Dairy Alternatives Market to Reach $44.9 Billion by 2027, Growing at a CAGR of 11.2% From 2020 With COVID-19 Impact - Meticulous Research® Analysis

LONDON, Dec. 7, 2020 /PRNewswire/ -- Plant-based dairy products consist of ingredients derived from plants that include vegetables, fruits, whole grains, nuts, seeds, and legumes. What differentiates them from animal-based foods is that their fiber fraction comprises indigestible compounds, mainly pectin, hemicellulose, cellulose, and resistant starch.

Meticulous Research® in its latest publication, titled "Dairy Alternatives Market by Product Type (Plant Milk, Cheese, Yogurt, Butter, Ice Cream), Source (Almond Protein, Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) – Global Forecast to 2027" states that the dairy alternatives market is expected to reach $44.9 billion by 2027, at a CAGR of 11.2% during the forecast period of 2020 to 2027.

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The growth of this market is mainly attributed to the increasing incidence of intolerance for animal proteins, nutritional benefits offered by plant-based food, increasing vegan population, and venture investments in plant-based food. Moreover, emerging economies provide significant opportunities for players operating in the global dairy alternatives. However, a significant preference for animal-based products and consumer preference for soy and gluten-free products are the factors expected to hinder this market's growth.

The dairy alternatives market is segmented based on type, source, distribution channel, and geography. Based on type, the dairy alternatives market is segmented into plant-based milk, cheese, yogurt, butter, ice-cream, creamer, and other dairy alternatives. In 2020, the plant-based milk segment accounted for the largest share of the overall dairy alternatives market. The increasing prevalence of lactose intolerance and consumer preference for vegan diets are factors driving the demand for plant-based milk alternatives, such as almond and soy milk. However, the yogurt segment is expected to grow at the fastest CAGR during the forecast period.

Based on source, the dairy alternatives market is segmented into almond protein, soy protein, wheat protein, pea protein, rice protein, and other sources. In 2020, the almond protein segment accounted for the largest share of the overall dairy alternatives market. The large share of this segment is mainly attributed to its easy availability, low cost, higher consumer acceptance, and increasing application of almond protein in various plant-based dairy products. This segment is also expected to grow at the fastest CAGR during the forecast period.

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Based on distribution channel, the overall dairy alternatives market is segmented into business-to-business and business-to consumer. In 2020, the business-to-consumer (B2C) segment accounted for the largest share of the overall dairy alternatives market. The large share of this segment can be attributed to consumers' preference for brick-and-mortar grocers, the growing online retail sector, urbanization, and the rising number of supermarkets and hypermarkets. Based on type, the B2C distribution channel market is further segmented into modern groceries, convenience stores, specialty stores, online retail, and others. In 2020, the modern grocery segment accounted for the largest share of the overall B2C dairy alternatives market. The large share of this segment is attributed to its wider reach, greater shelf-space, attractive discounts, and bundling strategies. However, the online retail segment is expected to grow at the fastest CAGR during the forecast period due to its faster accessibility and cost-effectiveness.

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Geographically, the dairy alternatives market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, Europe accounted for the largest share of the global dairy alternatives market. The leading position of the European region is primarily attributed to the increased awareness about a protein-rich diet, increased health consciousness, larger vegan & vegetarian population, well-established food sector, and higher adoption of technological advancements in the F&B industry.

The global dairy alternatives market is very fragmented, with a large number of small and start-up companies. These players have implemented various strategies to expand their product and services offerings, global footprint, and augment their market share. Most companies' key strategies in the global dairy alternatives market were new product launches and agreements, collaborations, and partnerships

The key players operating in the global dairy alternatives market are Danone SA (France), Follow Your Heart (US), The Hain Celestial Group, Inc. (US), Sahmyook Foods (South Korea), Sanitarium health and wellbeing company (Australia), AXIOM Foods, Inc. (US), Daiya Foods, Inc.(Canada), Earth's Own Food Company, Inc. (Canada), VBItes Food, Ltd. (UK), SunOpta Inc. (Canada), Valsoia SpA (Italy), and Freedom Foods Group Limited (Australia) among others.

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Scope of the report:

Dairy Alternatives Market, by Product Type

• Plant Based Milk
• Almond Milk
• Soy Milk
• Coconut Milk
• Rice Milk
• Others
• Cheese
• Yogurt
• Butter
• Ice Cream
• Creamer
• Others

Dairy Alternatives Market, by Source

• Almond Protein
• Soy Protein
• Wheat Protein
• Pea Protein
• Rice Protein
• Others

Dairy Alternatives Market, by Distribution Channel

• Business to Business
• Business to Customers
• Modern Groceries
• Convenience Store
• Specialty Store
• Online Retail
• Others

Dairy Alternatives Market, by Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• RoE
• Asia-Pacific (APAC)
• China
• Japan
• India
• RoAPAC
• Latin America
• Middle East and Africa

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