According to a recent report by Future Market Insights, market research and competitive intelligence provider, sales of Dairy Alternatives are estimated to reach a value of US$ 123,634.7 Mn by 2032, surging at 14.7% CAGR through the decade.
Dairy alternatives are plant-based foods and beverages that can be used to replace dairy products in a healthier way. Dairy alternatives are considered healthful due to the presence of a number of essential vitamins and minerals in dairy products. Concerns about hormones, pesticides, and antibiotics in dairy products are driving demand for dairy alternatives.
Rather than using milk as raw material, a variety of new and innovative beverage firms are using dairy alternatives as to the foundation component. Customers’ rising need for a variety of beverage options has resulted in a variety of dairy-free flavored beverages. Lactose-intolerant consumers are also seeking a variety of milk-based dairy substitute beverages, which is driving the market forward.
The Asia Pacific, excluding China, dominates the worldwide dairy alternative market, followed by Europe, North America, Latin America, the Middle East, and Africa. The Asia Pacific accounts for a large portion of the market and is likely to drive regional demand for dairy substitutes in the future years.
The regional sector has grown in size due to rising demand for nutritional and healthy products, as well as a shift in customer tastes toward a vegan diet. Favorable government policies to boost import, export, production, and distribution in key economies like China, India, Japan, Malaysia, and Indonesia would lift regional business statistics even higher.
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Key takeaways from market study
- Dairy alternatives have evolved as a safe substitute for dairy products because they are obtained from natural sources and extracted naturally.
- The Dairy Alternatives Market grew at a CAGR of 13.6 percent from 2017 to 2021.
- Plant-based milk replacements that are vegetarian-friendly are expected to put pressure on India’s traditional dairy industry.
- Vegan milk is widely available in India, with brands such as Sofit and Staeta’s almond and soy milk.
- In the United States, rising consumer demand for sweetened flavored soy and almond milk is expected to fuel the dairy alternatives market.
- In response to consumer demand, Sainsbury’s has increased the number of dairy-free milk brands it offers, with around 300 shops in the U.K.
- With such a high number of lactose-intolerant persons in Brazil, vegan and plant-based options are gaining popularity.
- Sugar reduction, healthy eating, and more protein and fibre content in food are three major trends affecting the Brazilian food business.
“Vegan or flexitarian diets are expected to create attractive opportunities for the dairy substitutes market to grow, as well as widespread condemnation of animal cruelty and the dairy sector’s greenhouse gas emissions, which have increased dramatically in recent years and are negatively impacting the dairy industry. In both affluent and developing countries, this has raised concerns and spurred demand for dairy alternatives”, says a lead analyst at Future Market Insights.
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Competitive landscape
The majority of dairy alternatives manufacturers are vertically integrated through established procedures in the end-user phase of the value chain. As a result, a number of major companies are developing dairy-free goods, as well as beverages made with substitutes like almond or soy milk. For industry participants, new product development in the food and beverage industry to offer alternatives to milk-based commodities is expected to be a significant success factor.
For example, the Hershey Trust Company’s Sofit brand, which is available in the Kesar Pista flavor, has been designed to appeal to Indian clientele.
Some of the major companies in the market are SunOpta Inc., Hain Celestial Group, Inc., Oatly, Danone, Daiya Foods Inc., Vitasoy International Holdings Limited, Living Harvest Foods Inc., Melt Organic, Earth’s Own Food Company Inc., Ripple Foods, The Whitewave Foods Company, ADM, Nutriops, S.L., Eden Foods, Inc.
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Future Market Insights, in its new offering, provides an unbiased analysis of Dairy Alternatives presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032
By Source:
- Soy
- Almond
- Rice
- Coconut
- Oats
- Others
By Product:
- Regular/ Unflavored
- Soy Milk
- Almond Milk
- Coconut Milk
- Oat Milk
- Others (Hemp, Flax, etc.)
- Flavored
- Soy Milk
- Almond Milk
- Coconut Milk
- Oat Milk
- Others (Hemp, Flax, etc.)
By Nature:
- Organic
- Conventional
By Distribution Channel:
- Direct Sales/ B2B
- Indirect Sales/ B2C
- Hypermarkets/ Supermarkets
- Convenience Stores
- Mass Grocery Retailers
- Specialty Stores
- Online Retail