The report “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″, According to MarketsandMarkets, the global dairy alternatives market size is estimated to be valued at USD 22.6 billion in 2020. It is projected to reach USD 40.6 billion by 2026, recording a CAGR of 10.3% in terms of value. The increasing demand for lactose-free food and beverage products is driving the global dairy alternatives market. The most popular alternatives for dairy are plant-based beverages, which are gaining popularity as substitutes for milk and milk products. Consumers are adopting a dairy-free diet due to increasing incidences of lactose intolerance, allergies from milk or milk-based products, and a shift in consumer preference toward vegan diets and healthy lifestyles.
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The soy segment accounted for the largest share in the dairy alternatives market
Based on the source, soy dominated the dairy alternatives market. Soy-based dairy alternative products are popular among consumers owing to their nutritional content. They are a rich source of proteins and calcium, which makes them suitable for lactose-intolerant consumers. Soy-based dairy alternatives are considered to be the best substitutes for dairy products and occupy a significant share in the dairy alternative market. The popularity and rising consumption of soy-based products are attributed to the nutritional content in them. They are a rich source of proteins and calcium and are considered one of the best substitutes for dairy products by lactose-intolerant individuals. Even the soy-based products lack casein, which is also a cause of many milk-based allergies. The soya milk is available in varieties and flavors, giving consumers an option to choose from a larger lot.
Dairy-free yogurt to grow at the highest CAGR in the forecast period
Based on application, yogurt is projected to be the fastest-growing segment in the overall dairy alternatives market. The growth of the yogurt segment is majorly driven by the rising demand for new varieties by consumers. Dairy-free yogurts act as a healthy replacement for vegans and lactose-intolerant consumers, having similar taste and texture as dairy yogurts. Innovation in this market is expected to further lead to the growth of this segment. In 2017, the yogurt segment accounted for a total share of 6.9% in the overall dairy alternatives market. Major brands offering yogurt alternatives in the market include Dream and Joya offered by The Hain Celestial Group Inc. (US) and Silk and So Delicious offered by The WhiteWave Foods Company (US), respectively, which vary in flavor and formulation and hence present consumers with a wide variety of options. Popular types of dairy-free milk used as bases for manufacturing such yogurts are soymilk, almond milk, and coconut milk. With the rise in awareness among consumers and the demand for new varieties and alternatives, the market for dairy-free yogurts is expected to grow. Therefore, the growing market for dairy-free yogurts opens up new opportunities for applications in the dairy alternatives market. Dairy alternative yogurt available in the market are cholesterol-free, fortified with calcium and vitamin D, and function as a healthy replacement for dairy yogurts for vegans and lactose-intolerant consumers. Their texture and flavor are similar to that of dairy yogurts.
Supermarkets & hypermarkets to account for a major share in the dairy alternatives market during the forecast period
By distribution channel, the dairy alternatives market is segmented into supermarkets & hypermarkets, health food stores, pharmacies, convenience stores, and online stores. The supermarkets & hypermarkets segment accounted for the largest market share in the overall dairy alternative market in 2019. Consumers prefer supermarkets and hypermarkets as they have many options available in one place, and they can easily compare products on various factors such as price, nutritional content, and allergens. The rise in the trend of consumers reading packaged labels is further driving sales of products through supermarkets. The current consumer trend of reading packaged labels and consuming healthy products is driving the sales of products through supermarkets. Hence, the consumer can easily choose from a wide assortment of products.
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Europe to be the fastest-growing in the dairy alternatives market in the forecast period
Europe is projected to be the fastest-growing region in the global dairy alternatives market in the forecast period. An increasing number of flexitarians in the region are driving the demand for dairy alternatives. Manufacturers in the region are also focusing on new product developments that include fresh soy drinks. The increasing demand for healthy & nutrition products, along with changing eating habits, environmental concerns, and sustainability factors, drive the growth of the European dairy alternatives market. Europeans are health-conscious and often check the ingredients on the product labels before purchasing them. This high level of awareness has resulted in the demand for lactose-free or reduced lactose, low-calorie, and low-fat foods in Europe. As dairy products are associated with obesity, flatulence, gastrointestinal problems, and diabetes, the food & beverage companies focus on innovations to produce various nutritional lactose-free dairy alternative products to meet consumer demand. The increasing demand for dairy-free food & beverage products is driving the dairy alternatives market in Europe.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as The Hain Celestial (US), Blue Diamond Growers (US), SunOpta (Canada), Sanitarium Health and Wellbeing Company (Australia), Danone (France), Freedom Foods Group (Australia), Earth’s Own Food Company (Canada), Triballat Noyal (France), Valsoia S.p.A (Italy), Panos Brands (US), Melt Organic (US), Oatly (Sweden), Living Harvest Foods (US), Ripple Foods (US), Kite Hill (US), Califia Farms (US), Hudson River Foods Inc. (US), Daiya Foods Inc. (Canada), Pureharvest (Australia), Yoconut Dairy Free (US), and Yumbutter (US).
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