Dairy Alternatives Market ; Segmented By Source (Soy, Almond, Coconut, Rice, Oats and Others); By Distribution Channel (Convenience Stores, Hypermarkets & Supermarkets, E-commerce platforms and Other); By Product (Milk, Yogurt, Ice Cream, Cheese, Creamers and Other); and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
[170+ Pages Research Report] Dairy Alternatives Market to surpass USD 54.73 billion by 2030 from USD 24.65 billion in 2020 at a CAGR of 12.7 % in the coming years, i.e., 2021-30.
Dairy substitutes are foods and drinks that can be used in place of dairy. These plant-based foods and drinks are thought to be a healthier alternative to dairy. Soy milk, rice milk, and almond milk are some of the most common dairy alternatives around the world. Due to the availability of a variety of important vitamins and minerals, dairy alternatives are considered safe. They're also low in fat and cholesterol, and lactose-free. Dairy Alternatives have gained a lot of traction in both the mature and emerging markets. This is due to an increase in the number of people who are allergic to dairy. Furthermore, rising health consciousness and disposable income have aided the growth of the dairy alternatives sector.
Global Dairy Alternatives Market is expected to project a notable CAGR of 12.7% in 2030.
Over the forecast period, rising milk allergies and lactose intolerance cases are expected to fuel demand for dairy alternatives even further. As a result, dairy substitutes are being used in an increasing number of food and beverage products to cater to the growing number of consumers who prefer plant-based and other dairy alternatives.
Soy segment to grow with the highest CAGR during 2020-30
Global Dairy Alternatives Market is segmented by source into soy, almond, coconut, rice, oats, and others. Soy segment held the largest market share in the year 2020. Soy milk, which is high in nutrients and protein relative to other dairy alternatives, is expected to drive the segment over the forecast era. Soy milk has been used in the Asia Pacific region for centuries and is used in a variety of recipes, which is expected to keep product demand steady over the forecast period. It's used to help people lose weight and lower their blood cholesterol levels. It also helps to reduce the risk of a variety of postmenopausal problems, as well as improve cardiovascular health, making it a common supplement.
Hypermarkets & supermarkets segment to grow with the highest CAGR during 2020-30
Global Dairy Alternatives Market is segmented by distribution channel into convenience stores, hypermarkets & supermarkets, e-commerce platforms, and others. Hypermarkets & supermarkets segment held the largest market share in the year 2020. Supermarkets and hypermarkets are massive retail stores that typically deliver a variety of retail product categories under one roof. The wide variety of products available and the convenience of real-time brand comparison for customers are the primary reasons for hypermarkets and supermarkets' popularity in this market. In order to be open to consumers, supermarkets are normally situated near a residential area. However, due to a lack of land near residential areas, the majority of supermarket and hypermarket chains are expanding outside of the city.
Milk segment to grow with the highest CAGR during 2020-30
Global Dairy Alternatives Market is divided by-products into milk, yogurt, ice cream, cheese, creamer, and others. Over the forecast period, the milk segment is projected to expand at the fastest pace. In Europe, the growing elderly population has resulted in a preference for milk-based dairy alternatives. Growing health concerns about soymilk, especially among breast cancer survivors, are expected to stifle market growth. Over the next eight years, increasing demand for low-calorie foods, combined with the growing popularity of plant-based nutritional goods, is expected to boost demand for the commodity in Europe.
Lactose Intolerance and Growing Health Awareness
The demand for dairy alternatives has accelerated due to the growing number of lactose-intolerant and dairy-allergic consumers. Milk and other dairy foods such as ice cream, cheese, and yogurt contain lactose, which is the main carbohydrate. Abdominal discomfort, diarrhea, nausea, stomach distension, flatulence, and constipation are some of the signs of lactose intolerance. As consumers become more conscious of healthy eating habits, the rising number of these allergies encourages the consumption of dairy alternatives. As a result, demand for a variety of dairy alternatives, such as plant-based non-dairy products like milk, ice creams, creamers, and cheese, is increasing among the consumers.
Market Tastes and Increased Demand for Organic Foods
Organic foods and beverages have the potential to transform the dairy alternatives market as a whole. Market tastes are shifting toward healthier foods and drinks, owing to increased understanding of the practical health benefits of organic food intake. Clean-label foods and drinks have piqued consumer interest around the world, increasing in demand for organic ingredients. Developing countries such as China and India are expected to see a significant increase in demand for organic food ingredients from the supply side during the forecast period.
Allergies associated with Plant-Based Sources Such as Tree Nuts and Almonds
Allergies associated with the plant-based sources used to produce substitute dairy products are one of the major factors limiting the market's growth. Despite the high nutritional value of soybeans, the presence of anti-nutritional components in soy can cause allergies. When the human immune system misinterprets the harmless proteins found in soy as harmful, antibodies are produced to combat them, resulting in a soy allergy. Tree nuts, such as almonds, are another product that causes allergies. As a result, these individuals must avoid almond-based products like almond milk and other non-dairy almond products.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Dairy Alternatives market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global Dairy Alternatives in Asia Pacific held the largest market share in the year 2020. The Asia Pacific region's demand for the commodity is expected to increase as the population of developing countries such as India, China, and Japan grows and disposable incomes rise. Increased cases of lactose intolerance, combined with increasing health concerns about harmful additives used in dairy products, are expected to drive demand for non-dairy alternatives such as soy milk, almond milk, rice milk, and other dairy substitutes.
Global Dairy Alternatives Market is further segmented by region into:
Dairy Alternatives Market Segments:
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