Prominent market players in the plant-based dairy market are focusing on expanding their foothold by launching new products at affordable prices.
ROCKVILLE, MD / ACCESSWIRE / October 6, 2020 / The global plant-based dairy market is projected to expand at an 11.5% value CAGR and 8% volume CAGR throughout the forecast period (2020-2030). The global market is projected to skyrocket in the future, due to several health-related benefits that these products offer.
"The global plant-based dairy market will generate numerous prospects in the coming years, as demand for gluten- & fat-free dairy alternatives rises owing to rising health concerns amid COVID-19 pandemic." says the Fact.MR report.
Plant-based Dairy Market – Key Takeaways
- By product type, the plant-based milk segment will be the most lucrative during 2020-2030.
- By nature, the organic plant-based dairy products will witness expansion at an impressive 13% CAGR
- In terms of end-use, the B2C segment will hold prominent share
- Retail will be the most lucrative sales channel throughout the forecast period; e-commerce is witnessing an uptick currently
- North America and Europe account for over half of market share
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Plant-based Dairy Market – Drivers
- Increased consumption of plant-based milk is expected to impel the demand for plant-based dairy in the years to come.
- Rising product awareness through government initiatives will be expanding the consumption of plant-based foods & beverages over time, causing a significant surge in market growth.
Plant-based Dairy Market -Constraints
- High ingredient cost and cost-sensitive nature of buyers in developing countries limits adoption
- Lack of awareness among individuals about plant-based beverages and growing concerns regarding beverage additives hampers market growth.
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 pandemic is compelling consumers to rapidly move towards immune booster foods such as plant-based dairy products. Consecutively, the global market witnessed an exceptional rise in demand amid the crisis. However, this substantial growth in demand has been hampered by nation-wide lockdown and disruptions in production and supply chain. Fact.MR indicates that in the long run, plant-based dairy products sales are expected to surge significantly with lockdowns ease.
Explore the Plant based Dairy Products market comprising of 245 figures and 168 data tables, along with the table of contents. You can find a detailed market segmentation on https://www.factmr.com/report/4963/plantbased-dairy-market
Competition Landscape
Key players functioning in the global plant-based dairy market are Nestlé, Danone's, Arla, Blue Diamond Growers, WhiteWave Foods Company, SunOpta Inc., Kikkoman Corporation, Living Harvest Foods, Earth's Own Food, Organic Valley, Rebel Kitchen, Panos Brands, and Eden Foods Inc.
Leading food FMCG and animal-based dairy companies are marking their presence in the market as it is thriving progressively. Moreover, companies are intensifying their geographical reach by presenting plant-based dairy products in new regions. For instance,
In Australia, Nestlé introduced its plant-based milk powder Milo.
More on the Report
The FACT.MR's market research report provides in-depth insights into the Plant-based Dairy market. The market is scrutinized on the basis of product {Milk (by Protein Source)(Almonds, Cashews, Coconuts, Hazelnuts, Oats, Rice, Soy, Flax, Hemp, Macadamia, Peanuts, Pistachios, Quinoa, Sesame, and Others), Frozen Desserts (by Protein Source)(Avocados, Oats, Cashews, Soy, Almonds, and Coconuts), Butter (by Form)(Sticks and Spread), Creamers (by Protein Source)(Soy, Coconuts, Almonds and Others), Yogurt (by Protein Source)(Oats, Cashews, Soy, Almonds, Coconuts and Others) , Cheese (by Form)(Blocks and Wedges, Creams, Sauces and Spreads, Shredded and Crated and Sliced)}, nature ( conventional and organic), end-use (B2B(bakery and confectionary, snacks and savouries, ready meals, HoReCa and other food products) and B2C(HoReCa and household)), sales channel (direct sales, retail sales(supermarkets and hypermarkets, convenience stores, independent grocery stores, speciality stores and online stores) across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).
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SOURCE: Fact.MR
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