The global dairy alternatives market size is expected to reach USD 50.15 billion by 2028 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Increasing people with lactose intolerance and a growing vegan population will mainly contribute to the alternatives industry growth. People becoming more health-conscious to avoid foods associated with obesity and heart diseases will also propel the growth of the industry. Lactose intolerance is increasingly prevalent among people globally, and around 65% of people suffer from some kind of food intolerance. Hence, these people must avoid dairy products and look for substitutes that will provide similar protein and vitamins.
Plant-based products such as almond milk and soy milk have lower calories compared to cow or buffalo milk. Hence, people prefer plant-based products to overcome obesity which is highly prevalent in the developed economies. People are also concerned about antibiotics, pesticides, and hormones present in the dairy product, an important cause for cancer, such as breast and endometrial cancer. Hence, they are avoiding milk products, which will help the products grow over the coming years.
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COVID-19 pandemic is expected to positively influence the growth of the industry during the forecast period, as there is great demand for packaged items. Products such as packaged plant-based milk and beverages have more shelf life, and people are storing these products so that they don’t have to go out of their residencies frequently.
Industry participants such as SunOpta Inc., Oatly, Danone, The Hain Celestial Group, Inc., DAIYA FOODS INC., Living Harvest Foods Inc., Melt Organic, Vitasoy International Holdings Limited, Earth’s Own Food Company Inc., The Whitewave Foods Company, ADM, Ripple Foods, Nutriops, S.L., Blue Diamond Growers, Freedom Foods Group Ltd., Eden Foods, Inc., Organic Valley Family of Farms and CP Kelco are some of the key players operating in the global alternatives industry.
Polaris Market Research has segmented the dairy alternatives market report on the basis of source, product, distribution channel, and region:
Dairy Alternatives, Source Outlook (Revenue – USD Million, 2016 – 2028)
Dairy Alternatives, Product Outlook (Revenue – USD Million, 2016 – 2028)
- Ice cream
Dairy Alternatives, Distribution Channel Outlook (Revenue – USD Million, 2016 – 2028)
- Supermarkets & Hypermarkets
- Convenience Stores
- Online Retail
Dairy Alternatives, Regional Outlook (Revenue – USD Million, 2016 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa