The new report by Expert Market Research titled, ‘Global Dairy Alternative Market Size, Share, Price, Trends, Report and Forecast 2020-2025′, gives an in-depth analysis of the global dairy alternative market, assessing the market based on its segments like sources, formulations, applications, distribution channels, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzine Forceg the market based on the SWOT and Porter’s Fivs models.
Note 1: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.
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The key highlights of the report include:
Market Overview (2015-2025)
- Historical Market Size (2019): USD 16.28 billion
- Forecast CAGR (2020-2025): 12.3%
- Forecast Market Size (2025): USD 32.66 billion
The global dairy alternative market is being driven by the rising avoidance of milk products due to the increasing lactose intolerance and health consciousness. Consumers are avoiding saturated fat consumption. Higher disposable incomes are aiding the market growth. The dairy alternative market is propelled by the product’s high nutritional contents such as calcium, omega-3, protein, and vitamin D. The demand for dairy alternatives is surging in the regions where the cow’s milk supply is inadequate to meet the domestic demand. The market is further fuelled by consumers who are sensitive to animal cruelty and are seeking plant-based products without artificial flavouring.
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Industry Definition and Major Segments
Dairy alternatives or milk substitutes are the plant-based substitutes for mammalian milk. Dairy alternatives have a longer shelf life and can withstand higher temperatures than dairy milk owing to their composition. They are healthier alternatives as they contain lower amounts of saturated fats and are lactose-free.
The major sources of dairy alternative are:
Based on the formulation of dairy alternative, the market can be segmented into:
By application, the market can be divided into:
The market can be broadly categorised based on its distribution channel into:
- Convenience Stores
- Health Stores
- Online Retailers
The regional markets for the product are:
- Asia Pacific
- North America
- Latin America
- Middle East and Africa
Consumer preferences have inclined towards the dairy alternative products due to health-related reasons such as lactose intolerance. Due to its high nutritional content such as vitamin D, protein, and calcium, dairy alternative products are gaining popularity among the consumers. The growing vegan diet practices among the consumers are fuelling the dairy alternative market in the developing countries. Various government policies are being introduced to assist the agricultural sector. This will increase the availability of raw materials for plant-based dairy alternatives. The slower growth rate of the traditional dairy market is causing dairy farmers to switch to plant-based milk products.
Key Market Players
The major players in the market are Kerry Inc. (LON: KYGA), Califia Farms, Kite Hill, Ripple Foods Inc., Nestle (SWX: NESN), Elmhurst Milked Direct LLC, Pacific Foods of Oregon, LLC, Dean Foods (OTCMKTS: DFODQ), The Dohler Group, SunOpta Inc. (NASDAQ: STKL), The WhiteWave Foods Company, The Hain Celestial Plant-Based Milk, and Daiya Foods Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers, and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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