|Study Period:||2016 -2027|
|Fastest Growing Market:||Asia Pacific|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The global dairy alternatives market is projected to record a CAGR of 10.12% during the forecast period (2022-2027).
The COVID-19 crisis has significantly affected the market. There was a change in the buying behavior of the consumers. This was because the consumers were aware of their health, preferring lactose-free foods because of their several health benefits. The manufacturers of vegetarian products have witnessed a significant growth of these products through e-commerce websites rather than retail stores because of the closure of retail stores because of the COVID restrictions all over the world. Danone SA, which is one of the major players in this segment, saw a growth of 2.9% in sales growth during the first quarter of fiscal 2021
Perceived health benefits of consuming dairy-alternative products over conventional dairy products are the key driving factor for the market studied. However, the high cost of production associated with dairy alternatives is one of the restraining factors associated with the market. Asia-Pacific was the largest geographical segment of the market studied. Increasing health concerns such as lactose intolerance among consumers have led to innovations in the market, and this factor is providing opportunities to manufacturers to introduce new products in the region
Most consumers are seen switching from dairy to dairy-free products, because they are constantly aware that dairy-free diets may help alleviate certain problems, including digestive distress, an inability to lose weight, acne, and irritable bowel syndrome. The higher availability of dairy alternative products and growing awareness regarding benefits of dairy alternatives will continue to drive the market over the forecast period.
Scope of the Report
Dairy alternatives are foods made from plant-based milk instead of their usual animal products, such as cheese and yogurt. The global dairy alternatives market is segmented into type, distribution channel, and geography. Based on type, the market is segmented into food and beverage type. Based on food type, the market is sub-segmented into frozen desserts, yogurt, and other food types. Based on beverage type, the market is sub-segmented into soy milk, almond milk, coconut milk, rice milk, and other beverage types. Based on distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online stores, and other distribution channels. The report offers market size and forecasts in value (USD million) for all the above segments.
|By Distribution Channel|
Key Market Trends
Increased Consumption of Plant-based Milk
With the increasing consciousness towards health, consumers are preferring healthy foods such as plant-based milk because it is lactose-free. This is also because lactose-free food can have several health benefits. Some of the major reasons are because it helps in weight reduction and lactose-free food products enable accurate digestion, thus strengthening an individual's gut. Moreover, due to the spread of several diseases worldwide, which can cause several health damages, consumers prefer lactose-free food products as they can reduce the effect of antimicrobial in the body. For example, soy milk is a highly consumed product among consumers because the milk is plant-based milk containing no lactose. Soy milk also has several health benefits associated with it and is free from cholesterol and low in fat percentage. Dairy alternatives are much essential in a vegan diet for providing balanced nutrients to compensate for the non-consumption of meat and dairy. This has led to increased consumer preference for products using dairy alternatives.
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Asia-Pacific is the Fastest-growing Market
Asia-Pacific is the fastest growing region for the dairy alternatives market. The rising number of lactose intolerants is fueling the demand for dairy alternatives in this region. The health and wellness trend in Asia - Pacific has brought the issue of food intolerances and allergies to the forefront of modern consumers' minds, boosting the consumption of dairy alternative products. Soy-based alternatives are widely preferred in this region, leading to the onset of companies like Vitasoy International Holding, which provides a wide portfolio of soy-based products.
Consumers are starting to prefer products that are low in calories, contain no artificial ingredients, and are protein-rich. This is driving the studied market's growth. Plant-based beverages provide vegetable or mixed proteins, catering to the rising need for a healthy lifestyle. Consumers of plant-based protein in Asia-Pacific have adopted a dairy-free diet to improve their health and well-being, as plant-based diets can not only help curb obesity, stroke, and heart disease, prevent a variety of cancers, reduce cholesterol and arthritis pain, but also lower blood sugar, and increase energy and mental clarity.
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The dairy alternative products market is highly competitive, with various small and medium-sized companies and a few big players, resulting in stiff competition in the market. The market has the presence of various family-owned private companies operating in distinct categories, and their presence is limited to fewer countries across the region. Key players in the market include Groupe Danone, Vitasoy International Holdings, Freedom Food Group Limited, Kikkoman Corporation, and Campbell Soup Company. Key players in the market are focusing on mergers and acquisitions to reach a wider customer base and cater to the customer's needs in dairy alternatives segments.
Vitasoy International Holdings
Freedom Food Group Ltd
Campbell Soup Company
In November 2021, Upfield's alternative brand Violife launched a new product Vicocreme. It is made from seven natural ingredients, including a blend of coconut and rapeseed oils, lentil protein, natural flavor, maize starch, and small amounts of beet sugar and rock salt. The new product is 100% vegan and free from dairy, soy, gluten, lactose, nuts, preservatives, and emulsifiers.
In October 2021, Danone SA launched Silk Greek Style Coconutmilk Yogurt Alternatives. Flavors include Vanilla, Strawberry, Lemon, and Blueberry. Silk Greek is formulated with a live and active culture, vitamin D2, and pea protein. The yogurt alternatives feature a thick coconut milk base and contain 190 to 200 calories, 10 grams of protein, 9 to 12 grams of sugar, and 11 grams of fat per serving.
In May 2021, Linda MacCartney's expands into dairy alternatives with the launch of new range of four plant-based milk drinks. The varieties include Barista Style Organic Oat, Barista Style Organic Coconut, Organic Soya, and Organic Rice. The new plant range can be used in a wide range of recipes, from smoothies to baking.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
22.214.171.124 Frozen Desserts
126.96.36.199 Other Types
188.8.131.52 Soy Milk
184.108.40.206 Almond Milk
220.127.116.11 Coconut Milk
18.104.22.168 Rice Milk
22.214.171.124 Other Beverages
5.2 By Distribution Channel
5.2.1 Supermarkets /Hypermarkets
5.2.2 Convenience Stores
5.2.3 Online Stores
5.3.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 Rest of Asia-Pacific
5.3.4 South America
22.214.171.124 Rest of South America
5.3.5 Middle-East and Africa
126.96.36.199 South Africa
188.8.131.52 Saudi Arabia
184.108.40.206 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Active Companies
6.2 Key Strategies Adopted
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Groupe Danone
6.4.2 Blue Diamond Growers
6.4.3 Campbell Soup Company
6.4.4 Hain Celestial Group.
6.4.5 Goya Foods Inc.
6.4.6 Califia Farms
6.4.7 Daiya Food Inc.
6.4.8 Sanitarium Health & Wellbeing Company
6.4.9 Earth's Own Food Company
6.4.10 Vitasoy International Holdings Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
Frequently Asked Questions
What is the study period of this market?
The Dairy Alternative Products Market market is studied from 2016 - 2027.
What is the growth rate of Dairy Alternative Products Market?
The Dairy Alternative Products Market is growing at a CAGR of 10.12% over the next 5 years.
Which region has highest growth rate in Dairy Alternative Products Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Dairy Alternative Products Market?
Europe holds highest share in 2021.
Who are the key players in Dairy Alternative Products Market?
Groupe Danone, Vitasoy International Holdings, Freedom Food Group Ltd, Kikkoman Corporation, Campbell Soup Company are the major companies operating in Dairy Alternative Products Market.