With 10.5% CAGR, Global Plant Based Dairy Products Market Size to Hit USD 31.5 Billion by 2028 - Rising Vegan Culture to Propel Market Growth

TOKYO, JAPAN, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled "Plant Based Dairy Products Market Size, Share, Growth Analysis Report By Product (Milk, Butter, Frozen Desserts, Yogurt, Cheese, and Creamers), By End-User (Business-to-Business (B2B), and Business-to-Consumer (B2C)), By Distribution Channel (Retails, Supermarkets, Local Shops, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" in its research database.

"According to the latest research study, the demand of global Plant Based Dairy Products Market size & share was valued at approximately USD 11.2 Billion in 2021. The market is expected to grow above a CAGR of 10.5% and is anticipated to reach over USD 31.5 Billion by 2028."

The report analyses the Plant Based Dairy Products market's drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Plant Based Dairy Products market.

Market Overview:

Plant based dairy products refer to milk products but the source of milk are plants and not animals which are more acceptable and traditional sources of the beverage. These dairy items form an important part of plant-based eating culture originating from the idea of an ecosystem where all living animals are treated equally. Vegans are people who refrain from consuming any product, clothing, or food which was created through a process involving cruelty against animals. Plant based dairy products are known to have several benefits associated with them. For instance, it is known to curb obesity as these items have a low-calorie count, minimum fat presence, and abundance of naturally created nutrients. As per official studies, people who have incorporated a plant-based diet, have lower body mass index along with a reduced chance of high blood pressure, diabetes, or heart failure.

However, there are ongoing debates about the true potential of the products as claimed by scholars. Since there is indications that maybe it is not as beneficial as one may want to believe. For instance, there are concerns over the method of cultivation which involves the use of external agents, does the product really qualify as organic and 100% plant-based. Since the human body since ages has become used to animal-based dairy products, it is recommended to check with a nutritionist before switching to an all-plant-based diet.

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• Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
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• Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
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• Facts and Factors research methodology

Key Insights from Primary Research

• As per the analysis, the Plant Based Dairy Products market is likely to grow above a CAGR of around 10.5% between 2022 and 2028.
• The Plant Based Dairy Products market size was worth around US$ 11.2 Billion in 2021 and is estimated to hit approximately US$ 31.5 Billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on distribution channel segmentation, supermarkets were predicted to show maximum market share in the year 2021.
• Based on product segmentation, milk was the leading revenue-generating product in 2021.
• On the basis of region, North America was the leading revenue generator in 2021.

Market Dynamics:

The global plant based dairy products market size is projected to grow owing to the reinforcement of ideas like sustainable eating habits, side-effects of animal products, health benefits of plant-based items, and related aspects by nutritionists & healthcare providers. Many studies have shown that animal-based milk or milk products can lead to severe medical conditions. As per a report by the Physicians Committee for Responsible Medicine, studies have shown that milk along with other derived products is one of the top sources of saturated fats found in American diet culture potentially leading to type 2 diabetes and heart conditions, amongst others, and an increased risk of prostate, ovarian, and breast cancer. There is also a high number of people who are lactose intolerant making dairy consumption impossible for this section. As a result, more people, with the help of medical personnel, are shifting toward plant-based diet forms. In a recent survey conducted by the International Food Information Council, 43% of the respondents stated that they are always looking for healthier food substitutes whereas 52% claimed to at least sometimes, whenever possible, choose healthy food items over unhealthy products.

The high price of products may restrict the global market growth while the growing efforts by units against animal cruelty may provide growth opportunities. The global market is projected to face challenges because of an insufficient number of suppliers.

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Plant Based Dairy Products Market: COVID-19 Impact Analysis

Covid-19 influenced the global market cap to gain growth momentum owing to the doubts amongst consumers related to animal-based food items. More people were estimated to have pondered over the option to switch to a plant-based diet including dairy products.

Competitive Players

The report contains qualitative and quantitative research on the global Plant Based Dairy Products Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

Some of the main players in the global Plant Based Dairy Products market include:

• Chobani 
• Lactalis 
• Unilever 
• Nestle 
• General Mills 
• Saputo 
• The Hain Celestial Group Inc. 
• Axiom Foods Inc. 
• Danone SA. 
• Sahmyook Foods.

Browse the full "Plant Based Dairy Products Market Size, Share, Growth Analysis Report By Product (Milk, Butter, Frozen Desserts, Yogurt, Cheese, and Creamers), By End-User (Business-to-Business (B2B), and Business-to-Consumer (B2C)), By Distribution Channel (Retails, Supermarkets, Local Shops, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/plant-based-dairy-products-market

Plant Based Dairy Products Market: Segmentation Analysis

The global plant based dairy products market is segmented based on product, end-user, distribution channel, and region.

By product, the global market segments are milk, butter, frozen desserts, yogurt, cheese, and creamers. Milk leads the segment with almond milk generating a revenue of 344 million in the first three months of 2021, as reported by Statista.

By end-user, the global market segments are business-to-business (B2B), and business-to-consumer (B2C). The global market is currently dominated by the B2C segment because of high dairy consumption in general with an average of 65 kilograms per person in European countries, as of 2020.

Based on distribution channel, the global market is divided into retails, supermarkets, local shops, and others. Supermarkets are leading the segment since they have more options. As per official studies, more than 29.5% of people prefer supermarkets.

Regional Analysis:

North America is projected to lead the global plant based dairy products market driven by a higher number of market players in regions like the US and Canada. Dairy products, in general, have a higher consumer database in these areas and with the efforts of organizations against animal cruelty; more people are made aware of the potential health hazard related to the consumption of animal-derived products. The growing innovations in the production of plant based dairy products may also assist in regional growth. Europe is anticipated to grow significantly whereas Asia-Pacific, led by India is showing signs of a potential market for a high growth rate. In 2019, the Indian market was valued at USD 21 Billion.

Recent Industry Developments:

• In February 2022, Nestle announced the launch of a new plant-based version of Milo, a popular ready-to-drink beverage, for the Thailand market. The product will be soy based and combined with Milo's malt-based flavor
• In October 2021, Kerry launched a toolkit for the production of plant-based dairy alternatives for the food and beverages sector in developing economies.

Report Scope:

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The global Plant Based Dairy Products market is segmented as follows:

By Product

• Milk
• Butter
• Frozen Desserts
• Yogurt
• Cheese
• Creamers

By End-User

• Business-to-Business (B2B)
• Business-to-Consumer (B2C)

By Distribution Channel

• Retails
• Supermarkets
• Local Shops
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Southeast Asia
• The Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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Key Offerings:

• Market Size, Trends, & Forecast by Revenue | 2022−2028
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis by Product, End-User, Distribution Channel, and Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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