Meticulous Research® – leading global market research company, published a research report titled “Dairy Alternatives Market by Product Type (Plant Milk, Cheese, Yogurt, Butter, Ice Cream), Source (Almond Protein, Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) – Global Forecast To 2027”.
According to this latest publication from Meticulous Research®, the global dairy alternatives market is expected to grow at a CAGR of 11.2% from 2020 to 2027 to reach $44.89 billion by 2027. The high growth of the dairy alternatives market is mainly attributed to increasing intolerance for animal proteins, nutritional benefits offered by plant-based dairy products, growing investments in dairy alternatives, and increasing vegan and vegetarian population. Moreover, the growing demand for vegan products from emerging economies from Asia-Pacific, Latin America, and the Middle East & Africa is expected to create lucrative opportunities for players operating in this market. However, the preference for animal-based products and growing preference for soy and gluten-free products are expected to hamper the adoption of dairy alternatives to some extent.
The global dairy alternatives market study presents historical market data in terms of values (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of product type, source, distribution channel, and geography. The study also evaluates in detail the industry competitors and analyses the market at a country level.
Based on product type, the dairy alternatives market is segmented into plant-based milk, cheese, yogurt, butter, ice-cream, creamer, and other dairy alternatives. Among these, the plant-based milk segment is estimated to dominate with the largest share of the global dairy alternatives market in 2020 and is also expected to continue its dominance during the analysis period. The increasing incidence & prevalence of lactose intolerance and consumer preference for vegan diets are the key factors driving the demand for plant-based milk alternatives, such as almond and soy milk.
However, the yogurts segment is expected to grow at the fastest CAGR in the forecast period owing to the rising demand for plant-based yogurts from developed countries due to the growing number of vegan and health conscious consumers.
Based on the source, the global dairy alternatives market is segmented into almond protein, soy protein, wheat protein, pea protein, rice protein, and other sources. The almond protein segment is estimated to command the largest share of the overall global dairy alternatives market in 2020. This segment is projected to register the fastest CAGR during the forecast period due to the rising preference for almond protein-based milk globally.
Based on the distribution channel, the global dairy alternatives market is mainly segmented into business to business (B2B) and business to customers (B2C). The B2C distribution channel segment is estimated to account for the largest share of the global dairy alternatives market in 2020. This segment is also projected to grow the fastest CAGR during the forecast period due to the rapidly growing online retail sector and rising demand for dairy alternatives from these distribution channels with the growing urbanization and related rise in the number of supermarkets and hypermarkets.
Geographically, this research report provides a comprehensive analysis for the five major geographies: North America (U.S. and Canada), Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and the Middle East & Africa. Europe is estimated to command the major share of the global dairy alternatives market in 2020. However, the Asia-Pacific region is projected to grow at a significant pace in the forecast period. The rapid growth of this region mainly attributed to the rising awareness about the protein-rich diet, increasing health consciousness, higher vegan & vegetarian population base, growing technological advancements in the food & beverages industry across the region, especially China and India, growing economy, rapid growth in the urbanization, growing middle-class population, and increasing raw material availability.
The key players operating in the global dairy alternatives market are Danone SA (France), Follow Your Heart (U.S.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium health and wellbeing company (Australia), AXIOM Foods, Inc. (U.S.), Daiya Foods, Inc.(Canada), Earth's Own Food Company, Inc. (Canada), VBItes Food, Ltd. (U.K.), SunOpta Inc. (Canada), Valsoia SpA (Italy), and Freedom Foods Group Limited (Australia).
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