Dairy Alternatives Market

New Revenue Pockets: Growing Vegan and Flexitarian Population is Going to Drive the Dairy Alternatives Market

According to MarketsandMarkets, the global dairy alternatives market size is estimated to be valued at USD 22.6 billion in 2020 and is projected to reach USD 40.6 billion by 2026, recording a CAGR of 10.3%. The growth of the dairy alternatives market can be attributed to the growing vegan and flexitarian population across the world and increasing demand for plant-based products. Along with that, increased demand for lactose-free food & beverages is also expected to further fuel the dairy alternatives market in the forecasted period. Asia Pacific dominated the global dairy alternatives market.

Dairy alternative products are derived from plant-based sources to mimic dairy products and are designed to be distinguishable from their dairy-based equivalents. They are referred to as “dairy alternatives,” as they directly substitute dairy products made using plant sources such as soy, almond, coconut, rice, oats, and hemp. The most common dairy alternative products available in the market are milk, yogurt, ice creams, cheese, and creamers.

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Asia Pacific dominated the global dairy alternatives market. It is largely driven by the rising demand for dairy alternatives in large economies such as China, Japan, and Australia, partnered with a strong agricultural production base for plant-based sources such as soy, coconut, and rice. The region is also a key importer of plant-based sources. Along with it, the overall investment in the Asia Pacific region has also increased substantially over the past decade. The changing lifestyles of consumers and increase in the consumption of clean label products are also fueling the growth of the dairy alternatives market in the region.

Among various sources of dairy alternatives, soy accounts for the major market share in the overall dairy alternatives market. Soy-based dairy alternatives are considered to be one of the best substitutes for dairy products owing to their nutritional content. They are a rich source of proteins and calcium and are very suitable for lactose-intolerant individuals. Soy-based products also lack casein, which is also a cause of many milk-based allergies.

Based on application, dairy-free yogurt is projected to be the fastest-growing segment during the forecast period. The growth is mainly associated with the growing awareness about dairy alternatives and their benefits among consumers. Major brands offering yogurt alternatives in the market include Dream and Joy offered by The Hain Celestial (US) and Silk and So Delicious offered by Danone (France). The demand for new varieties is rising, creating new opportunities for dairy-free yogurt manufacturers.

Among various distribution channels, the online stores segment is projected to be the fastest-growing from 2020 to 2026. Many key players operating in the dairy alternatives market have started offering their products for sale through online channels. Online stores are a convenient place for the consumers to place orders as well as getting the products home-delivered. These online platforms offer a wide variety of options at discounted rates as compared to traditional retail prices. Online stores are getting popular as they are easily accessible and cost-effective.

The flavored dairy alternative products account for the major share in the overall dairy alternatives market. The incorporation of flavors in products enhances palatability and helps manufacturers to diversify their product portfolio.

The WhiteWave Foods Company: It is involved in the manufacturing and marketing of fresh dairy products, baby nutrition, medical nutrition, and beverages. The company operates through three business segments, namely, plant-based food & beverages, coffee creamers & beverages, and premium dairy. It offers dairy alternative products such as soymilk, almond milk, and coconut milk under the Silk, Alpro, and So Delicious brands under its plant-based food & beverages business segment. The company sells its products under the brands—Horizon, Silk, So Delicious, Alpro, Earthbound Farm, Vega, Wallaby Organic, and International Delight.

Hain Celestial: It is involved in the manufacture, distribution, marketing, and sales of natural & organic food products and natural & organic personal care products under different brand names. The company offers products under the categories grocery, snacks, personal care, and tea. It has a broad portfolio of dairy-free products that are offered through its line of grocery products. It offers dairy alternative products under the brands, Dream and MaraNatha. The company sells its products to specialty & natural food distributors & supermarkets, natural food stores, and other retail outlets, including mass-market retailers, drug store chains, foodservice channels, and club stores. It marks its operational presence in North America, Europe, and the rest of the world with a broad manufacturing footprint with over more than 38 factories globally. The company’s products are sold in more than 80 countries.

Blue Diamond Growers: It is an almond processing and marketing company. This agricultural cooperative and marketing organization specializes in providing almonds and almond products, including roasted almonds under the Blue Diamond brand and almond milk under the Almond Breeze brand. The company’s Member Relations Department focuses on helping the agricultural community and improves its crop production, provide technical advice, or consult on variety selection to ensure crop quality. The product portfolio of Blue Diamond Growers varies across the whole natural, roasted salted, honey roasted, lightly salted, sea salt, and snack almonds, which include oven-roasted almonds, flavored fruit almonds, bold-flavored almonds, coffee-flavored almonds, and cooking & baking almonds. The company also provides Nut Thins (a cracker food), Almond Breeze (a milk beverage), multi-seed, flaxseed, sesame seed, chia seed, and Asiago cheese almonds. The company serves customers in more than 80 countries and consistently focuses on product innovation, skillful marketing, and product promotion worldwide, in both ingredient & retail sales.

Related Reports:

Dairy Alternatives Market by Source (Soy, Almond, Coconut, Oats, Rice, Hemp), Application (Milk, Yogurt, Ice creams, Cheese, Creamers), Distribution Channel (Supermarkets, Health Food Stores, Pharmacies), Formulation, and Region - Global Forecast to 2026

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Report Code
FB 1142
RI Published ON
1/11/2019
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