The new report by Expert Market Research titled, ‘Global Dairy Alternative Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global dairy alternative market, assessing the market based on its segments like sources, formulation, application, distribution channel, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 16.28 billion
- Forecast CAGR (2021-2026): 12.30%
- Forecast Market Size (2026): USD 32.66 billion
Among the regional markets, the dairy alternative industry in Europe is growing at the highest rate. The demand is being positively influenced by a growing trend on the continent to avoid milk products for health reasons, such as avoiding saturated fat intake. Traditional dairy products are also avoided in Europe due to animal cruelty and animal rights concerns. Therefore, consumers are shifting towards dairy alternative products, consequently boosting the market growth. Thanks to the growing perception that plant-based diets are better than animal-based foods, shoppers in Spain prefer dairy alternatives to real dairy. By 2021, the dairy alternative sector in the United States is projected to account for a significant share in the dairy industry.
Industry Definition and Major Segments
Dairy alternative products refer to those products that have a flavor and texture that is often identical to natural dairy products, despite having a distinct structure. They are derived from various sources, such as soy, almond, etc. They’re high in omega-3 fatty acids, magnesium, protein, and vitamin D, but they’re lower in fat and cholesterol than actual milk.
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The market is divided in terms of sources into:
On the basis of formulation, the industry is bifurcated into:
By application, the industry is segmented into:
- Ice Creams
Based on distribution channels, the industry is segregated into:
- Convenience Stores
- Health Stores
- Online Retailers
The regional markets for the product include:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
The global dairy alternative industry is being aided by the growing consumer perception of lactose-free foods as beneficial products, which is aiding the market. Consumers are preferring these alternatives to real milk products due to health issues such as the rising prevalence of lactose intolerance, allergies, and addiction to milk products. Vegan diets are becoming more common, which is helping the industry expand. Consumers, who are constantly preferring natural and plant-based ingredients free of artificial flavours and colours, are giving the industry a boost. Younger people with more discretionary resources are driving the dairy alternative industry because they believe dairy substitutes are more affordable than other milk sources. The demand for substitute dairy products would be helped by the high nutritional value of the goods, as customers review the nutritional details of foods and drinks more regularly. Dairy alternatives are high in omega-3 fatty acids, magnesium, protein, and vitamin D, but they’re lower in fat and cholesterol than actual milk. This wholesome nutritional content of these products is expected to further the market growth as consumers are becoming health conscious.
Key Market Players
The major players in the market are Kerry Inc., Califia Farms, Kite Hill, Ripple Foods Inc., Nestle, Elmhurst Milked Direct LLC, Pacific Foods of Oregon, LLC, Dean Foods, The Döhler Group, SunOpta Inc., The WhiteWave Foods Company, The Hain Celestial Plant Based Milk, and Daiya Foods Inc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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