Dairy Alternatives Market to Surpass USD 47.5 Billion by 2028 owing to Increasing Adoption of Vegan Diets
The dairy alternatives market was valued at USD 21.3 billion in 2021. It is predicted to reach a value of USD 47.5 billion by 2028, growing at an estimated CAGR of 10.4% during the forecast period (2022-2028).
Westford USA, Jan. 17, 2023 (GLOBE NEWSWIRE) — Several health benefits of dairy alternatives have led to their widespread use in various applications. Furthermore, the functional properties of dairy-free products contribute to improved texture, resistance to fatigue, stress, aging, and a variety of other issues. Dairy alternatives have high antioxidant and fatty acid content, which lowers the risk of cardiovascular disease, cancer, and diabetes. Consumers prefer milk alternatives with chocolate and vanilla flavors, particularly the younger generation. The ample availability of alternative dairy products and growing awareness of the benefits of dairy alternatives globally will drive dairy alternatives market growth in the coming years.
The rising prevalence of lactose intolerance among the world’s rapidly growing population is expected to drive market revenue growth during the forecast period. According to SkyQuest’s research insights, more than 60% of the human population has difficulty digesting lactose, representing a sizable target audience.
Soy-Based Alternative Segment to Account for Significant Growth Rate as Preference for Protein-Rich Product Increases
Soy-based alternatives are widely preferred across the globe, resulting in the establishment of several companies offering a diverse portfolio of soy-based products. As per SkyQuest’s research findings, 40% of today’s shoppers buy dairy alternatives, with a large portion of those purchases being soy-based alternatives, and those shoppers cite health as their primary motivator. Additionally, the health and wellness trend in North America, followed by Asia Pacific, has brought food intolerances and food allergies to the forefront of modern consumers’ minds, increasing their consumption of dairy alternative products. Approximately 64% of people suffer from food intolerance, resulting in a growing need and demand for substitutes that provide comparable protein and vitamins.
Furthermore, the rising prevalence of high cholesterol in adults and the elderly has increased consumer preference for dairy alternative-based products, propelling the segment’s growth even further. In addition, Europe has a well-established food and beverage industry, and the vegan population has grown significantly, resulting in a high growth rate of the dairy alternatives market in the region.
The research report examines the entire market industrial chain, including critical raw material suppliers and price analysis, manufacturing cost structure analysis, alternative product analysis, and data on significant distributors, downstream buyers, and the impact of major global events. Furthermore, the report provides a combination of quantitative and qualitative analyses of market size and future development trends.
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Supermarkets and Hypermarkets Segment to Dominate the Dairy Alternatives Market Thanks to its Wide Range of Product Offerings
Supermarkets and hypermarkets led the market by distribution channel with a revenue share of more than 42.0% in 2021 and are expected to grow significantly in the coming years. Supermarkets and hypermarkets with diverse product offerings are more prevalent in developed regions such as North America and Europe. On the other hand, developing regions are gaining traction as key industry leaders began focusing on untapped areas, resulting in increased launches of supermarkets and hypermarkets in the Asia Pacific and the Middle East and Africa regions.
On the other hand, the growth of the e-commerce sector in developing countries is expected to drive the development of the online store segment due to cost-effectiveness and quick accessibility. Moreover, with increasing internet penetration and smartphone users, this segment is anticipated to grow significantly in the coming years.
The research report primarily defines the dairy alternatives market scope. Then, it introduces the industry’s macro overview, with an executive summary of various market segments (by type, application, region, and so on), including the definition, market size, and trend of each market segment. Finally, forecast information for the entire global and regional markets gives readers a glimpse into the industry’s future.
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Key Developments in Dairy Alternatives Market
- All G Foods, a startup in Australia, has raised AUD25 million (US$17.4 million) to develop dairy alternatives in addition to its plant-based meat products. The Series A round was led solely by UK-based venture capital firm Agronomics and its “affiliate,” the New Agrarian Company, in exchange for a 13% stake in the company. According to the company’s announcement, they are developing next-generation dairy using precision fermentation to produce high-quality dairy proteins without using a cow.
- Oatly Group AB, one of the biggest producers of oat beverages, has announced an expansion of its partnership with Reitan, a major retailer in the Nordic and Baltic regions. The expansion targets to enable the sale of oat beverages in coffee machines at about 300 Pressbyrn and 90 7-Eleven convenience stores owned and run by Reitan throughout Sweden. In addition, the businesses will use social media campaigns, in-store digital screens, and apps for the stores to advertise their cooperation.
- Coffee machine manufacturer WMF has teamed up with pea-based dairy replacement firm vly to promote plant-based products in its home market of Germany. WMF, which already collaborates with Belgian company Alpro to provide plant-based dairy substitutes for workplace coffee makers, is aggressively addressing the growing need for dairy substitutes within the automated coffee sector with more eco-friendly goods.
- Motif FoodWorks collaborated with Norwegian biotech specialist Vectron Biosolutions to develop next-generation animal-free proteins using precision fermentation. In addition, the companies have agreed to collaborate on technologies that will improve the taste and texture of dairy alternatives and the nutritional levels of plant-based foods.
Plant-based and alternative food investments are increasing as the market for these products expands. The most recent market research examines the current competitive situation of the dairy alternatives market by providing information about the players, such as their sales volume and revenue, as well as their market shares, price, and gross margin. In addition, the market report emphasizes the most recent developments in product launches, acquisitions, mergers, partnerships, and expansion plans.
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Prominent Players in Dairy Alternatives Market
- WhiteWave Foods Company
- SunOpta Inc.
- Blue Diamond Growers
- Living Harvest Foods Inc.
- Earth’s Own Food Inc.
- Rebel Kitchen
- Kikkoman Corporation
- Panos Brands LLC
- Organic Valley
- Eden Foods Inc.
- The Hain Celestial Group Inc.
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