PUBLISHER: Renub Research | PRODUCT CODE: 1125955
PUBLISHER: Renub Research | PRODUCT CODE: 1125955
Dairy Alternatives Market, Size, Global Forecast 2022-2027, Industry Trends, Growth, Impact of COVID-19, Company Analysis
According to Renub Research, Global Dairy Alternative Market is estimated to reach US$ 42.26 Billion by 2027. Products and beverages that can be used as dairy substitutes are dairy alternatives. These are made from plants and are thought to be a healthier alternative to dairy. Furthermore, several essential vitamins and minerals make these alternatives healthy. They're also low in fat and cholesterol, and lactose isn't present in them. Similarly, most people worldwide are transitioning from dairy to dairy-free goods as they become more aware that dairy-free diets can help with various issues such as digestive pain, failure to lose weight, acne, and irritable bowel syndrome.
Global Dairy Alternative Market Size is expanding at a CAGR of 11.49% during 2021-2027:
Dairy substitutes have been more prevalent in both developed and developing markets worldwide. This is due to an increase in the number of allergic persons to dairy. Furthermore, rising health consciousness and disposable income have boosted the expansion of the dairy substitutes industry. Moreover, the introduction of supplementary healthy ingredients by various market participants is one of the main reasons driving the market's growth. However, the primary limitations of this industry are fluctuating raw material prices and high costs. On the contrary, the dairy alternatives market is expected to develop due to increased vegan demand for dairy alternatives and the launch of new flavours and varieties of dairy alternatives.
COVID-19 boost to Global Dairy Alternative Industry:
The COVID-19 crisis has had a considerable consequence on the market. Consumer buying behavior changed due to increased health awareness; customers preferred lactose-free foods because of the numerous health benefits connected with them. In addition, because of the closure of retail stores due to covid regulations around the world, manufacturers of vegetarian products have seen substantial growth of these products through e-commerce websites rather than retail stores. During the first quarter of fiscal 2021, Danone SA, one of the key participants in this market, saw a 2.9 percent increase in sales. As per our analysis, Global Dairy Alternative Market was US$ 22.01 Billion by 2021.
Beverage Segment to Lead Owing to Favourable Demand Dynamics:
According to our analysis, the beverage category dominates the global market due to favorable demand dynamics, growing interest among the industry's major players, and excellent development potential for vegan drinks. Further, soy milk's widespread availability in the Asia Pacific market, notably in China, has been a clear leader in terms of beverage. Nonetheless, almond milk will outperform all other dairy alternatives in terms of growth. It is fast gaining appeal among consumers who avoid soy-based goods due to allergies or other health concerns.
However, food segments such as Ice Cream, Yogurt, Cheese, and Creamers are also showcasing their popularity among consumers across all age groups. Remarkably, the food sector is rapidly evolving in its product offerings and claims, namely, non-dairy, vegan, plant-based, and natural, are experiencing considerable consumer attention. Moreover, vegan food appeal has gone far beyond the vegan consumers, along with the compelling plant-based label claims projecting offerings such as healthy indulgence among consumers.
By Distribution Channel Analysis Supermarkets/Hypermarkets to Dominate:
As the supermarkets and hypermarkets have proximity, accessibility, and affordability, they are likely to hold the most significant market share due to their unique product offerings. There is an excellent store shelf for vegan and plant-based items and enticing discounts to tempt consumers and enhance adoption rates. Plant-based goods are becoming increasingly distinctive. They are undergoing a tremendous transformation from their traditional reputation as a meat or dairy substitute. These products have made the transition to convenience, and customers are finding them simple to store, prepare, and consume. Online retail is anticipated to expand faster in the dairy alternatives market during the forecast period because of its greater convenience, improved shopping experience, and rising digital literacy rates.
