The report “Dairy alternatives Market by Source (Soy, Almond, Coconut, Oats, Rice, Hemp), Application (Milk, Yogurt, Ice creams, Cheese, Creamers), Distribution Channel (Supermarkets, Health Food Stores, Pharmacies), Formulation and Region – Forecast to 2027“, According to MarketsandMarkets, the global dairy alternatives market size is estimated to be valued at USD 27.3 billion in 2022. It is projected to reach USD 44.8 billion by 2027, recording a CAGR of 10.4%, in terms of value. The Increasing awareness associated with health benefits offered by dairy alternatives drives the dairy alternatives market.
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The almond segment is projected to grow at the highest CAGR in the dairy alternatives market.
Based on sources, the almond segment is projected to grow at the highest CAGR in the dairy alternatives market. Almond-based products witness significant demand in the dairy alternatives market due to the various benefits it offers. The growth of the almond-based dairy alternatives market is also due to factors such as high nutritional content, easy availability of raw materials, and increased popularity of consumption.
The flavored segment is projected to grow with the highest CAGR in the dairy alternatives market.
Based on formulation, the flavored segment is projected to grow with the highest CAGR in the dairy alternatives market. The widely available flavored plant-based products in the market are vanilla and chocolate, followed by flavors such as peach, strawberry, blueberry, and mango. Companies have launched new products with fruit flavors to expand their consumer base and increase their market share. Dream frozen yogurt by The Hail Celestial (US) is one of the examples of flavored & sweetened dairy alternative products. To develop creamier textures, many new product launches include coconuts or blends such as coconut and oat or another plant-based alternative.
The yogurt segment is anticipated to grow at the highest CAGR in the dairy alternatives market.
By application, the dairy alternatives market is segmented into milk, yogurt, ice cream, cheese, creamer, and other applications. Major brands offering yogurt alternatives in the market include Dream and Joya offered by The Hain Celestial Group Inc. (US) and Silk and So Delicious offered by Danone North America Public Benefit Corporation (US), respectively, which vary in flavor and formulation and hence present consumers with a wide variety of options.
The online stores segment is projected to grow with the highest CAGR in the dairy alternatives market.
By distribution channel, the dairy alternatives market is segmented into supermarkets, health food stores, pharmacies, convenience stores, online stores, and other distribution channels. Many key players have started offering their products for sale through online channels. This helps consumers in terms of placing an order as well as getting the delivery. Several one-stop shops have put themselves on the web to ease the purchasing process for the consumers. These online retailers also offer a variety of options for a particular dairy-free food product at discounted rates as compared to traditional retail prices to attract more customers.
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The Europe region is the second-largest region in the dairy alternatives market in the forecast period.
The consumers in the European market are health-conscious and aware of animal welfare and environmental sustainability; they often check the ingredients on the products before purchasing. Thus, the demand for lactose-free and low-fat food has increased. Therefore, major players in the industry are focusing on acquisitions and diversifying their product portfolios to include plant-based dairy alternatives.
Key Players:
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Danone North America Public Benefit Corporation (US), The Hain Celestial Group, Inc. (US), Freedom Foods Group Limited (Australia), Sanitarium (New Zealand), Blue Diamond Growers (US), and SunOpta (Canada).
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