Dairy Alternatives Market

Dairy Alternatives Market- Global Industry Size, Share, Growth, Opportunity and Forecast, 2018-2028, Segmented By Source (Soy, Almond, Coconut, Rice, Oats, Hemp, Other Sources), By Application (Milk, Ice Creams, Yogurt, Cheese, Creamers, Other Applications), By Distribution Channel (Supermarkets & Hypermarkets, Health Food Stores, Pharmacies, Convenience Stores, Online Stores, Other Distribution Channels), By Formulation (Flavored, Plain), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)

  • Published Date: April 2022
  • Report ID: BWC22116
  • Available Format: PDF
  • Page: 197

Report Overview

Global dairy alternatives market is growing at a high rate owing to the rising adoption of a vegan diet and increasing consciousness among consumers regarding animal cruelty in the dairy industry along with the rising prevalence of lactose intolerance and increasing availability of dairy alternative products

Global Dairy Alternatives Market- Industry Trends & Forecast Report 2028

Global dairy alternatives market was worth USD 24.1 billion in 2021 and is further projected to reach USD 47.4 billion by the year 2028, growing at the CAGR of 10.2% in the forecast period. The growth of the market is attributed to the rising adoption of a vegan diet and increasing consciousness among consumers regarding animal cruelty in the dairy industry. Furthermore, the rising prevalence of lactose intolerance and increasing availability of dairy alternative products is anticipated to drive market growth in the forecast period.

Dairy Alternatives Market

Dairy Alternatives - Overview

Dairy alternatives are products that are similar to the texture and nutrients of dairy products including milk, butter, cheese, etc. Some of the most popular dairy alternatives are soy, rice, coconut, and hemp seed milk, which are derived from plant-based raw materials. These products are increasingly being available in supermarkets and convenience stores. Dairy alternatives are emerging as great sources of protein and calcium and do not hurt lactose-intolerant people.

Global Dairy Alternatives Market Forecast and Trends

Growth Drivers

Health Benefits of Dairy Alternatives

The health benefits offered by dairy alternatives compared to regular milk products acts as a major driving factor for the market growth. Several studies have proved that dairy alternatives are healthier since they have fewer calories, less fat, more water content, as well as some other vitamins. It is also suggested to growing children (above the age of 2) who may be allergic to dairy. With rising health consciousness among consumers, especially young adults, the demand for dairy alternatives is projected to surge in the forecast period.

Increasing Launches of a Wide Range of Products

With significant growth potential, dairy alternative companies are increasingly launching new products to boost their sales and grab a larger share in the market. The companies are launching products of various tastes, quantities, and price ranges to target every age group and economical value. For instance, Bel Brands USA recently announced plans to be expanding its plant-based line called Nurishh. Oatside, a Singaporean company, also recently launched “Asia’s first” oat milk brand as a plant-based milk alternatives brand.

Restraints

High Cost of Dairy Alternatives Products

The high cost of dairy alternative products compared to traditional animal products may act as a huge restraining factor for the market growth. According to a report published in Forbes, half a gallon of soy milk costs USD 3.99 to USD 4.29 compared to USD 2.39 to USD 2.49 for half a gallon of regular fat-free and reduced-fat milk. Food giants such as Starbucks also take up the upcharge of the demand for soy milk or other plant-based milk. This may limit the demand for dairy alternative products, especially among middle and low-income consumers.

Impact of COVID-19 on Global Dairy Alternatives Market

The unprecedented COVID-19 pandemic outbreak provided lucrative growth opportunities to the global 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.

Global Dairy Alternatives Market - By Source

Based on the source, the Global dairy alternatives market is segmented into soy, almond, coconut, rice, oats, hemp, and other sources. The soy source accounts for the largest market share in 2021. This is because of the wide range of benefits soy offers, such as it is naturally cholesterol-free and is low in saturated fat. Furthermore, it also supports healthy muscles and organs. It is also rich in omega-3 fatty acids. The almond source segment also covers a substantial market share as it reduces the risk of heart diseases, therefore, is suitable for cardiovascular patients.

Global Dairy Alternatives Market - By Distribution Channel

Based on the distribution channel, the Global dairy alternatives market is segmented into supermarkets & hypermarkets, health food stores, pharmacies, convenience stores, online stores, and other distribution channels. The supermarkets & hypermarkets segment accounts for the largest market share in 2021 owing to the high number of these stores, especially in urban regions. Furthermore, the availability of a wide range of products of different brands and rates under one roof also favors the growth of this segment. However, the online store's segment is projected to witness the highest CAGR during the forecast period.

