Dairy Alternatives Products Market Projected to Have a Promising Growth Rate of 10.88% CAGR During Forecast 2023-2030

February, 2023/MRFR Press Release/- Market Research Future has published a report on the Global Dairy Alternatives Market. 

Market Analysis

The global dairy alternatives market is anticipated to grow by leaps and bounds at a promising CAGR over the assessment period (2023-2030). Milk and milk products are a vital constituent of the food supply chain of humans as it is rich in vitamins, proteins and other nutritional content which is necessary for proper growth and development. Dairy alternative is casein and lactose free as it is derived from milk sources that are plant-based such as hazelnut, rice, coconut, almond, soy and others. Today food allergies and food intolerances have turned into a key concern amid consumers that are health-conscious. Consuming a diet that is dairy-free has numerous advantages, and is exercised widely by fitness enthusiasts and health-conscious consumers. Having milk like texture, the dairy alternatives are used as a dairy product replacement which are widely adopted by different cereals such as nuts, barley, rice, wheat and oats. The dairy alternatives which are easily available in the market include different milk options such as flax, hemp, rice, coconut, almond and soy along with dairy-free cheeses, spreads, yoghurts and frozen desserts. Dairy alternatives also provide health benefits such as vitamin content and high calcium.

There are many factors that is fueling the growth of the dairy alternatives market. The different market trends and factors in this market according to an analysis performed by Market Research Future (MRFR) include innovations and increasing awareness for new products, increase in health awareness, growing vegetarian population, demand for low cholesterol concentration and low-fat content, strong support from government and associations, changing consumer trends for a vegan diet, rising intolerance of lactose products, increasing dietary allergies and increasing number of diabetic patients, appealing flavors and multiple health benefits that dairy alternatives offer, consumers increasing disposable income and also the growing need for fortified beverage and nutritional food products. On the contrary, soaring cost of dairy alternative beverages, lack of adequate nutrients and cross contamination of the raw materials may restrict the growth of the dairy alternatives market.Market Segmentation

As per the MRFR report, the global dairy alternatives market has been segmented on the basis of source, application, formulations and distribution channel.

Based on source, it is segmented into rice milk, coconut milk, almond milk, soy milk and others. Of these, soy milk is expected to dominate the market during the assessment period.

Based on application, the dairy alternatives market is segmented into food and beverages.

Based on formulations, it is segmented into flavored and plain. Of these, the plain segment is expected to dominate the market during the assessment period.

Based on distribution channel, the dairy alternatives market is segmented into non-store based and store based. The store based is further segmented into convenience stores, pharmacy, health and wellness, supermarkets and hypermarkets and others.

Regional Analysis

Based on region, the dairy alternatives market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, Asia Pacific will have lion’s share in the market during the assessment period. Rising urbanization, robust economic growth and explosion in the middle-class population are the key factors that is driving the growth of the dairy alternatives market in the European region. Besides, vegan diet is gaining enough acceptance here that is anticipated to drive the market growth. The dairy alternatives market in North America is anticipated to expand exponentially at a favorable 14.63% CAGR over the assessment period.

Competitive Analysis

To have an edge in the market, the leading players are investing in launching novel products and also expanding the geographical presence. Further, they are laying emphasis on investments, expansion and acquisitions of their facilities for entering the market. Good investment in new product launches and extensive R&D in varied packaging, flavors and sizes will remain the strategy employed by the companies for marketing their products. The dairy alternatives market is new and small, but increasing product innovations and awareness will rule the market for having substantial growth during the assessment period.

Key Players

Leading players profiled in the dairy alternatives market include Tofutti Brands Inc. (U.S.), Galaxy Nutritional Foods, Inc. (U.S.), Daiya Foods Inc. (Canada), Sunopta Inc. (Canada), Whitewave Foods (France), Hain Celestial Group (U.S.), and Blue Diamond Growers (U.S.).

Sept 2019- Wessanen has acquired Abbot Kinney, a leading dairy alternative brand with an aim for making dairy alternatives mainstream. This acquisition will help to accelerate innovation and growth in their core categories.