Dairy Alternatives Market Size Worth US$ 51,656.58MN, Globally, by 2028 at 10.6% CAGR - Exclusive Report by The Insight Partners

NEW YORK, June 3, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Dairy Alternatives Market to Forecast 2028 – COVID-19 Impact and Global Analysis – by Source, Product Type, Distribution Channel, and Geography," The market is projected to reach US$ 51,656.58 million by 2028 from US$ 28,181.76 million in 2022; it is expected to grow at a CAGR of 10.6% from 2022 to 2028. Dairy Alternatives Market By Source (Soy, Almond, Coconut, Oats, and Others), Product Type (Milk, Ice Cream, Yogurt, Cheese, and Others), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)" includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments. The report also provides a market share analysis.

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Dairy Alternatives Market: Competitive Landscape and Key Developments

The key players operating in the dairy alternatives market include SunOpta; Blue Diamond Growers; Nestle SA; Danone S.A.; Oatly Inc.; Califia Farms, LLC; Valsoia S.p.A.; Lactasoy co.th.; Valio Ltd.; and Sanitarium. These companies are launching innovative products to attract a large number of consumers. For instance, Take Two Foods, one of the key manufacturers of plant-based milk, offers nutrient-enriched barley milk with a complete portfolio of nutrients such as protein, fiber, calcium, and unsaturated fats. The company uses spent barley or upcycled barley from the beer-brewing process to manufacture its barley milk. Such innovative products are expected to gain immense popularity among consumers over the coming years.

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The Middle East & Africa dairy alternatives market is expected to register the fastest CAGR during the forecast period. Consumers in the UAE and the rest of the Middle East & Africa are becoming increasingly conscious of the influence of food on their health. Various efforts by governments to tackle obesity in their nations boosted the awareness regarding health and wellness among consumers in the Middle East & Africa. For instance, in March 2022, the UAE government organized a joint meeting to discuss the roadmap for tackling obesity in the country. Such initiatives result in various lifestyle changes that influence various markets, including the dairy alternatives market across the Middle East & Africa.

Surging Demand for Functional Dairy Alternatives to Drive the Market Growth

Nowadays, consumers are increasingly seeking functional benefits from the products they consume. They are looking for products with high nutrient content to fulfill their daily nutritional requirements. The dairy alternatives manufacturers are incorporating functional ingredients, such as antioxidants, collagens, adaptogens, and nootropics, in their products to meet the rising demand for functional dairy alternatives. For instance, back in March 2019, Pop and Bottle, a manufacturer of plant-based lattes, launched a new line of functional oat milk lattes with added ingredients such as collagen, adaptogen, and antioxidants. The oat milk latte is cold brew and is certified organic. The addition of functional ingredients enhances the popularity of the products and boosts their adoption among consumers. Thus, the surging demand for functional dairy alternatives is driving the growth of the dairy alternatives market.

Dairy alternatives are made using plant milk such as soy milk, pea milk, almond milk, and coconut milk. Soy milk is more affordable than other plant milk, and it provides a similar amount of protein as whole milk. For instance, 1 liter of whole dairy milk contains 8 g of protein, whereas the same amount of soy milk has 7 g of protein. Thus, soy milk is the ideal replacement for dairy-based milk and milk products. Consumers are highly inclined toward plant-based or vegan-friendly products due to increasing health concerns and increasing awareness of animal welfare. Plant-based products are generally perceived as healthier than conventional ones. This factor is primarily driving the dairy alternatives market size expansion.

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Dairy Alternatives Market: Segmental Overview

Based on source, the dairy alternatives market is segmented into soy, almond, coconut, oats, and others. The soy segment held the largest share of the market in 2020. Soy-based products are becoming popular, especially among women, including isoflavones, lowering the risk of heart disease and breast cancer. Soy milk is one of the most popular and easiest-to-find non-dairy milk. It has the approximately same amount of protein as cow's milk and is a very good vitamin D and calcium source. Moreover, the increasing adoption of soy-based dairy alternatives among professional athletes and fitness enthusiasts further boosts the growth of the soy segment.

Based on product type, the dairy alternatives market is segmented into milk, ice cream, yogurt, cheese, and others. The yogurt segment is expected to register the highest CAGR during the forecast period and gain significant traction among consumers due to its health benefits. People widely consume yogurt to improve their gut health due to its natural prebiotic content. Plant-based yogurts have low fat and cholesterol content, thereby boosting their popularity among health-conscious consumers. The manufacturers of non-dairy yogurt are launching innovative products to expand their customer size. For instance, In June 2019, Yooga launched plant-based yogurt in various innovative flavors, including sea salt chocolate and golden turmeric milk. Such innovations enable companies to gain a competitive advantage, which is further fueling the dairy alternatives market growth.