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 owing to the high disposable income and high consumer consciousness towards animal cruelty. Furthermore, the presence of leading market players and easy availability of a wide range of products also acts as a major driving factor for the Global dairy alternatives market in this region. Europe also covers a substantial market share owing to the high demand for healthy food products.

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.

Recent Development

  • In February 2022, BRAIN Biotech, a European biotechnology company, and Formo, a German cell-ag company, announced their strategic alliance to bring bioidentical milk proteins to commercial viability.
  • In February 2022, Nestle, the food and beverage giant, announced the launch of a new plant-based version of Milo in Thailand.

Scope of the Report

Attributes Details
Years Considered Historical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in USD Billion
Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Product Service/Segmentation By Source, By Application, By Distribution Channel, By Formulation, By Region
Key Players 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.

 

By Source

  • Soy
  • Almond
  • Coconut
  • Rice
  • Oats
  • Hemp
  • Other Sources

By Application

  • Milk
  • Ice Creams
  • Yogurt
  • Cheese
  • Creamers
  • Other Applications

By Distribution Channel

  • Supermarkets & Hypermarkets
  • Health Food Stores
  • Pharmacies
  • Convenience Stores
  • Online Stores
  • Other Distribution Channels

By Formulation

  • Flavored
  • Plain

By Region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Latin America (LATAM)
  • Middle-East & Africa (MEA)
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation
  3. Executive Summary
  4. Global Dairy Alternatives Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Technological Advancement/Recent Development
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. Global Dairy Alternatives Market Overview
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Source
        1. Soya
        2. Almond
        3. Coconut
        4. Oats
        5. Rice
        6. Hemp
        7. Others
      2. By Distribution Channel
        1. Supermarkets & Hypermarkets
        2. Health Food Stores
        3. Pharmacies
        4. Convenience Stores
        5. Online Stores
        6. Others
      3. By Application
        1. Milk
        2. Yogurt
        3. Ice creams
        4. Cheese
        5. Creamers
        6. Others
      4. By Formulation
        1. Flavored
        2. Plain
      5. By Region
        1. North America
        2. Europe
        3. The Asia Pacific
        4. Latin America
        5. The Middle East and Africa
  6. North America Dairy Alternatives Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Source
      2. By Distribution Channel
      3. By Application
      4. By Formulation
      5. By Country
        1. United States
        2. Canada
  7. Europe Dairy Alternatives Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Source
      2. By Distribution Channel
      3. By Application
      4. By Formulation
      5. By Country
        1. Germany
        2. United Kingdom
        3. Italy
        4. France
        5. Spain
        6. Rest of Europe
  8. The Asia Pacific Dairy Alternatives Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Source
      2. By Distribution Channel
      3. By Application
      4. By Formulation
      5. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of Asia Pacific
  9. Latin America Dairy Alternatives Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Source
      2. By Distribution Channel
      3. By Application
      4. By Formulation
      5. By Country
        1. Brazil
        2. Mexico
        3. Rest of Latin America
  10. The Middle East & Africa Dairy Alternatives Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Source
      2. By Distribution Channel
      3. By Application
      4. By Formulation
      5. By Country
        1. Saudi Arabia
        2. UAE
        3. South Africa
        4. Rest of Middle East & Africa
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership)
  12. Impact of Covid-19 on Global Dairy Alternatives Market Industry
  13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. The Hain Celestial
    2. Blue Diamond Growers
    3. SunOpta
    4. Sanitarium Health and Wellbeing Company
    5. Danone
    6. Freedom Foods Group
    7. Earth’s Own Food Company
    8. Triballat Noyal
    9. Valsoia S.P.A
    10. Panos Brands
    11. Melt Organic
    12. Oatly
    13. Living Harvest Foods
    14. Ripple Foods
    15. Kite Hill
    16. Califia Farms
    17. Hudson River Foods Inc.
    18. Daiya Foods Inc.
    19. Other prominent players

 

  1. Key Strategic Recommendations

 

*Financial information in case of non-listed companies is provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List of Figures

 

Figure 1        Global Dairy Alternatives Segmentation

Figure 2        Global Dairy Alternatives Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        Global Dairy Alternatives Market Size, By Value (USD Million), 2018-2028

Figure 5        Global Dairy Alternatives Market Share, By Source, By Value, 2018-2028

Figure 6        Global Dairy Alternatives Market Share, By Distribution Channels, By Value, 2018-2028

Figure 7        Global Dairy Alternatives Market Share, By Application, By Value, 2018-2028

Figure 8        Global Dairy Alternatives Market Share, By Formulation, By Value, 2018-2028

