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Dairy Alternative Market Size to Hit USD 68.79 Billion by 2030

The global dairy alternatives market size is projected to hit around USD 68.79 billion by 2030 from valued at USD 25.2 billion in 2021 and growing at a CAGR of 11.8% from 2022 to 2030.

/EIN News/ -- Tokyo, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Precedence Research, Recently Announced Report on “Dairy Alternatives Market (By Source; By Product; By Formulation; By Distribution Channel) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”

Dairy-based food and beverage alternatives such as desserts, soy milk, snacks, cheese, almond milk and others are gaining popularity due to their high nutritional value and health benefits. In addition, the functional properties presented by dairy-free products contribute to improved texture, resistance to fatigue, stress, aging and many other problems. Furthermore, the increase in consumption of dairy-free foods by the vegan population will increase demand for these products.

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The dramatic shift to Western diets in many developed and developing countries including China, India, Argentina, Belgium, the U.S and others, is one of the key factors boosting the market growth. The Western cultural diet is largely based on dairy products such as cheese, milk, and butter; however, growing awareness of cruelty to animals has driven the adoption rate of dairy-free products.

Report Highlights

  • On the basis of the type, the food segment will have the highest growth in the forecasted period. Due to the growing popularity of the plant based dairy products such as butter, cheese, yogurt, and tofu the food segment is expected to grow rapidly.
  • On the basis of source, the almond segment is expected to maintain its dominance in the coming years. There is an increased adoption and vegan lifestyle and use of almond in making of other dairy products such as butter, cheese and yogurt is increasing over the last few years. This attributes to the dominance of the almond segment over the forecast period.

Report Insights

  • In 2021, the soy source segment has had highest market share of 35.5%. However, the almond segment is growing at a CAGR of 14.5% between 2022 to 2030.
  • In 2021, the milk product segment exhibited market share of around 66% with a registered CAGR of 13.5% from 2022 to 2030.
  • In 2021, the supermarkets and hypermarkets distribution channel segment had accounted market share 41%.

Regional Snapshots

  • Asia-Pacific dominates the market and accounts for more than 41.5% of global revenue share by 2021. Population expansion and disposable income increase in emerging countries, such as India, China and Japan are expected to increase demand for the product in Asia-Pacific.
  • North America is one of the main markets for milk alternatives because many dairy alternatives, such as ice cream and yogurt, are widely consumed. The growing consumer demand for sweetened soy and almond milk is expected to be a key driver for the alternative milk industry. Dairy-based milk substitutes are used to produce various food and dessert products, which are expected to drive the industry during the forecast period in the North American region.
  • The European market is expected to witness growth due to the growing demand for healthy food and beverages in the region. Manufacturers are focusing on developing new products, including soy water mixes and fresh soy drinks to attract and reach new customers.

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Scope of the Report

Report Attributes Details
Market Size in 2021 USD 25.2 Billion
Revenue Forecast by 2030 USD 68.79 Billion
CAGR 11.8% from 2022 to 2030
Base Year 2021
Forecast Year 2022 to 2030
Key Players Demant A/S, Starkey Laboratories, Inc., Cochlear Ltd., RION Co., Ltd, Microson, GN Store Nord A/S, Sonova Group

Market Dynamics

Drivers


Demand for sugar free dairy alternatives is growing as consumers seek to avoid the extra calories caused by added sugar. Consumers are also choosing dairy alternatives as a means of reducing their calorie intake, as dairy products often contain a high amount of calories. Consumers aiming at weight loss are increasingly replacing cow or buffalo milk with soy or almond milk. This is expected to contribute to the growth of the market as fitness savvy consumers increase globally.

Concerns about hormones, pesticides and antibiotics are driving demand for the product. Residues of the above substances will be harmful to consumption, especially by pregnant women. The presence of hormones in dairy products consumed by humans causes and initiates endometrial, prostate and breast cancers. Dairy alternatives have presented themselves as a safe alternative to dairy products because they are naturally derived and extracted in a natural way. The outstanding benefits brought by milk substitutes are expected to further accelerate the growth of the market during the forecast period.

Restraints

The dairy alternatives market mainly restrict the market growth in the developing economies due to the high costs related to the plant based dairy products. Consumers in developing countries such as India, China, Australia, Bangladesh, Brazil, and Mexico cannot afford the high costs of dairy alternatives and hence the consumer base for these products is very limited in such countries. Moreover as the cost related to sourcing raw materials is high for plant based products, it directly affects the final costing of the product which makes it costlier and unaffordable for majority of the consumers. With majority of the consumers falling in middle and lower income group, high costs of the dairy products made from plant based raw materials acts as a major restraint for the growth of the market in developing countries.

Opportunities

Manufacturers of milk substitutes invest heavily in product innovation to attract more consumers. The product innovation strategy gives a competitive edge to the active players in the market, increasing their profits. Manufacturers of dairy alternatives are offering certified organic products that are GMO-free, gluten-free, label-free, and hypoallergenic to meet new customer needs.

Furthermore, as health-conscious consumers, they prefer low-calorie and low-fat products. As a result, plant-based dairy product manufacturers offer sugar-free and low-sugar products. For example, in February 2021, Hasla Foods launched a 24-oz (ounce) family-friendly oat yogurt without sugar. The product contains only 90 calories per serving and contains no added sugar. In June 2021, the same company expanded its retail reach by offering its products at Vitamin Cottage's 160 National grocers in the U.S. Such strategies are expected to provide lucrative opportunities in the dairy substitutes market during the forecast period.

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Challenges

Major challenge faced by the industry in the developing regions such as South America, Asia Pacific, and Middle East is the lack of awareness about the products in the majority of the population groups. Consumers in these developing regions are not much aware about the availability of the plant based products in nearby stores and hence they do not buy these items. Moreover, with lack of knowledge and awareness majority of the consumers are not very confident about the results of these products. Hence lack of awareness about the products and lack of knowledge pose major challenge for the growth of dairy alternatives market.

Recent Developments

  • Hershey India developed Sofit Plus, a plant protein drink which is made up of soy ingredients and is aimed at meeting the nutritional requirements of underprivileged children.

Market Segmentation

By Source

  • Soy
  • Almond
  • Coconut
  • Oats
  • Rice
  • Others

By Product

  • Food
    • Milk
    • Ice Cream
    • Yogurt
    • Cheese
    • Others
  • Beverages

By Formulation

  • Flavored
  • Plain

By Distribution Channel

  • Supermarkets & Hypermarkets
  • Convenience Stores
  • Online Retail
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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