MarketsandMarkets™The global dairy alternatives market size is estimated to be valued at USD 22.6 billion in 2020. It is projected to reach USD 40.6 billion by 2026, recording a CAGR of 10.3%
According to MarketsandMarkets, the dairy alternatives market is estimated to be valued at USD 22.6 billion in 2020 and is projected to reach USD 40.6 billion by 2026, recording a CAGR of 10.3% in terms of value. It is witnessing significant growth due to increasing instances of lactose allergies, changing consumer lifestyles, and growing health awareness among consumers. Consumers are increasingly adopting a vegan diet contributing to the growth of the market. The Asia Pacific region will dominate the market due to the agricultural production base for plant-based sources.
Drivers: Rising cases of lactose intolerance and milk allergies
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, diarrhea, nausea, gut distension, flatulence, and constipation. The increasing number of these allergies promotes the consumption of dairy alternatives as consumers are more aware of healthy eating habits. Consequently, the demand for a variety of dairy alternatives such as plant-based non-dairy products such as milk, ice creams, creamers, cheese, among others, is gaining importance among these consumers.
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Opportunities: Rising demand for organic food & beverages
Organic food & beverages have the potential to change the business landscape in the overall dairy alternatives market. Changing consumer preferences have been oriented toward healthy food & beverages; this is attributed to a rise in awareness about the functional health benefits in the consumption of organic food products. Clean-label food & beverages have been attracting consumers globally, resulting in a rise in demand for organic ingredients. Developing countries such as China and India are projected to witness a strong surge in demand from the supply side for organic food ingredients during the forecast period.
By distribution channel, online stores is projected to grow with the highest CAGR in the dairy alternative market during the forecast period
Based on the distribution channel, online stores will be the fastest-growing segment in the market. Online stores are easily accessible and are cost-effective. They also offer consumers alternative dairy products at discounted prices as compared to traditional retail prices.
The Asia Pacific is projected to account for the largest market share during the forecast period.
The global market is dominated by the Asia Pacific region due to the changing lifestyles of consumers and increase in consumption of clean label products. Consumers are also more aware about their health and wellness, which is further fueling the demand for dairy alternatives in the region.
The Asia Pacific dairy alternative market is also driven by large economies such as China, Japan, and Australia. The overall investment in the region has increased substantially over the past few years, especially in China.
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Key Market Players:
The Hain Celestial (US), Blue Diamond Growers (US), SunOpta (Canada), Sanitarium Health and Wellbeing Company (Australia), Danone (France), Freedom Foods Group (Australia), Earth’s Own Food Company (Canada), Triballat Noyal (France), Valsoia S.P.A (Italy), Panos Brands (US), Melt Organic (US), Oatly (Sweden), Living Harvest Foods (US), Ripple Foods (US), Kite Hill (US), Califia Farms (US), Hudson River Foods Inc. (US), Daiya Foods Inc. (Canada), Pureharvest (Australia), Yoconut Dairy Free (US), and Yumbutter (US).
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