Dairy Alternatives Market to Garner $35.80 Bn, Globally, by 2026 at 13.6% CAGR, Says Allied Market Research

Rise in demand for plant-based milk, increase in disposable income, and surge in awareness regarding benefits of dairy alternative products drive the growth of the global dairy alternatives market

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Allied Market Research

Dec 04, 2019, 06:30 ET

PORTLAND, Oregon, Dec. 4, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Dairy Alternatives Market by Source (Soy, Almond, Rice and Other Sources), Application (Food, Beverages, Dairy-free Probiotic Drinks and Others), Distribution Channel (Large Retail, Small Retail, Specialty Stores and Online): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global dairy alternatives industry was pegged at $13.02 billion in 2018 and is projected to reach $35.80 billion by 2026, registering a CAGR of 13.6% from 2019 to 2026.

Chief reasons for market fluctuations

Increase in demand for plant-based milk, rise in disposable income, and surge in awareness regarding benefits of dairy alternative products have boosted the growth of the global dairy alternatives market. Furthermore, the increase in the vegan population fuels the growth of the market. However, prominence of low cholesterol and low-fat conventional milk and high cost of dairy alternative milk impede the growth to certain extent. On the contrary, rise in dairy allergic consumers and innovation in taste and flavor of dairy alternative beverages are the factors expected to create lucrative opportunities in the near future.

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The beverages segment to rule the roost through 2026

Based on application, the beverages segment held the largest share in 2018, accounting for nearly three-fourths of the global dairy alternatives market. Furthermore, the segment is expected to maintain its dominance throughout the study period. Moreover, the segment is expected to portray the fastest CAGR of 14.0% during the forecast period. This is due to increase in demand for plant-based chemical-free milk by lactose intolerant population and growing popularity of dairy free probiotic drinks.

The large retail segment dominated the market

Based on distribution channel, the large retail segment held the lion's share in 2018, contributing to more than half of the global Dairy alternatives market. This is owing to rise in adoption of large retail formats such as supermarket and hypermarket in both the mature and emerging markets. However, the online segment is expected to manifest the fastest CAGR of 14.8% during the forecast period. This is due to increase in penetration of Internet at a global level, rise in popularity of online shopping, and surge in dependence of consumers on mobile banking.

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Asia-Pacific held the largest share in 2018, followed by North America

The global Dairy alternatives market across Asia-Pacific dominated in 2018, contributing to more than two-fifths of the market. Moreover, the region is expected to register the fastest CAGR of 14.5% during the study period. This is due to rise in the trend of veganism and surge in consumers' awareness about health and fitness in the region. On the other hand, North America held the second-largest share in terms of revenue.

Major market players

Blue Diamond Growers
WhiteWave Foods Company
Earth's Own Food Inc
Kikkoman Corporation
Rebel Kitchen
Panos Brands LLC
Organic Valley
The Hain Celestial Group Inc
Eden Foods Inc
Living Harvest Foods Inc
SunOpta Inc

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