Figure 9        Global Dairy Alternatives Market Share, By Region, By Value, 2018-2028

Figure 10       North America Dairy Alternatives Market Size, By Value (USD Million), 2018-2028

Figure 11       North America Dairy Alternatives Market Share, By Source, By Value, 2018-2028

Figure 12       North America Dairy Alternatives Market Share, By Distribution Channels, By Value, 2018-2028

Figure 13       North America Dairy Alternatives Market Share, By Application, By Value, 2018-2028

Figure 14       North America Dairy Alternatives Market Share, By Formulation, By Value, 2018-2028

Figure 15       North America Dairy Alternatives Market Share, By Country, By Value, 2018-2028

Figure 16       Europe Dairy Alternatives Market Size, By Value (USD Million), 2018-2028

Figure 17       Europe Dairy Alternatives Market Share, By Source, By Value, 2018-2028

Figure 18       Europe Dairy Alternatives Market Share, By Distribution Channels, By Value, 2018-2028

Figure 19       Europe Dairy Alternatives Market Share, By Application, By Value, 2018-2028

Figure 20       Europe Dairy Alternatives Market Share, By Formulation, By Value, 2018-2028

Figure 21       Europe Dairy Alternatives Market Share, By Country, By Value, 2018-2028

Figure 22       The Asia-Pacific Dairy Alternatives Market Size, By Value (USD Million), 2018-2028

Figure 23       The Asia-Pacific Dairy Alternatives Market Share, By Source, By Value, 2018-2028

Figure 24       The Asia-Pacific Dairy Alternatives Market Share, By Distribution Channels, By Value, 2018-2028

Figure 25       The Asia-Pacific Dairy Alternatives Market Share, By Application, By Value, 2018-2028

Figure 26       The Asia-Pacific Dairy Alternatives Market Share, By Formulation, By Value, 2018-2028

Figure 27       The Asia-Pacific Dairy Alternatives Market Share, By Country, By Value, 2018-2028

Figure 28       Latin America Dairy Alternatives Market Size, By Value (USD Million), 2018-2028

Figure 29       Latin America Dairy Alternatives Market Share, By Source, By Value, 2018-2028

Figure 30       Latin America Dairy Alternatives Market Share, By Distribution Channels, By Value, 2018-2028

Figure 31       Latin America Dairy Alternatives Market Share, By Application, By Value, 2018-2028

Figure 32       Latin America Dairy Alternatives Market Share, By Formulation, By Value, 2018-2028

Figure 33       Latin America Dairy Alternatives Market Share, By Country, By Value, 2018-2028

Figure 34       The Middle East & Africa Dairy Alternatives Market Size, By Value (USD Million), 2018-2028

Figure 35       The Middle East & Africa Dairy Alternatives Market Share, By Source, By Value, 2018-2028

Figure 36       The Middle East & Africa Dairy Alternatives Market Share, By Distribution Channels, By Value, 2018-2028

Figure 37       The Middle East & Africa Dairy Alternatives Market Share, By Application, By Value, 2018-2028

Figure 38       The Middle East & Africa Dairy Alternatives Market Share, By Formulation, By Value, 2018-2028

Figure 39       The Middle East & Africa Dairy Alternatives Market Share, By Country, By Value, 2018-2028

Figure 40       The Middle East & Africa Dairy Alternatives Market Share, By Country, By Value, 2018-2028

 

List of Tables

 

Table 1         Global Dairy Alternatives Market Size, By Source, By Value, 2018-2028

Table 2         Global Dairy Alternatives Market Size, By Distribution Channels, By Value, 2018-2028

Table 3         Global Dairy Alternatives Market Size, By Application, By Value, 2018-2028

Table 3         Global Dairy Alternatives Market Size, By Formulation, By Value, 2018-2028

Table 4         Global Dairy Alternatives Market Size, By Region, By Value, 2018-2028

Table 5         North America Dairy Alternatives Market Size, By Source, By Value, 2018-2028

Table 6         North America Dairy Alternatives Market Size, By Distribution Channels, By Value, 2018-2028

Table 7         North America Dairy Alternatives Market Size, By Application, By Value, 2018-2028

Table 8         North America Dairy Alternatives Market Size, By Formulation, By Value, 2018-2028

Table 9         North America Dairy Alternatives Market Size, By Country, By Value, 2018-2028

Table 10        Europe Dairy Alternatives Market Size, By Source, By Value, 2018-2028

Table 11        Europe Dairy Alternatives Market Size, By Distribution Channels, By Value, 2018-2028

Table 12        Europe Dairy Alternatives Market Size, By Application, By Value, 2018-2028

