ID: MRFR/F-B & N/1096-HCR | February 2023 | Region: Global | 90 Pages
Dairy Alternatives Products Market is projected to register a CAGR of 10.88% and reach a value of USD 46.59 Billion by 2027.
$46.59 Billion
10.88%
North America
2020–2027
According to the research reports by MRFR, the global dairy alternatives products market size is projected to acquire USD 46.59 Billion by the end of 2027. Furthermore, the market is anticipated to register a healthy CAGR of over 10.88% during the assessment era.
Dairy alternative products refer to the products derived from plant-based milk and are lactose-free. The numerous plant-based sources include coconut, almond, and soy. The global market players are making heavy investments in product development and continuous product improvement to serve consumer needs. The textural characteristics and taste of dairy alternatives products are reserved and imitated to dairy products using the proper ingredients and kind of dairy substitute as the starting material. The global market for dairy alternatives products has recorded enormous growth in the last few years. The market's growth is primarily attributed to the increasing prevalence of lactose-intolerant populations across the globe. Furthermore, the factors such as growing food allergies, changing food trends, increasing number of consumers opting for veganism, and easy availability of alternatives are also projected to boost the market's growth over the coming years.
Segmentation
Dairy Alternatives Products Market has been segmented based on source, type, distribution channel, and region.
Based on source, the global dairy alternatives products has been classified as soy, almond, coconut, rice, oats, and others. The almond segment dominated the global dairy alternative products market and is expected to witness the highest CAGR during the forecast period.
Based on type, the global dairy alternatives products market has been classified as milk, cheese, yogurt, ice creams, and others. The milk segment is expected to hold a significant share in the global dairy alternatives products. However, the cheese segment is expected to be the fastest-growing during the review period
The global dairy alternatives products market has been categorized, based on distribution channel, into store-based and non-store-based. The store-based segment has further been divided into supermarkets and hypermarkets, convenience stores, and others. The store-based segment is expected to account for the larger revenue share of the market. However, the non-store-based segment is expected to exhibit the higher growth rate during the forecast period, 2020–2027.
The global dairy alternatives products industry has been studied with regard to four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The North American dairy alternatives products industry has further been segmented into the US, Canada, and Mexico. The European dairy alternatives products has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe. The dairy alternatives products market in Asia-Pacific has been divided into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific. The Dairy Alternatives Products Industry in the rest of the world has been segmented into South America, the Middle East, and Africa.
Key Players
The Whitewaves Food Company (US), The Hain Celestial Group (US), Blue Diamond Growers (US), Sunopta (Canada), Sanitarium Health and Wellbeing Company (Australia), Freedom Foods Group (Australia), Eden Foods (US), Nutriops S.L. (Spain), Earth's Own Food Company (Canada), Triballat Noyal (France), Valsoia S.P.A (Italy), Dohler GmBh (Germany),Organic Valley (US), and Panos Brands LLC (US), Daiya Foods Inc. (Canada), Galaxy Nutritional Foods, Inc. (US), and Tofutti Brands Inc. (US) are some of the key players in the global dairy alternatives products market.
Regional Market Summary
Global Dairy Alternatives Products Market Share (%), by Region, 2018 Â
Source: Secondary Sources and MRFR Analysis
North America market is expected to hold a major share in dairy alternatives products industry. The US and Canada are major contributors to the growth of the market and are likely to continue dominating over the review period. Furthermore, the changing lifestyle and consumption pattern is showing an inclination towards dairy-free food sources, which is another factor adding fuel to the growth of the North America dairy alternatives products. The demand for healthy convenience food is increasing in Asia-Pacific. The manufacturers producing ready-to-eat food are considering dairy-alternative as a convenient preferred milk solution due to the increasing consumer inclination towards plant-based milk sources, especially in developed countries. This trend is spreading across the region.Recent Development
Global Dairy Alternatives Products Market, by Source
Global Dairy Alternatives Products Market, by Type
Global Dairy Alternatives Products Market, by Distribution Channel
Global Dairy Alternatives Products Market, by Region
Intended Audience
Report Attribute/Metric | Details |
---|---|
Market Size | USD 46.59 Billion |
CAGR | 10.88% (2020-2027) |
Base Year | 2019 |
Forecast Period | 2020-2027 |
Historical Data | 2018 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Source, By Type, By Distribution Channel, and By Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | The Whitewaves Food Company (US), The Hain Celestial Group (US), Blue Diamond Growers (US), Sunopta (Canada), Freedom Foods Group (Australia), Eden Foods (US), Nutriops S.L. (Spain), Earth's Own Food Company (Canada), Triballat Noyal (France) |
Key Market Opportunities | Growing Consumer Preference for Vegan Diet |
Key Market Drivers | Increasing lactose Intolerance |
Whitewaves Food Company (US), The Hain Celestial Group (US), Blue Diamond Growers (US), Sunopta (Canada), Sanitarium Health and Wellbeing Company (Australia), Freedom Foods Group (Australia), Eden Foods (US), Nutriops S.L. (Spain), Earth's Own Food Company (Canada), Triballat Noyal (France), Valsoia S.P.A (Italy), Dohler GmBh (Germany),Organic Valley (US), and Panos Brands LLC (US), Daiya Foods Inc. (Canada), Galaxy Nutritional Foods, Inc. (US), and Tofutti Brands Inc. (US)
Dairy Alternatives Products Market is expected to expand at 10.88% CAGR from 2020 to 2027.
Dairy Alternatives Products Market size can reach USD 46.59 Billion by 2027.