According to the research report, the global dairy alternatives market size & share was valued at USD 20.54 billion in 2020 and is expected to reach USD 50.15 Billion By 2028, to grow at a CAGR of 12.3% during the forecast period.
Dairy alternatives are any food that imitates products derived from milk. It includes yogurt, milk, cheese, butter, and ice cream. Plant-based products are frequently made from nuts, beans, and seeds soaked and fused into the water to withdraw properties homogenous to milk. For instance, cow, buffalo, sheep, and goat’s milk constitutes fat, proteins, minerals, vitamins, and calories. Some milk alternatives are soy milk, oat milk, almond milk, and hemp milk. Yogurt alternative includes coconut yogurt. Butter alternatives are extra virgin olive oil. Cheese alternatives are cashew cheese. Ice cream alternatives are bananas.
There are many benefits of dairy alternatives. Conceivably, the most important use of dairy substitutes is their carbon strength proportional to milk produced by livestock. Globally, livestock is deemed to have 15% of global greenhouse emissions. The majority of it is the accountability of the dairy industry. Deforestation blends the influence as carbon inhaling trees are cleared to generate grazing land for the livestock. By restricting animal products from the diet, land loss and emission acceleration are stopped, and the demand for these valuable products is lessened. Dairy alternatives also have a life shelf that is longer, which scales down on waste and food spoilage.
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Dairy alternatives market: Growth leading factors
Almond milk is becoming a popular alternative for dairy products, especially among youth. They are health-conscious and partake in diets that are ketogenic and vegan. Almond milk is an affluent substitute due to its fiber, lipid, and protein content. Additionally, almond milk regulates blood pressure and tends to be beneficial for the kidney, skin, and heart. It is growingly being consumed in the diet as a means of prevention of related diseases.
Increasing demand for unsweetened dairy alternatives is growing as consumers want to circumvent additional calories present in added sugar. Consumers are also selecting dairy alternatives to reduce their calorie intake, as dairy products are usually infused with high calories. In context to weight loss, many consumers are substituting cow or buffalo milk with almond and soy milk. Therefore, there will be growth as fitness-conscious consumers are increasing globally.
The covid-19 pandemic has brought about an unforeseen growth in plant-based substitutes. Also, retail shelves have lengthened shelf and storage space for dairy alternatives to consider the increasing demand.
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Dairy alternatives market: Report Scope
Report Attribute
Details
Market Size 2020 Value
USD 20.54 billion
Market Outlook for 2028
USD 50.15 billion
Expected CAGR Growth
12.3% from 2021 – 2028
Base year
2021
Forecast period
2021 – 2028
Segments covered
By Source, By Product, By Distribution Channel, By Region
Key Companies
The Hain Celestial, Blue Diamond Growers, SunOpta, Sanitarium Health and Wellbeing Company, Danone, Freedom Foods Group, Earth’s Own Food Company, Triballat Noyal, Valsoia S.p.A, Panos Brands, Melt Organic, Oatly, Living Harvest Foods, Ripple Foods, Kite Hill, Califia Farms, Hudson River Foods Inc., Daiya Foods Inc., Pureharvest, Yoconut Dairy Free, Yumbutter.
Regional scope
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Customization Options
Customized purchase options are available to meet your research needs.
Dairy alternatives market: Key segmentation
By source, soy has led the market as it is rich in nutrients and has a high protein content compared to other dairy alternatives. By product, the milk-based dairy alternative product segment accounted for a significant revenue share. The growing old age population has led to people opting for milk-based dairy alternatives. By distribution channel, supermarkets and hypermarkets extracted a substantial portion of claim as the retail outlets were large-sized, which provide various categories of retail products in one place.
By region, Asia Pacific emerged as a dominant market, inflating population and growing disposable income in developing countries like India, China, and Japan. The growing cases of lactose intolerance accompanying the ever-increasing health issues linked with harmful additives in dairy products are expected to push the demand for non-dairy products like almond milk, soy milk, and rice milk. North America is also one of the leading markets for dairy alternatives due to alternative products like yogurt and ice cream being taken in on a large scale. Flavored milk accounts for two-thirds of milk products sold in North American schools.
Browse the full “Dairy Alternatives Market Share, Size, Trends, Industry Analysis Report, By Source (Soy, Almond, Coconut, Rice, Oats, Others); By Product; By Distribution Channel; By Region; Segment Forecast, 2021 – 2028” Report at https://www.polarismarketresearch.com/industry-analysis/dairy-alternatives-market
Key highlights of the report
The market primarily depends on the source, product, distribution channel, and region
Dairy alternatives market: By source
Dairy alternatives market: By product
Dairy alternatives market: By distribution channel
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