Market Research Report
Dairy Alternatives Global Market Opportunities And Strategies To 2030: COVID-19 Growth And Change
|Dairy Alternatives Global Market Opportunities And Strategies To 2030: COVID-19 Growth And Change|
Published: June 17, 2022
The Business Research Company
Content info: 242 Pages
Delivery time: 2-3 business days
“Dairy Alternatives Global Market Opportunities And Strategies To 2030: COVID-19 Growth And Change” from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global dairy alternatives market as it emerges from the COVID-19 shut down.
Where is the largest and fastest growing market for dairy alternatives? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? “The dairy alternatives market global report” from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider dairy alternatives market; and compares it with other markets.
This report describes and explains the dairy alternatives market and covers 2015 to 2020, termed the historic period, and 2020 to 2025 termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.
The dairy alternatives market reached a value of nearly $10,662.7 million in 2020, having increased at a compound annual growth rate (CAGR) of 5.5% since 2015. The market is expected to grow from $10,662.7 million in 2020 to $16,008.4 million in 2025 at a rate of 8.5%. The market is then expected to grow at a CAGR of 7.5% from 2025 and reach $23,010.3 million in 2030.
Growth in the historic period resulted from global population growth, rise in disposable income, growing number of health-conscious consumers, shift towards vegan eating and low interest rate environment
Going forward, the influence of digital media marketing and social media, government initiatives towards milk alternatives, increase in lactose intolerance, rising penetration of organized retail and improvement in cold chains will drive the growth. Factors that could hinder the growth of the dairy alternatives market in the future include lack of awareness, challenges in consistency and fluctuating prices of raw materials.
The dairy alternatives market is segmented by product type into non-dairy milk, butter, cheese, yogurts, ice cream, and others. The non-dairy milk market was the largest segment of the dairy alternatives market segmented by product type, accounting for 62.8% of the total in 2020. Going forward, yogurts market is expected to be the fastest growing segment in the dairy alternatives market segmented by product type, at a CAGR of 10.2% during 2020-2025.
The dairy alternatives market is segmented by segmented by source into almond, soy, hemp, coconut, rice and other sources. The soy market was the largest segment of the dairy alternatives market segmented by source, accounting for 51.4% of the total in 2020. Going forward, the oats segment is expected to be the fastest growing segment in the dairy alternatives market segmented by source, at a CAGR of 8.9% during 2020-2025.
The dairy alternatives market is segmented by distribution channel into supermarkets, health food stores, pharmacies, convenience stores, online stores and other distribution channels. The supermarkets market was the largest segment of the dairy alternatives market segmented by distribution channel, accounting for 41.3% of the total in 2020. Going forward, the online stores segment is expected to be the fastest growing segment in the dairy alternatives market segmented by distribution channel, at a CAGR of 10.7% during 2020-2025.
Asia Pacific was the largest region in the dairy alternatives market, accounting for 34.6% of the total in 2020. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the dairy alternatives market will be Middle East, and, Africa where growth will be at CAGRs of 12.1% and 10.6% respectively. These will be followed by Asia Pacific, and North America, where the markets are expected to grow at CAGRs of 9.2% and 9.0% respectively.
Global economic activity is suffering a major setback due to the coronavirus outbreak and the measures being taken to control it. Many food categories have seen volatile sales shifts due to the COVID-19 pandemic. Consumers' shopping behaviors changed drastically especially during the beginning months of the pandemic as nationwide lockdowns ensued. It has been a promising experience for the dairy alternative market due to the favorable shift toward healthier products and a reduction in consumption of dairy based products. Soy milk is a highly sought-after base for non-dairy products owing to its balanced nutrient profile. Almond milk and non-dairy whipped cream are rapidly gaining popularity, especially in low calorie, weight management product applications and strong demand from bakery industry. In addition to this availability of dairy alternatives on specialty stores and e-commerce also saw an upsurge during pandemic, owing to transition in consumer bias.
The global dairy alternatives market is highly concentrated, with a few large players. Players in the market are focusing on creating products fortified with greater amount of nutrients, experimenting with taste, creating attractive packaging and are seen introducing proactive advertising and marketing strategies. The top ten competitors in the market made up to 78.14% of the total market in 2020. Danone S.A. was the largest competitor with 56.81% share of the market, followed by Blue Diamond Growers with 4.03%, The Hain Celestial Group, Inc. with 3.73%, Oatly Group AB with 3.55%, Vitasoy International Holdings with 3.06%, SunOpta Inc. with 2.18%, Unilever PLC with 2.12%, Freedom Foods Group Limited with 1.24%, Nestle S.A. with 0.97%, and Daiya Foods Inc. with 0.45%
The top opportunities in the dairy alternatives market segmented by product type will arise in the non-diary segment, which will gain $3,265.5 million of global annual sales by 2025. The top opportunities in segment by source will arise in the soy segment, which will gain $2,714.5 million of global annual sales by 2025. The top opportunities in segment by distribution channel will arise in the supermarkets segment, which will gain $2,019.9 million of global annual sales by 2025. The dairy alternatives market size will gain the most in the USA at $938.0 million.
Market-trend-based strategies for the dairy alternatives market include offering new and innovative products to increase their competitive strengths and revenue, focus on investing in R&D labs and initiatives that will drive innovation and cater to wider consumer base, invest in modern separation technologies to increase liquid yield and improve efficiency, consider planning and implementing marketing campaigns to promote their products, expanding their product portfolio to dairy-free alternative products and consider acquiring and partnering with other milk-alternative producers and other businesses to expand their product portfolios.
To take advantage of the opportunities, the business research company recommends that the dairy alternatives companies should focus on new product launches and innovations, collaborate with dairy companies to open a new stream in dairy-free alternatives, invest in advanced separation technology, focus on developed countries, scale up through collaborations, offer value-based pricing and competitive pricing, focus on partnering with coffee shops, increase visibility through websites, participate in trade shows and events, target health-conscious consumers, and focus on lactose intolerant population.