Dairy Alternatives Market Size Worth $52.58 Billion By 2028 | CAGR: 12.5%: Grand View Research, Inc.

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Apr 27, 2021, 04:05 ET

SAN FRANCISCO, April 27, 2021 /PRNewswire/ -- The global dairy alternatives market size is expected to reach USD 52.58 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 12.5% from 2021 to 2028. The rise in demand for plant-based alternatives and changing consumer diets utilizing milk alternatives are driving the demand for dairy alternatives. Increasing occurrence of milk allergies or cases of lactose intolerance is expected to drive the market further. People with lactose intolerance are increasingly opting for milk alternatives, which has made beverage manufacturers adopt dairy alternatives to appeal to the respective consumer base, further propelling the demand for dairy alternatives.

Key suggestions from the report:

By source, soy held the largest share of over 35.0% in 2020. Soy milk has been traditionally consumed for a long time in many countries and is affordable and easily available worldwide, making it the most dominant source segment in terms of revenue in 2020
By product, milk captured the largest share of more than 67.0% in 2020 owing to high demand for plant-based milk alternatives from lactose-intolerant consumers as well as consumers following a vegan diet. The increasing occurrences of high cholesterol in adults and the elderly have led to numerous consumers opting for dairy alternatives-based products instead of milk products
By distribution channel, supermarkets and hypermarkets led the market with more than 40.0% share in 2020. Developed regions such as North America and Europe have a higher penetration of supermarkets and hypermarkets, meanwhile developing regions are witnessing an increased number of supermarkets and hypermarkets, thus contributing to the high growth of the distribution channel segment
Asia Pacific dominated the market in 2020 with a share of over 44.0% in terms of revenue, which was followed by North America and Europe, respectively. The easy availability of the product in aseptic packaging enabling convenient storage is expected to result in increased adoption of the product over the forecast period
The investments in the plant-based alternatives food sector are increasing as the market for the same is growing. For instance, an investment issuer called EAT BEYOND GLOBAL HOLDINGS INC. added Plant Power Restaurant Group, LLC to its portfolio, which has vegan beverages, such as shakes. The deal aims to target a larger consumer base that eats fast food but prefers vegan alternatives

Read 165 page research report with ToC on "Dairy Alternatives Market Size, Share & Trends Analysis Report By Source (Soy, Almond), By Product (Milk, Ice Cream), By Distribution Channel (Supermarket & Hypermarkets, Online Retail), And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/dairy-alternatives-market

Changing consumer preferences caused by environmental or moral concerns resulting in the mass adoption of vegan or similar diets are expected to positively impact the market growth over the forecast period. Europe has a well-established food and beverages industry and has seen significant growth in the vegan population, resulting in the high market growth in the region.

Moreover, consumers are opting for more variety in their food and beverage products such as almond milk coffee or coconut panna kotta. Similar dishes with dairy alternatives are becoming available across major industries such as hotels, restaurants, and cafes as well as in packaged foods. The increased availability of the products has made it easier for consumers to opt for dairy alternatives and products consisting of the same.

Asia Pacific has been the most dominant regional market as it consists of numerous emerging economies, along with a growing population. The growing middle-class population, coupled with the increasing disposable income, has empowered consumers to opt for variety in their food choices. Moreover, exposure to westernized foods and diet trends is driving the market further in the region.

The market is highly competitive as the established players have already captured a large market share, however, emerging local players are entering the market considering the realized demand for the product. The simplicity of the process and technology has made it easier for the new entrants to infiltrate the market, and therefore increase competition in the market. The existing players have been coming up with new products and sources of milk. For instance, a start-up in San Francisco has collaborated with ADM to produce animal-free milk using microflora, such as yeast. The product is expected to have all the benefits of cow milk without the raw material.

Grand View Research has segmented the global dairy alternatives market on the basis of source, product, distribution channel, and region:

Dairy Alternative Source Outlook (Revenue, USD Million, 2017 - 2028)

Soy
Almond
Coconut
Rice
Oats
Other

Dairy Alternative Product Outlook (Revenue, USD Million, 2017 - 2028)

Milk
Yogurt
Ice Cream
Cheese
Creamer
Others

Dairy Alternative Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)

Supermarkets & Hypermarkets
Convenience Stores
Online Retail
Others

Dairy Alternative Regional Outlook (Revenue, USD Million, 2017 - 2028)

North America

U.S.
Canada
Mexico

Europe

Germany
U.K.
France
Italy
Spain

Asia Pacific

China
Japan
India
Australia

Central & South America (CSA)

Brazil

Middle East & Africa (MEA)

South Africa

List of Key Players of Dairy Alternatives Market

The Hain Celestial Group, Inc.
SunOpta Inc.
Danone
Oatly
Vitasoy International Holdings Limited
DAIYA FOODS INC.
Melt Organic
Living Harvest Foods Inc.
Ripple Foods
Earth's Own Food Company Inc.

Find more research reports on Processed & Frozen Foods Industry, by Grand View Research:

Almond Milk Market – The global almond milk market size was valued at USD 5.2 billion in 2018 and is expected to expand at a CAGR of 14.3% from 2019 to 2025.
Ketogenic Diet Market – The global ketogenic diet market size was valued at USD 9.57 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 5.5% from 2020 to 2027.
Dairy Ingredients Market – Rising consumption of protein fortified functional food products by vegetarians to supplement their protein requirements is projected to have a strong impact on the market.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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