By Region, Asia-Pacific is the Fastest Growing Market:
The dairy alternatives industry is expanding at the quickest rate in Asia-Pacific. The growing number of lactose-intolerant people in this region is driving up the demand for dairy alternatives. In addition, the Asian-Pacific health and wellness trend has brought the issue of food intolerances and allergies to the forefront of modern consumers' thoughts, increasing the demand for dairy substitutes. Soy-based alternatives are generally accepted in this region, leading to the establishment of companies like Vitasoy International Holding, which offers a diverse range of soy-based products. Furthermore, plant-based protein consumers in Asia-Pacific have adopted a dairy-free diet to improve their health and well-being. Plant-based diets can help prevent obesity, stroke, and heart disease, reduce cholesterol and arthritis pain, lower blood sugar, increase energy and improve mental clarity.
Key Players:
The global dairy alternatives market is moderately consolidated, with Danone, Hain Group Celestial, SunOpta, Blue Diamond Growers Inc, Vitasoy International Holdings Limited, Oatly, Noumi Limited, and Kikkoman all having substantial presences. These significant firms are also aggressively pursuing acquisitions and mergers to strengthen their positions and make a dramatic change to safeguard their future growth in a fall in dairy product appeal. Furthermore, the competitive intensity of this industry is projected to increase in the coming years if globally renowned firms discover and offer nutritionally adequate and environmentally sound alternatives that are both affordable and acceptable. At the same time, they are continuously attempting to keep up with market trends in dairy alternatives to develop new goods.
Renub Research report titled "Dairy Alternatives Market, Global Forecast by Segment (Food (Ice Cream, Yogurt, Cheese and Creamers), Beverage (Soy Milk, Almond Milk, Rice Milk and Coconut Milk)), Distribution Channel (Supermarket and Hypermarket, Convenience Stores, Other Store based distribution channel and Non store based), Regions (North America, Asia Pacific, Europe and ROW), Companies (Danone, Hain Group Celestial, SunOpta, Blue Diamond Growers Inc, Vitasoy International Holdings Limited, Oatly, Noumi Limited and Kikkoman)" studies the detailed analysis on Global Dairy Alternatives Industry.
Segment - Market has been studied from 2 viewpoints:
1. Food
- Ice Cream
- Yogurt
- Cheese
- Creamers
- Others
2. Beverage
- Soy Milk
- Almond Milk
- Rice Milk
- Coconut Milk
- Others
Distribution Channel - Market has been studied from 4 viewpoints:
1. Supermarket and Hypermarket
2. Convenience Stores
3. Other Store based distribution channel
4. Non store based
Region - Market has been studied from 4 viewpoints:
1. North America
2. Asia Pacific
3. Europe
4. ROW
Company Insights:
1. Business overview
2. Recent Development
3. Sales Analysis
Key Players:
1. Danone
2. Hain Group Celestial
3. SunOpta
4. Blue Diamond Growers Inc
5. Vitasoy International Holdings Limited
6. Oatly
7. Noumi Limited
8. Kikkoman
Table of Contents
1. Introduction
2. Research & Methodology
3. Executive Summary
4. Market Dynamics
- 4.1 Growth Drivers
- 4.2 Challenge
5. Dairy Alternatives Market
6. Market Share - Dairy Alternative Analysis
- 6.1 By Segment
- 6.1.1 By Food
- 6.1.2 By Beverage
- 6.2 By Distribution Channel
- 6.3 By Region
7. Segment - Dairy Alternative Market
- 7.1 Food
- 7.1.1 Ice Cream
- 7.1.2 Yogurt
