreign direct investment in the food sector in Asia-Pacific region. The rapid growth of middle-class population and rise in income of population in this region are also responsible for growth of dairy alternatives.
The key market players in dairy alternatives are Hain Celestial, White Wave Food, Blue Diamond Growers, Sanitarium, SunOpta, Freedom Foods Group Ltd., Ecomil, Eden Foods, Earth’s Own Food Company, Triballat Noyal, Valsoia S.P.A, Panos Brands, Dohler, Green Spot Co., Ripple Foods and Kite Hill.
- What are the expected industry trends over the next three to five years?
- Which of the dairy alternatives type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?