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 productsGlobal 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 - 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)
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumption & Limitation
- Qualitative Research
- Executive Summary
- Global Dairy Alternatives Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Restraints
- Opportunities
- Challenges
- Technological Advancement/Recent Development
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Global Dairy Alternatives Market Overview
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- Market Share & Forecast
- By Source
- Soya
- Almond
- Coconut
- Oats
- Rice
- Hemp
- Others
- By Distribution Channel
- Supermarkets & Hypermarkets
- Health Food Stores
- Pharmacies
- Convenience Stores
- Online Stores
- Others
- By Application
- Milk
- Yogurt
- Ice creams
- Cheese
- Creamers
- Others
- By Formulation
- Flavored
- Plain
- By Region
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East and Africa
- By Source
- Market Size & Forecast by Value, 2018-2028
- North America Dairy Alternatives Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- Market Share & Forecast
- By Source
- By Distribution Channel
- By Application
- By Formulation
- By Country
- United States
- Canada
- Market Size & Forecast by Value, 2018-2028
- Europe Dairy Alternatives Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- Market Share & Forecast
- By Source
- By Distribution Channel
- By Application
- By Formulation
- By Country
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Market Size & Forecast by Value, 2018-2028
- The Asia Pacific Dairy Alternatives Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- Market Share & Forecast
- By Source
- By Distribution Channel
- By Application
- By Formulation
- By Country
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Market Size & Forecast by Value, 2018-2028
- Latin America Dairy Alternatives Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- Market Share & Forecast
- By Source
- By Distribution Channel
- By Application
- By Formulation
- By Country
- Brazil
- Mexico
- Rest of Latin America
- Market Size & Forecast by Value, 2018-2028
- The Middle East & Africa Dairy Alternatives Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- Market Share & Forecast
- By Source
- By Distribution Channel
- By Application
- By Formulation
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
- Market Size & Forecast by Value, 2018-2028
- Competitive Landscape
- List of Key Players and Their Offerings
- Market Share Analysis, 2021
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Development (Merger, Acquisition, Partnership)
- Impact of Covid-19 on Global Dairy Alternatives Market Industry
- Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
- 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.
- Other prominent players
- 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)
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