Dairy Alternatives Market Statistics: 2031
The dairy alternatives market size was valued at $ 13,198.4 million in 2020 and is estimated to reach $55,450.9 million by 2031, registering a CAGR 13.99% from 2022 to 2031. In 2020, the Asia-Pacific region accounted for more than 45.4%of the share in the global market and is expected to grow at a CAGR of 14.48%throughout the forecast period. China is one of the prominent regions in the market that accounted for a sizeable share of the total market in 2020.
Dairy alternatives are food and beverages that can be used as a substitute for dairy. These are derived from plants and are considered a very health alternative to dairy. Soy milk, rice milk, and almond milkare among the most popular choices for dairy alternative worldwide.Dairy alternatives are considered healthy owing to presence of a number of essential vitamins and minerals. They are also low on fats, cholesteroland have zero concentration of lactose.
Dairy alternatives have been very popular in the mature and emerging market.This can be attributed to rise in the number of people allergic to dairy. Furthermore, growth in health awareness and increase in the disposable income have aided the dairy alternatives market growth. Moreover, introduction of additional healthy ingredients by different market players are some other factors that further drive the growth of the market. However, fluctuating prices of raw materials and high cost act as the major restraints for this market. On the contrary, growth in demand for dairy alternatives by the vegan population and introduction of new flavor & variety of dairy alternatives is anticipated to provide growth opportunities for the dairy alternatives market.
Dairy Alternatives Market Segmentation
The dairy alternatives market has been segmented on the basis of source, application, distribution channel, and region. By source, the market is divided into soy, almond, rice, and other sources. On the basis of application, it is fragmented into food that include spread, creamer, yogurt, tofu and others; and beverages that include dairy alternative milk, dairy-free probiotic drinks and others. By distribution channel, it is categorized into large retail, small retail, specialty store and online. Region wise, the dairy alternatives market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The Soy Milk segment dominates the Global Dairy Alternative Market and is expected to retain its dominance throughout the forecast period.
Dairy Alternative Market Share, By Source
Based on the dairy alternatives market analysis by source,the soy segment generated the highest revenue in 2020 and is expected to remain dominant throughout the forecast period. This can be attributed to increasing demand for products with high vitamins, zinc, and iron for proper body health in countries such as India and China. Moreover, increasing penetration of high nutrition and cholesterol free dairy alternative products is expected to increase the demand for soy in the countries such as the U.S. However, the other sources segment is expected to grow at the highest CAGR throughout the forecast period owing to better taste, low cholesterol and low fat coupled with increasing demand for cholesterol free products by consumers in countries such as Canada is expected to unfold attractive opportunities for the dairy alternatives market.
The Beverage segment dominates the global Dairy Alternative market and is expected to retain its dominance throughout the forecast period.
Dairy Alternative Market Share, By Beverages
Based on the dairy alternatives market forecast, the beverages segment was the most prominent segment accounting for maximum share in the global market. This can be attributed to increasing demand for plant-based chemical free milk by lactose intolerant population. However, the food segment is expected to witness notable growth, with a CAGR of 14.2% from 2022 to 2031.
By Distribution Channel
The Large Retail segment dominates the global Dairy Alternative market and is expected to retain its dominance throughout the forecast period.
Dairy Alternative Market Share, By Distribution Channel
Based on the distribution channel,the large retail segment was the leading distribution channel with most of the dairy alternatives market share in 2020. This can be attributed to increasing adoption of large retail formats such as supermarket and hypermarket in both the mature and emerging markets. Moreover, the one stop solution provided by these retail formats makes it a very popular option for shopping for consumers. However, the online segment is expected to witness the fastest growth through the forecast period owing to rapid internet and smartphone penetration.
The Asia-Pacific region dominates the global Dairy Alternative market and is expected to retain its dominance throughout the forecast period.
Dairy Alternative Market Share, By Region
By region, Asia-Pacific was the most prominent regional market in 2020. This can be attributed to increase in the trend of veganism and an increase in awareness among consumers about health and fitness in the region.
The players in the dairy alternatives industryhave adoptedproduct launch and acquisition as their key development strategy to increase profitability,and to improve stance in the dairy alternatives market. The key players have also relied on business expansion to stay relevant in the global market. The key players profiled in thereport includeWhiteWave Foods Company, Blue Diamond Growers, SunOpta Inc., Earth’s Own Food Inc., Living Harvest Foods Inc., Kikkoman Corporation, Rebel Kitchen, Organic Valley, Panos Brands LLC, The Hain Celestial Group Inc., and Eden Foods Inc.
Key Benefits For Stakeholders
- The report provides a quantitative analysis of the current dairy alternatives market trends, estimations, and dynamics of the market size from 2022 to 2031 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assists in determining the prevailingdairy alternatives market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the global market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the industry.
Dairy Alternatives Market Report Highlights
By Distribution Channel
Dairy alternatives are milk products created from grains, seeds, or nuts that are plant-based, natural, and chemical-free. Consumers who are allergic to dairy products can use dairy alternative products as a substitute. Milk, ice cream, cheese, yoghurts, juice, energy drinks, and soft drinks are some of the most popular dairy substitutes. The dairy alternative market has witnessed a notable growth since the past few years. Developing countries such as India and China, have witnessed an increasing demand in the dairy alternative market. The demand for innovative products is an important factor boosting the global dairy alternative market. The increase in demand for energy drinks is the major cause of market expansion in countries such as Brazil and Africa.
Almond milk is the fastest growing segment, followed by other sources such as coconut, hemp, oat, cashew nut, and hemp milk. Other sources segment is expected to face prominent growth in the global market, owing to preference of consumers toward product with a new taste and a different flavor.
Leading companies in the dairy alternative market such as WhiteWave Foods Company, Sunopta Inc., and Hain Celestial Group, have witnessed a significant growth in the past few years. Wide varieties of food and beverage products, launched by these players, have increased their overall consumer base. Moreover, other players operating in the market such as Panos Brands LLC, Living Harvest Foods Inc., Pascual Group, and others, are expected to strengthen their product line with higher quality innovative products, to meet the increasing demands of the consumers. Players operating in the dairy alternatives market have focused on the development and launch of high-quality products, depending on the needs and preferences of consumers. They are regularly engaged in manufacturing of differentiated products with new taste, formulation, and flavor. Moreover, innovative marketing and positioning strategies of players have helped to increase the overall market size.