Based on product type, the dairy alternatives market is segmented into milk, ice cream, yogurt, cheese, and others. The milk segment held the largest share in the dairy alternatives market in 2020; however, the yogurt segment is projected to register the fastest CAGR during the forecast period. Plant-based milk from sources such as soy, almonds, coconuts, and oats is the best alternative for dairy milk and other animal-based milk present in the market. Increasing lactose intolerance among the population is one of the major factors to propel the growth of the plant-based milk market. Moreover, people who are allergic to milk are also recommended to consume plant-based milk. Furthermore, with the increasing vegan population globally, the demand for plant-based milk is rising, which is driving the segment's growth.

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Dairy alternatives have a lucrative opportunity in the product innovation. Dairy alternatives manufacturers are making a significant investment in product innovation to appeal to a large group of consumers. Product innovation strategy offers a competitive edge to the players operating in the market, boosting their profitability. The manufacturers of dairy alternatives offer certified organic, non-GMO, gluten-free, clean-label, and allergen-free products to cater to the emerging customer requirements. Moreover, as consumers have become health-conscious, they prefer low-calorie and low-fat products. Therefore, manufacturers of plant-based dairy offer unsweetened and low-sugar products. Hence, product developments are further expected to provide potential growth opportunities to the manufacturers of dairy alternatives in the coming years.

Based on product type, milk segments have the largest revenue share. Plant-based milk from sources such as soy, almonds, coconuts, and oats are the best alternative for dairy milk and other animal-based milk present in the market. Due to its high nutritional values and increasing plant-based diet trend the population prefers milk alternatives the most. Increasing lactose intolerance among the population is one of the major factors to propel the market growth of plant-based milk. Further, the varieties include Barista Style Organic Oat, Barista Style Organic Coconut, Organic Soya, and Organic Rice. Such strategic developments by manufacturers further drive the milk segment’s growth in the forecast period.

Based on distribution channel, the dairy alternatives market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The online retail segment is expected to register the highest CAGR during the forecast period. E-commerce platforms witnessed massive growth over the past few years due to the increasing number of consumers looking for convenient shopping platforms. Consumers find online retail channels convenient for shopping as they offer multiple brands of products under one roof and home delivery services. Moreover, these stores provide lucrative discounts and offers, which attract many consumers. In addition to a hassle-free shopping experience, the availability of a wide range of dairy alternatives with consumer reviews, multiple payment options, and home delivery services drives the growth of the dairy alternatives market for the online retail segment.

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Asia Pacific accounted for the largest share of the global dairy alternatives market. The dairy alternatives market in Asia Pacific is significantly growing due to changing lifestyles of consumers and an increase in consumption of clean label products. The dairy alternatives market in the region is undergoing a remarkable transformation due to increased urbanization, diet diversification, and the legalization of foreign direct investment in the food sector. Hence, manufacturers are adopting strategies for the development and expansion of their businesses. Further, a surge in health-conscious consumers in emerging countries and the rising trend of consuming plant-based products are a few factors that contribute to the demand for dairy alternatives in the Asia Pacific region.

Impact of COVID-19 Pandemic on Dairy Alternatives Market

The COVID-19 pandemic affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The food & beverages industry was one of the major areas that suffered serious disruptions, such as breaks in supply chains and shutdowns of production plants. During the initial phases of the COVID-19 pandemic, various companies announced possible delays in product deliveries and a slump in future sales of their products. However, due to the COVID-19 pandemic, people became more concerned about health and fitness. They began shifting toward healthy alternatives that reinforce their immune system and boost their health. People increasingly replaced conventional dairy products with plant-based dairy products, especially after the outbreak, due to increased health and wellness concerns. Generally, people associate plant-based products with enhanced health benefits. This factor offered the strong potential to the dairy alternatives market during the COVID-19 pandemic. Further, online grocery sales increased as brick-and-mortar stores were closed, while e-commerce platforms provided home delivery amid lockdown restrictions. In line with this trend, the manufacturers of dairy alternatives strengthened their online presence by offering their products through e-commerce platforms, such as Amazon.com, Walmart, and Lidl.

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