- 7.1.3 Cheese
- 7.1.4 Creamers
- 7.1.5 Others
- 7.2 Beverage
- 7.2.1 Soy Milk
- 7.2.2 Almond Milk
- 7.2.3 Rice Milk
- 7.2.4 Coconut Milk
- 7.2.5 Others
8. Distribution Channel - Dairy Alternative Market
- 8.1 Supermarket and Hypermarket
- 8.2 Convenience Stores
- 8.3 Other Store based distribution channel
- 8.4 Non store based
9. Region - Dairy Alternative Market
- 9.1 North America
- 9.2 Asia Pacific
- 9.3 Europe
- 9.4 Rest of the World
10. Key Players Analysis
- 10.1 Danone
- 10.1.1 Business overview
- 10.1.2 Recent Development
- 10.1.3 Sales Analysis
- 10.2 Hain Group Celestial
- 10.2.1 Business overview
- 10.2.2 Recent Development
- 10.2.3 Sales Analysis
- 10.3 SunOpta
- 10.3.1 Business overview
- 10.3.2 Recent Development
- 10.3.3 Sales Analysis
- 10.4 Blue Diamond Growers Inc
- 10.4.1 Business overview
- 10.4.2 Recent Development
- 10.4.3 Sales Analysis
- 10.5 Vitasoy International Holdings Limited
- 10.5.1 Business overview
- 10.5.2 Recent Development
- 10.5.3 Sales Analysis
- 10.6 Oatly
- 10.6.1 Business overview
- 10.6.2 Recent Development
- 10.6.3 Sales Analysis
- 10.7 Noumi Limited
- 10.7.1 Business overview
- 10.7.2 Recent Development
- 10.7.3 Sales Analysis
- 10.8 Kikkoman
- 10.8.1 Business overview
- 10.8.2 Recent Development
- 10.8.3 Sales Analysis
List of Figures
- Figure-01: Global - Dairy Alternatives Market (Billion US$), 2018 - 2021
- Figure-02: Global - Forecast for Dairy Alternatives Market (Billion US$), 2022 - 2027
- Figure-03: Segment - Food Market (Million US$), 2018 - 2021
- Figure-04: Segment - Forecast for Food Market (Million US$), 2022 - 2027
- Figure-05: Food - Ice Cream Market (Million US$), 2018 - 2021
- Figure-06: Food - Forecast for Ice Cream Market (Million US$), 2022 - 2027
- Figure-07: Food - Yogurt Market (Million US$), 2018 - 2021
- Figure-08: Food - Forecast for Yogurt Market (Million US$), 2022 - 2027
- Figure-09: Food - Cheese Market (Million US$), 2018 - 2021
- Figure-10: Food - Forecast for Cheese Market (Million US$), 2022 - 2027
- Figure-11: Food - Creamers Market (Million US$), 2018 - 2021
- Figure-12: Food - Forecast for Creamers Market (Million US$), 2022 - 2027
- Figure-13: Food - Others Market (Million US$), 2018 - 2021
- Figure-14: Food - Forecast for Others Market (Million US$), 2022 - 2027
- Figure-15: Segment - Beverage Market (Million US$), 2018 - 2021
- Figure-16: Segment - Forecast for Beverage Market (Million US$), 2022 - 2027
- Figure-17: Beverage - Soy Milk Market (Million US$), 2018 - 2021
- Figure-18: Beverage - Forecast for Soy Milk Market (Million US$), 2022 - 2027
- Figure-19: Beverage - Almond Milk Market (Million US$), 2018 - 2021
- Figure-20: Beverage - Forecast for Almond Milk Market (Million US$), 2022 - 2027
- Figure-21: Beverage - Rice Milk Market (Million US$), 2018 - 2021
- Figure-22: Beverage - Forecast for Rice Milk Market (Million US$), 2022 - 2027
- Figure-23: Beverage - Coconut Milk Market (Million US$), 2018 - 2021
- Figure-24: Beverage - Forecast for Coconut Milk Market (Million US$), 2022 - 2027
- Figure-25: Beverage - Others Market (Million US$), 2018 - 2021
- Figure-26: Beverage - Forecast for Others Market (Million US$), 2022 - 2027
- Figure-27: Distribution Channel - Supermarket and Hypermarket Market (Million US$), 2018 - 2021
- Figure-28: Distribution Channel - Forecast for Supermarket and Hypermarket Market (Million US$), 2022 - 2027
- Figure-29: Distribution Channel - Convenience Stores Market (Million US$), 2018 - 2021
