Predominantly driven by considerably high prevalence of lactose intolerance, dairy alternatives continue to witness healthy sales at a global level. Once a niche sector in food industry, dairy alternatives are estimated to be valued at US$ 31,369.4 Mn in 2022. As per Future Market Insights (FMI), the overall market value is expected to reach US$ 123,634.7 Mn by 2032, rising at a CAGR of 14.7% for 2022-32.
Key Takeaways – Dairy Alternatives Market Study
- There is a wide variety of dairy alternatives manufactured from different sources such as soy, oats, almond, coconut, hemp, and flax. Dairy alternatives are offered in flavored and unflavored variants. This diverse range of options is expected to boost expansion of the market.
- The consumption of unflavored or regular dairy alternatives is higher than that of the flavored variety. However, in the forecast period, the demand for flavored dairy alternatives is anticipated to increase.
- Organic dairy alternatives are gaining traction, especially in developed countries. Organic food consumption is the highest in the U.S., followed by European Union which accounted for retail sales of 45.2 billion and 34.3 billion respectively, in the year 2017.
- Shelf storage of dairy products poses as a big challenge for stakeholders due to fear of spoilage. Dairy alternatives manufacturers launched shelf-stable products with a higher shelf life, which made storage of dairy alternatives economical and easier. This is anticipated to boost sales.
- Among retail outlets, specialty stores account for the highest share in sales of dairy alternatives.
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Despite a great deal of opposition from dairy manufacturers, dairy alternatives market is expected to double in the forecast years. Nutrition, taste, easy availability of dairy alternatives, and consumer-centric approach are expected to contribute to this significant growth.
Millennials to Create Opportunity
The main consumers of dairy alternatives are millennials. Millennials show more concern towards animal welfare than any other generation as per consumer survey in 2018 by Comax Flavors, a flavor technology company for food and beverages. Additionally, as per the survey, health benefits are the main reason for which millennials consume dairy alternatives.
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To retain and capture interest of millennials in an increasingly intense landscape, manufacturers are increasing their efforts in research and development. Almost all the companies in the dairy alternatives market, which are operating at a global level, are growing at exponential rates in terms of sale. Innovative ingredient and flavour combinations are responsible for the projected high growth rate of the dairy alternatives market.
The ongoing better-for-you and clean label trend is boosting market growth. Though the growth of dairy alternatives market is not expected to decline for the next 10-15 years, constant efforts in innovation and development of effective marketing strategies are a prerequisite for growth in future.
Know More About Dairy Alternatives Market Report
Future Market Insights, in its new offering, offers an unbiased analysis of the global dairy alternatives market, presenting historical demand data (2014-2018) and forecast statistics for the period from 2019-2029. The study divulges compelling insights on the dairy alternatives market based on the source (soy, almond, rice, coconut, oats, and others), product type (flavoured and unflavoured), nature (organic and conventional), and distribution channel (direct and indirect) across seven major regions.
Source
- Soy
- Almond
- Rice
- Coconut
- Oats
- Others
Product
- Regular/ Unflavoured
- Soy Milk
- Almond Milk
- Coconut Milk
- Oat Milk
- Others (Hemp, Flax, etc.)
- Flavoured
- Soy Milk
- Almond Milk
- Coconut Milk
- Oat Milk
- Others (Hemp, Flax, etc.)
Nature
- Organic
- Conventional
Distribution Channel
- Direct Sales/ B2B
- Indirect Sales/ B2C
- Hypermarkets/ Supermarkets
- Convenience Stores
- Mass Grocery Retailers
- Specialty Stores
- Online Retail
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.