Dairy Alternatives Market size was valued at $13,021.0 million in 2018 and is estimated to reach $35,804.6 million by 2026, registering a CAGR of 13.6% from 2019 to 2026. In 2018, the Asia-Pacific region accounted for more than two-fifth of the share in the global market and is expected to grow at a CAGR of 14.5% 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 2018.
Rise in disposable income, growth in number of vegan people, and increase in demand for plant-based milkdrive the growth of the global dairy alternatives market. However, high cost and rising demand for low cholesterol and low fat conventional milk hinder the market growth. On the other hand, rising R&D activities for taste and flavors in dairy alternatives create new opportunities in the coming years.
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- During the coronavirus pandemic, operations regarding production and supply of dairy alternatives have not been affected much as it comes under “essential goods” category.
- However, research & development activities have been halted by manufacturers of dairy alternatives during the outbreak.
Dairy alternatives are plant-based natural and chemical free milk products derived through grains, seeds, or nuts. Dairy alternative products act as a substitute for consumers who are allergic to dairy products or people who are on a vegan diet. Some of the major alternatives to dairy are non-dairy milk, ice cream, cheese, yogurts, juice, energy drinks, and soft drinks.
The factors that drive the dairy alternatives market growth include health benefits associated with consuming plant based milk as they are high in micro and macronutrient content as well as low in fat and cholesterol content. The rise in fitness concerns among people in different regions has also helped the market. Additionally, increase in the number of lactose intolerant population, growing trend of veganism, and rise in disposable income also drive the market growth. However, increase in cost of raw materials due to unpredictable weather and high cost of production are expected to hamper the growth of market during the forecast period. Rise in the demand for alternatives to dairy by health-conscious consumers and frequent introduction of new flavors & variety are expected to provide numerous opportunities for expansion of the dairy alternatives market.
The dairy alternatives market is segmented on the basis of source, application, distribution channel, and region. By source, market is categorized into four segments, which include soy, almond, rice, and other sources. By application, the market is segmented as food which includes spread, creamer, yogurt, tofu and others; beverages which includes dairy alternative milk, dairy-free probiotic drinks and others. Large retail, small retail, specialty store and online are the segmentations by distribution channel. Regionally, the market is classified into North America, Europe, Asia-Pacific, and LAMEA.
According to the dairy alternatives market analysis by source, the soy segment generated the highest revenue in 2018 and is expected to remain dominant throughout the forecast period. However, the other sources segment is expected to grow at the highest CAGR throughout the forecast period.
In 2018, the beverages segment was the most prominent segment accounting for maximum share in the global dairy alternatives market. However, the food segment is expected to witness notable growth, with a CAGR of 12.7% from 2019-2026.
Based on the distribution channel, the large retail segment was the leading distribution channel with most of the dairy alternatives market share in 2018. However, the online segment is expected to witness the fastest growth through the forecast period.
Based on the dairy alternatives market forecast, Asia-Pacific and North America accounted for the maximum share in the global market in 2018 and is expected to remain dominant during the forecast period. China is expected to grow with the highest CAGR throughout the forecast period, owing to the adoption of veganism among consumers.
The key players in the dairy alternatives industry profiled in the report are WhiteWave 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.
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