Dairy Alternatives Market Surpass Worth USD 52.5 billion by 2028 at 12.5% CAGR – Report by Exactitude Consultancy
The demand for dairy alternatives has accelerated due to the growing number of lactose-intolerant and dairy-allergic consumers. The shift in consumer eating habits and diet trends, the industry is gaining traction and experiencing high demand.
Luton, Bedfordshire, United Kingdom, Oct. 27, 2022 (GLOBE NEWSWIRE) — Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the dairy alternatives market.
“The global dairy alternatives market is expected to grow at more than 12.5% CAGR from 2022 to 2028. It is expected to reach above USD 52.5 billion by 2028 from a little above USD 19.29 billion in 2021.”
A dairy alternative is any substance that resembles milk and has the same flavor as that regular milk. Such alternatives are known as non-dairy products. Dairy alternatives have two types; the first is plant-based milk and the second is coffee creamer (a commercially produced synthetic product to replace milk in regular coffee-based beverages.). Plant-based milk is created from plants extracts and water.
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Key Developments
Rise in cases of lactose intolerance and milk allergies is the key factors for growth in global dairy alternatives market.
The increasing number of lactose-intolerant and dairy-allergic consumers have accelerated the growth of the dairy alternatives market. Lactose is the major carbohydrate in milk and other dairy foods such as ice cream, cheese, and yogurt. The symptoms of lactose intolerance among individuals include abdominal pain, nausea, gut distension, flatulence, and constipation. The increasing number of these allergies’ prom
The Asia-Pacific region dominated the dairy alternative market in the year 2022.
This can be attributed to China being the leading importer of almond milk in the region in the same year with over US$ 609 million worth of imports. Cambodia followed China in terms of almond milk imports in the same year with US$ 441 million worth of imports.
Environmental Concerns and Dietary Changes of Consumers Influence Market Growth
The market for dairy alternatives has dominated product innovation and expanded significantly over the past few of years, posing a serious challenge to the sales of conventional dairy products. However, there are now environmental worries as a result of the rising demand for plant-based diets. Water resources must be subjected to extreme pressure from manufacturers in order to grow almonds. Because of bacterial activity in flooded rice paddies, rice also produces the highest greenhouse gases, including methane. Large land tracts are needed for the cultivation of soy and oats, which results in deforestation.
Dairy Alternatives Market: Innovative Soy Milk Offerings Gain Demand with Novel Packaging Techniques
Unique dairy alternatives are being introduced to the food and beverage industry by players in the dairy alternatives sector. Lactose intolerance affects over 65% of the world’s population, according to the National Institutes of Health. For this reason, producers in the market for dairy replacements are coming out with new products like soy milk with chickpea protein.
Dairy Alternatives Market Report Scope
Dairy Alternatives Market: Plant-based Foods Trigger Sales
Expanding their non-dairy options, manufacturers are expanding their product lines. They are adding vegan options like yoghurt made with almond milk. This dairy substitute has a delicious flavour and a satisfying texture thanks to the use of high-quality almonds and unique toppings like granola and chocolate chips. Yogurt made from plant-based almond milk is a high-quality dairy substitute that is free of lactose and other allergies.
Oat milk is attracting consumer interest with the development of cutting-edge oat milk beverages as the market for dairy replacements is predicted to increase to a value of US$34.6 billion by the year 2029. Companies are creating oat beverages in both unflavored and flavoured varieties, such as vanilla, in an effort to capitalise on the spike in sales of non-dairy milk.
New product development along with acquisition, and expansion is among the primary business strategies adopted by manufacturers
The dairy alternatives market is highly competitive, with various small and medium-sized companies and a few big players, resulting in stiff competition in the market. The market has the presence of various family-owned private companies operating in distinct categories, and their presence is limited to fewer countries across the region. Key players in the market include The Hain Celestial, SunOpta, Danone, Freedom Foods Group, Earth’s Own Food Company, Valsoia S.p.A, Melt Organic, Oatly, Living Harvest Foods, Ripple Foods and various others. Key players in the market are focusing on mergers and acquisitions to reach a wider customer base and cater to the customer’s needs in dairy alternatives segments.
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Key Market Segments: Dairy alternatives Market
Dairy Alternatives Market by Source, 2022-2028, (In USD Million)
Global Market by Product, 2022-2028, (In USD Million)
Global Market by Distribution Channel, 2022-2028, (In USD Million)
Dairy Alternatives Remain More Preferred than Dairy Products
Rising Prevalence of Dietary Restrictions
Increasing Vegan Population Driving the Market Demand for Dairy Alternatives
Checkout Exactitude Consultancy’s Research Key Updates:
Dairy Ingredient Market
The global Dairy Ingredient market is expected to grow at more than 7.2% CAGR from 2022 to 2029. It is expected to reach above USD 109.26 billion by 2029 from USD 59.33 billion in 2021.
Plant-based Protein Market
The global plant-based protein market is expected to grow at 7.5% CAGR from 2022 to 2028. It is expected to reach above USD 18.7 billion by 2028 from USD 9.8 billion in 2021.
Dairy Processing Equipment Market
The global Dairy Processing Equipment Market is expected to grow at 6.2% CAGR from 2022 to 2029. It is expected to reach above USD 15.53 billion by 2029 from USD 9.03 billion in 2021.
Beverage Processing Equipment Market
Beverage processing equipment market size was valued at USD 20.7 billion in 2021 and is projected to reach USD 32.94 billion by 2029, growing at a CAGR of 5.30% from 2022 to 2029.
Beverage Packaging Market
The global beverage packaging market is expected to grow at 5.5% CAGR from 2022 to 2028. It is expected to reach above USD 220 billion by 2028 from USD 136 billion in 2021.
2 Comments
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