Dairy Alternatives Market to Grow to USD 47 Billion by 2028
Published | 12 April 2022
Global dairy alternatives market is growing at a high CAGR because of the increasing disposable income of the customers and changing lifestyles and eating habits along with increasing awareness of animal cruelty in the dairy industry…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global dairy alternatives market was worth USD 24.1 billion in the year 2021. It is estimated to grow at a CAGR of 10.2%, earning revenue of around USD 47.4 billion by the end of 2028. The market is flourishing at a high rate owing to the increasing disposable income of the customers and changing lifestyles and eating habits. The rising demand for dairy alternatives is also attributed to increasing awareness of animal cruelty in the dairy industry. Furthermore, increasing launches of a wide range of dairy alternative products along with easy availability through online stores and supermarkets, and hypermarkets is also playing a crucial factor in driving the market growth.
Increasing Consciousness Towards Animal Cruelty is Boosting the Global Dairy Alternatives Market
Consumers are increasingly becoming conscious of what they are consuming and how their consumption is affecting the environment. They are becoming more aware of the animal cruelty happening in the dairy industry. According to Animal Equality India, the milk-producing animals only produce milk for their off-springs. Therefore, they are forcefully impregnated every year, which runs in a cycle of cruelty. Furthermore, a dairy farm produces greenhouse gasses emissions that contribute to climate change. This is prompting the shift towards dairy alternatives.
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Global Dairy Alternatives Market - By Formulation
Based on formulation, the global dairy alternatives market is segmented into flavored and plain. The plain dairy alternatives segment accounts for the largest market share in 2021 owing to the working-class population being the major target of this market. The dairy alternatives such as milk or butter are meant for regular consumption, due to which plain products are being preferred by the consumers. However, the flavored segment is anticipated to register a high growth rate during the forecast period.
Global Dairy Alternatives Market - By Application
Based on application, the global dairy alternatives market is segmented into milk, ice creams, yogurt, cheese, creamers, and other applications. The milk segment holds the largest market share in 2021 owing to the rising prevalence of lactose intolerance among the population and the demand for milk for the nutritional needs of the body. The dairy alternatives milk is rich in vitamins and minerals as well as is low in fat. Furthermore, they also have a healthy combination of mono- and polyunsaturated fats and are perfect for people with a slow digestive system.
Global Dairy Alternatives Market - Regional Insights
Geographically, the global dairy alternatives market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominated the market in 2021. However, the Asia-Pacific region is emerging with the highest CAGR during the forecast period. Several reports reveal that the prevalence of lactose intolerance is highest in East Asian countries such as Japan, South Korea, Singapore, China, etc. This is anticipated to fuel the demand for dairy alternative products in the forecast period. Furthermore, brands are increasingly launching new products into potential markets such as India, Thailand, Vietnam, etc., which will boost the market growth in the upcoming years.
Impact of COVID-19 on Dairy Alternatives Market
The unprecedented COVID-19 pandemic outbreak provided lucrative growth opportunities to the dairy alternatives market. Although the market was initially halted due to lockdown restrictions and obstruction in the distribution channels, which created a huge shortage of supplies in the supermarkets/hypermarkets and online stores. However, the surge in consumer awareness towards zoonotic diseases post the pandemic prompted them to limit or stop their animal products consumption, which resulted in a dramatic surge in the demand for dairy alternatives products. Furthermore, increasing health consciousness during the pandemic also favored the overall market growth.
Competitive Landscape
The leading market players of the global dairy alternatives market are The Hain Celestial, Blue Diamond Growers, SunOpta, Sanitarium Health and Wellbeing Company, Danone, Freedom Foods Group, Earth’s Own Food Company, Triballat Noyal, Valsoia S.P.A, Panos Brands, Melt Organic, Oatly, Living Harvest Foods, Ripple Foods, Kite Hill, Califia Farms, Hudson River Foods Inc., Daiya Foods Inc., and other prominent players.
Global dairy alternatives market is still consolidated with the presence of a few players since the industry is relatively new and expanding. Therefore, new entrants are welcoming in this market and have substantial growth opportunities. The companies constantly launch new products to cater to the taste needs of their customers and boost their sales. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the dairy alternatives market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global dairy alternatives market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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