Dairy Alternatives Market size to exceed $45bn by 2027

Dairy Alternatives Market size is estimated to surpass USD 45 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Upsurge in demand for dairy-free products particularly cheese, desserts, snacks, and beverages are anticipated to drive the industry size. Moreover, increasing intake of dairy substitutes by vegan population coupled with rising number of lactose intolerant population across the globe will open new opportunities for key market participants. Besides, rising prevalence of milk allergies and calorie-conscious consumers will bolster overall industry size.

 

Request SampleBuy NowInquiry Before Buying

 

Consumers are increasingly seeking milk alternatives in conjunction with traditional milk products. Non-dairy products are especially popular among younger generations, as they can be easily convinced and influenced by the “free” movement. Increasing health diseases including heart problems, cancer, lactose intolerance, and obesity among older population have boosted the dairy alternatives market statistics. Manufacturers have been actively focusing on the formulation of products with ingredients that can enable health-benefit associated with different diseases.
 

Coconut segment is poised to witness a substantial CAGR of over 10% through 2027 owing to increasing adoption in foods and beverages industries.

Dairy alternatives market from coconut product segment exceeded USD 2.4 Billion in 2020 owing to numerous health benefits associated with the product and need for excellent milk alternatives among lactose-intolerant people. Coconut milk is a commonly used dairy milk substitute having a creamy texture with a relatively high amount of fat content. It offers benefits such as increased levels of HDL cholesterol in the body, efficient weight management, and protection from cardiovascular diseases. Further, the taste of coconut milk is another major factor driving its demand in various bakery goods, coffee, confectionery, and other food items. These factors are expected to fuel the industry demand over the forthcoming years.
 

Oat is expected to witness a major growth during the forecast timeline owing to rising consumer awareness regarding its health benefits. Oat milk is one of the highly consumed dairy substitutes as compared to other options owing to its health benefits to patients suffering from allergies to milk nutrients. Furthermore, its creamy texture as compared to other plant-derived dairy alternatives makes it a prominent choice for various food and beverages including barista and coffees.
 

Browse key industry insights spread across 1164 pages with 2325 market data tables & 14 figures & charts from the report, “Dairy Alternatives Market Forecasts By Product (Almond, Soy, Coconut, Oat, Rice, Hemp), Application (Food {Cheese, Desserts, Snacks}, Beverages), Formulation (Sweetened, Unsweetened), Sales Channel (Mainstream Stores, Specialty Stores, Online Stores), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/dairy-alternatives-market

 

Dairy alternatives market from beverage application is set to register around 10% CAGR through 2027 owing to surging adoption among vegan population and demand for nutritional beverages

Beverage application segment is anticipated to reach over USD 39 billion by 2027. The growing trend of utilizing plant-based ingredients in beverages particularly for people suffering from milk allergy, lactose intolerance, and phenylketonuria will fuel business landscape. Moreover, the shift from conventional dairy products such as cow milk to nuts and legume-based milk products along with rising consumer concerns for maintaining a healthy diet will be a key factor influencing the business dynamics.
 

Dairy alternatives market from unsweetened segment is poised to register 7.5% CAGR up to 2027 due to increasing number of people suffering from obesity and diabetes

Unsweetened segment constitutes a major share in the dairy alternatives industry. Unsweetened milk does not contain added sugar or sweetening agents, which typically account for half of the calorie contents found in cow’s milk. Increasing intake of this light-tasting substitute by diabetic patients for maintaining a healthy diet will be a key factor influencing the segment growth.
 

Dairy alternatives market from online sales channel is forecast to surpass USD 2.5 billion by 2027 propelled by increasing preference of online shopping

In terms of sales channel, online stores emerged as the fastest-growing distribution channel. The online services sector has gained momentum in both developed and developing countries owing to cost-effectiveness and faster accessibility. Increased popularity of online sales channels has created potential opportunities for enhancing the sales of leading global and regional online retailers including Amazon, Goodness Direct, Bigbasket, Vegan Online, Flipkart, etc. Faster shipping & better delivery logistics, high integration of AI & machine learning, and rapid technological advancements in the field of augmented reality are among the major factors propelling segment demand.
 

Rising prevalence of obesity, diabetes, milk allergies and lactose intolerance in North America region will foster product demand

North America dairy alternatives market exceeded USD 6 billion in 2020. Increasing number of patients with allergies and lactose intolerance has propel the regional industry statistics. Changing dietary habits and lifestyle owing to increasing adult population with obesity and diabetes has boosted demand for plant-based rice and almond milk products in the region. According to the National Diabetes Statics Report, in 2020, 34.2 million population or just over 1 in 10 people in the U.S. have diabetes.
 

Major industry players include Whitewave Foods, Hain Celestial Group, Inc., Blue Diamond Growers, SunOpta Inc., New Barn, Triballat Noyal, Califia Farms, Valsoia S.p.A, Freedom Foods, and Pacific Foods. The key strategies observed among the industry participants include new product development, mergers and capacity expansion.
 

Chat with us
We use cookies to enhance user experience. (Privacy Policy) X