- Figure-30: Distribution Channel - Forecast for Convenience Stores Market (Million US$), 2022 - 2027
- Figure-31: Distribution Channel - Other Store based distribution channel Market (Million US$), 2018 - 2021
- Figure-32: Distribution Channel - Forecast for Other Store based distribution channel Market (Million US$), 2022 - 2027
- Figure-33: Distribution Channel - Non store based Market (Million US$), 2018 - 2021
- Figure-34: Distribution Channel - Forecast for Non store based Market (Million US$), 2022 - 2027
- Figure-35: North America - Dairy Alternatives Market (Million US$), 2018 - 2021
- Figure-36: North America - Forecast for Dairy Alternatives Market (Million US$), 2022 - 2027
- Figure-37: Asia Pacific - Dairy Alternatives Market (Million US$), 2018 - 2021
- Figure-38: Asia Pacific - Forecast for Dairy Alternatives Market (Million US$), 2022 - 2027
- Figure-39: Europe - Dairy Alternatives Market (Million US$), 2018 - 2021
- Figure-40: Europe - Forecast for Dairy Alternatives Market (Million US$), 2022 - 2027
- Figure-41: Rest of the World - Dairy Alternatives Market (Million US$), 2018 - 2021
- Figure-42: Rest of the World - Forecast for Dairy Alternatives Market (Million US$), 2022 - 2027
- Figure-43: Danone - Global Revenue (Million US$), 2018 - 2021
- Figure-44: Danone - Forecast for Global Revenue (Million US$), 2022 - 2027
- Figure-45: Hain Group Celestial - Global Revenue (Million US$), 2018 - 2021
- Figure-46: Hain Group Celestial - Forecast for Global Revenue (Million US$), 2022 - 2027
- Figure-47: SunOpta - Global Revenue (Million US$), 2018 - 2021
- Figure-48: SunOpta - Forecast for Global Revenue (Million US$), 2022 - 2027
- Figure-49: Blue Diamond Growers Inc - Global Revenue (Million US$), 2018 - 2021
- Figure-50: Blue Diamond Growers Inc - Forecast for Global Revenue (Million US$), 2022 - 2027
- Figure-51: Vitasoy International Holdings Limited - Global Revenue (Million US$), 2018 - 2021
- Figure-52: Vitasoy International Holdings Limited - Forecast for Global Revenue (Million US$), 2022 - 2027
- Figure-53: Oatly - Global Revenue (Million US$), 2018 - 2021
- Figure-54: Oatly - Forecast for Global Revenue (Million US$), 2022 - 2027
- Figure-55: Noumi Limited - Global Revenue (Million US$), 2018 - 2021
- Figure-56: Noumi Limited - Forecast for Global Revenue (Million US$), 2022 - 2027
- Figure-57: Kikkoman - Global Revenue (Million US$), 2018 - 2021
- Figure-58: Kikkoman - Forecast for Global Revenue (Million US$), 2022 - 2027
List of Tables
- Table-01: Global - Dairy Alternatives Market Share by Segment (Percentage), 2018 - 2021
- Table-02: Global - Forecast for Dairy Alternatives Market Share by Segment (Percentage), 2022 - 2027
- Table-03: Global - Dairy Alternatives Market Share by Food (Percentage), 2018 - 2021
- Table-04: Global - Forecast for Dairy Alternatives Market Share by Food (Percentage), 2022 - 2027
- Table-05: Global - Dairy Alternatives Market Share by Beverage (Percentage), 2018 - 2021
- Table-06: Global - Forecast for Dairy Alternatives Market Share by Beverage (Percentage), 2022 - 2027
- Table-07: Global - Dairy Alternatives Market Share by Distribution Channel (Percentage), 2018 - 2021
- Table-08: Global - Forecast for Dairy Alternatives Market Share by Distribution Channel (Percentage), 2022 - 2027
- Table-09: Global - Dairy Alternatives Market Share by Regions (Percentage), 2018 - 2021
- Table-10: Global - Forecast for Dairy Alternatives Market Share by Regions (Percentage), 2022 - 2027
