ALBANY, New York, Feb. 6, 2020 /PRNewswire/ -- Prevalence of lactase non-persistence in numerous countries and the significant adverse environmental impact of dairy industry are key trends shaping the contours of the dairy alternatives market. A wide variety of plant-based alternatives with promising nutritional profiles have thronged key markets. Further efforts to expand the distribution channels are stridently increasing the accessibility of dairy substitutes, propelling the dairy alternatives market to garner a CAGR of ~8% from 2019 to 2029. The global revenues are expected to climb from ~US$ 15.6 bn in 2019 to reach ~US$ 34.6 bn by 2029.
"Growing numbers of beverages companies weaning on dairy products have climbed onto the dairy alternatives bandwagon by replacing dairy with plant-based ingredients. Market players are unlocking the value of environmental sustainability by adopting sustainable crop cultivation techniques in making the shift," asserts TMR.
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Key Findings of Dairy Alternatives Market Study
- Among the various sources, soy and almond have attracted substantial attention among beverages companies unveiling non-dairy drinks
- Rapid increase in populations identified as vegan in Europe over the past few years opened sizable revenue potential in the regional market. Hence, the regional market is expected to expand at the most attractive pace.
Explore 280 pages of top-notch research, granular assessment, and evidence-based insights along with country-level projections. Gain business intelligence on dairy alternatives market by Source: Soy, Almonds, Rice, Coconut, Oats, Others; Product: Flavored, Regular/Unflavored; Nature: Organic, Conventional; Sales Channel: Direct (B2B), Indirect (B2C) (Hypermarkets/Supermarkets, Convenience Stores, Mass Grocery Retailers, Specialty Stores, Online Retail)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2029
Dairy Alternatives Market: Key Driving Factors
According to the TMR's study on the dairy alternatives market, the consumer demand curves are increasingly driven by the expanding array of plant-based options for lactose intolerant populations. Companies are also leaning on adopting environmentally friendly packaging for popular categories in dairy alternatives market. In addition, they are spending sizably in research and development activities for improving the nutritional profile of soy and almond milk products, mainly through food fortification. They are focusing on novel packaging; an example is microwaveable aseptic carton packs, to enhance the shelf-life of dairy alternatives. The analysts observe that the following are key trends shaping the consumer demand curves in various regions:
- Marked prevalence of lactose intolerance in 65–70% of the world's adult population has been cause for concern, posing a large need for plant-based nutrition
- The high incidence of lactase non-persistence in some parts of North America, Europe, and Africa is opening new demand potential for producers of dairy alternatives
- Plant-based nutrition is becoming a part of active nutrition, catalyzing the demand for plant-based milk.
- Growing numbers of people with milk allergy demand dairy alternatives for recipes. This calls for increased focus on the packaging of such alternatives.
- Growing acceptance of veganism in developed nations is rising as is evident in many-folds increase in vegan population in the last five years.
Major Challenges for Aspiring Dairy Alternatives Market Players
Though beverages and milk made from soy, oats, and almonds continue to disrupt the dairy industry, several concerns tend to belittle the hype surrounding dairy alternatives. Few insights that interest market participants are:
- Crop cultivation methods associated with plants used for making dairy alternatives are still not advanced to be called more environmentally friendly than dairy production.
- Beverage companies are zealously promoting dairy alternatives as a part of reducing the carbon footprints of dairy industry. But, what shrouds the benefits is the relatively high price that comes with an array of dairy alternatives.
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Dairy Alternatives Market: Region-wise Analysis
- Large chunks of global revenues come from Asia Pacific excluding China. The demand for dairy alternative in this region is cruising faster than most key markets such as Europe, North America, Latin America, and the Middle East and Africa. The regional market accounted for approximately 27% of the global shares in 2019, and is projected to maintain its lead. Rise in awareness about milk substitutes among lactose intolerant adults will sustain the attractiveness quotient of demands in the regional population.
- Latin America is expected to remain a promising region in the global dairy alternatives market.
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Food companies are replacing animal-based ingredients with plant-based ones in several of their products. Several of them are focusing on expanding the options of dairy alternatives in yogurts and ice-creams in high-growth geographies. Recently, a prominent U.S.-based coffee house Starbucks Corporation acknowledging that the dairy products contribute a major parts of its carbon footprint has decided to include plant-based ingredients. Numerous players are leaning on consolidating their distribution and supply chains to strengthen the penetration of dairy alternatives. They are also partnering with packaging providers to target the convenience of consumers.
Names of well-entrenched players in the dairy alternatives market include Nutriops S.L., Sanitarium Health And Wellbeing Company, Califia Farms, Daiya Foods Inc., Blue Diamond Growers, Organic Valley, and Dohler.
The dairy alternatives market is segmented based on:
- Global Dairy Alternatives Market Nature Outlook (Revenue, USD Million 2019-2029)
- Global Dairy Alternatives Market Source Outlook (Revenue, USD Million 2019-2029)
- Global Dairy Alternatives Market Product Outlook (Revenue, USD Million 2019-2029)
- Global Dairy Alternatives Market Sales Channel Outlook (Revenue, USD Million 2019-2029)
- Direct (B2B)
- Indirect (B2C)
- Convenience Stores
- Mass Grocery Retailers
- Specialty Stores
- Online Retail
- Global Dairy Alternatives Market Region-wise Outlook (Revenue, USD Million 2019-2029)
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Food & Beverages industry,
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