DUBLIN–(BUSINESS WIRE)–The “Dairy Alternatives Market by Source (Soy, Almond, Coconut, Rice, Oats, Hemp), Application (Milk, Cheese, Yogurt, Ice Creams, Creamers), Distribution Channel (Supermarkets, Health Stores, Pharmacies), Formulation and Region – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global dairy alternatives market was valued at USD 21.44 billion in 2019 and is projected to reach USD 36.79 billion by 2025, at a CAGR of 11.4% during the forecast period.
Increase in the cases of lactose intolerance and milk allergies drive the overall growth of the dairy alternatives market.
The dairy alternatives market is driven by various factors such as growing consumer preference for a vegan diet and nutritional benefits offered by plant-based dairy alternatives. However, the volatile price of raw materials in various regions can hinder the growth of the market.
The soy segment, by source, is estimated to dominate the dairy alternatives market in 2020.
The soy segment held the largest share in 2020, in terms of value. Soya-based dairy alternatives are considered to be the best substitutes for dairy products and occupy a significant share in the dairy alternatives market. They are a rich source of proteins and calcium and are considered to be one of the best substitutes for dairy products by lactose-intolerant individuals.
The milk segment is projected to hold the largest market share during the forecast period.
The demand for dairy alternatives has increased over the years. The popularity of dairy-free milk can be attributed to the health concerns related to lactose intolerance and the hectic lifestyles of the working middle-class population, which encourage them to use convenience products for on-the-go consumption to save time. As health and convenience are prioritized by consumers, manufacturers are producing different flavored milk alternatives with vanilla or chocolate flavors to meet the growing demand in various regions.
Europe is projected to be the fastest-growing region in the dairy alternatives market, in terms of value.
The market in Europe is projected to be the fastest-growing due to the high level of awareness among the consumers. This has resulted in the demand for lactose-free or low-lactose, low-calorie, and low-fat foods in the region. As dairy products are associated with obesity, flatulence, gastrointestinal problems, and diabetes, the food & beverage companies are focusing on innovations to produce various nutritional lactose-free dairy alternative products to meet consumer demand.
- Growth in Consumer Preference for a Vegan Diet
- Nutritional Benefits Offered by Plant-Based Dairy Alternatives
- Increase in Cases of Lactose Intolerance and Milk Allergies
- Volatile Prices of Raw Materials
- Growth in Demand in Emerging Markets
- Favorable Marketing and Correct Positioning of Dairy Alternatives
- Changes in Lifestyles of Consumers
- Limited Availability of Raw Materials
- Limited Awareness Amongst Consumers
- The Whitewave Foods Company
- Hain Celestial
- Blue Diamond Growers
- Freedom Foods Group Limited
- Eden Foods, Inc.
- Earth’s Own Food Company Inc.
- Triballat Noyal
- Valsoia S.P.A.
- Panos Brands
- Green Spot Co., Ltd.
- Hiland Dairy
- Ripple Foods
- Kite Hill
- Califia Farms
- Daiya Foods Inc.
- Miyoko’s Creamery
- Oatly Inc.
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