Table 13        Europe Dairy Alternatives Market Size, By Formulation, By Value, 2018-2028

Table 14        Europe Dairy Alternatives Market Size, By Country, By Value, 2018-2028

Table 15        The Asia-Pacific Dairy Alternatives Market Size, By Source, By Value, 2018-2028

Table 16        The Asia-Pacific Dairy Alternatives Market Size, By Distribution Channels, By Value, 2018-2028

Table 17        The Asia-Pacific Dairy Alternatives Market Size, By Application, By Value, 2018-2028

Table 18        The Asia-Pacific Dairy Alternatives Market Size, By Formulation, By Value, 2018-2028

Table 19        The Asia-Pacific Dairy Alternatives Market Size, By Country, By Value, 2018-2028

Table 20        Latin America Dairy Alternatives Market Size, By Source, By Value, 2018-2028

Table 21        Latin America Dairy Alternatives Market Size, By Distribution Channels, By Value, 2018-2028

Table 22        Latin America Dairy Alternatives Market Size, By Application, By Value, 2018-2028

Table 23        Latin America Dairy Alternatives Market Size, By Formulation, By Value, 2018-2028

Table 24        Latin America Dairy Alternatives Market Size, By Country, By Value, 2018-2028

Table 25        The Middle East & Africa Dairy Alternatives Market Size, By Source, By Value, 2018-2028

Table 26        The Middle East & Africa Dairy Alternatives Market Size, By Distribution Channels, By Value, 2018-2028

Table 27        The Middle East & Africa Dairy Alternatives Market Size, By Application, By Value, 2018-2028

Table 28        The Middle East & Africa Dairy Alternatives Market Size, By Formulation, By Value, 2018-2028

Table 29        The Middle East & Africa Dairy Alternatives Market Size, By Country, By Value, 2018-2028

Table 30        The Hain Celestial Company Overview

Table 31        The Hain Celestial Financial Overview

Table 32        Blue Diamond Growers Company Overview

Table 33        Blue Diamond Growers Financial Overview

Table 34        Sanitarium Health and Wellbeing Company Overview

Table 35        Sanitarium Health and Wellbeing Company Financial Overview

Table 36        Danone Company Overview

Table 37        Danone Financial Overview

Table 38        Earth’s Own Food Company Overview

Table 39        Earth’s Own Food Company Financial Overview

Table 40        Valsoia S.P.A Company Overview

Table 41        Valsoia S.P.A Financial Overview

Table 42        Panos Brands Company Overview

Table 43        Panos Brands Financial Overview

Table 44        Melt Organic Company Overview

Table 45        Melt Organic Financial Overview

Table 46        Oatly Company Overview

Table 47        Oatly Financial Overview

Table 48        Living Harvest Foods Company Overview

Table 49        Living Harvest Foods Financial Overview

Table 50        Ripple Foods Company Overview

Table 51        Ripple Foods Financial Overview

Table 52        Kite Hill Company Overview

Table 53        Kite Hill Financial Overview

Table 54        Califia Farms Company Overview

Table 55        Califia Farms Financial Overview

Table 56        Hudson River Foods Inc. Company Overview

Table 57        Hudson River Foods Inc. Financial Overview

Table 58        Daiya Foods Inc. Company Overview

Table 59        Daiya Foods Inc. Financial Overview

Market Segmentation

By Source

  • Soy
  • Almond
  • Coconut
  • Rice
  • Oats
  • Hemp
  • Other Sources

By Application

  • Milk
  • Ice Creams
  • Yogurt
  • Cheese
  • Creamers
  • Other Applications

By Distribution Channel

  • Supermarkets & Hypermarkets
  • Health Food Stores
  • Pharmacies
  • Convenience Stores
  • Online Stores
  • Other Distribution Channels

By Formulation

  • Flavored
  • Plain

By Region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Latin America (LATAM)
  • Middle-East & Africa (MEA)
No data available

To request a free sample copy of this report, please complete the form below.

We value your investment and offer free customization with every report to fulfil your exact research needs.

Note: Please share the corporate email address for faster response

This website is secure and your personal details are safe.

Frequently Asked Questions (FAQs):

Ans: The dairy alternatives market reached USD 24.1 billion in 2021.
Ans: The major factors driving the growth of the dairy alternatives market are health benefits of dairy alternatives and increasing launches of a wide range of products.
Ans: The key players in the 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.
Ans: The milk segment accounted for the largest share in the dairy alternatives market.
Ans: North America has the largest share in the dairy alternatives market.
array(1) {
  ["__ci_last_regenerate"]=>
  int(1731022750)
}