Global Dairy Alternative Market is segmented By Type (Almond Milk, Soy Milk, Coconut Milk, Cashew Milk, Others), By Application (Milk, Beverages, Frozen dessert, Yogurt, Others), By Formulation Type (Original & Sweetened, Original & Unsweetened, Flavoured & Sweetened, Flavoured & Unsweetened), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Market Overview
The Global "Dairy Alternatives Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).
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Dairy consumption is undergoing a revolution as a rapidly growing number of consumers switch to dairy-free milk alternatives. Dairy Alternatives are a rising trend, which can serve as an alternative to the fat and cholesterol-rich cow milk products and in places, where cow’s milk supply is insufficient.
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Increasing awareness for a vegan diet, rising population of lactose intolerants, and the changing perception of consumers’ about health are the primary factors that are boosting the market for dairy alternatives
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Roughly two-thirds of the world’s adult population is lactose-intolerant. In Asia and Africa, the figure is around 90%. But even in Northern Europe, where only 10% of the population is affected, trends such as the vegan diet are leading to increased demand for dairy-free and lactose-free products.
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Dairy alternatives are consistently costlier than dairy milk
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The high cost of dairy alternatives in comparison to dairy milk can be a significant restraint, and it will impede the growth of the market.
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The Global Dairy Alternatives Market report segments the market- By Type, By Formulation, by Application, and by geography.
Market Segmentation Analysis
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By type the market has been segmented into – Almond Milk, Soy Milk, Coconut Milk, Cashew Milk, and Others. Almond Milk leads the other kinds of plant milk regarding the market value and has the highest market share globally in dairy alternatives. Compared to other plant-based milk, almond milk is naturally an excellent source of vitamins, especially vitamin E which cannot be synthesized by the body and need to be supplied through diet or supplements.
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By Formulation, the market has been segmented into- Original & Sweetened, Original & Un-sweetened, Flavoured & sweetened and flavored & unsweetened.
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By Application type, the report segments the market into- Milk, Beverages, Frozen Desert, Yogurt, Cheese, Creams, and Others.
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On the bases of geography, the market has been segmented as North America, South America, Asia-Pacific, Europe, and Rest of the World. The Asia-Pacific has the highest market share followed by North America.
Market Dynamics
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The popularity of Dairy Alternatives in North America is increasing very rapidly and particularly in the US. The new food guidelines in the US developed under the “ChooseMyPlate”, placed dairy alternatives such as soymilk, rice milk, and almond milk in the “Dairy Group” (USDA, 2014).
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Soy Milk was the leader of the market earlier, but Almond Milk is now America’s favorite milk substitute, boasting a sales growth of 250 percent over the five years covering 2010 to 2015. While almond milk still accounts for just a fraction of the total milk market (about 5%), it brings in more than twice the revenue of the other milk substitutes combined.
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The increasing trend of almond milk sales in the US can be attributed to:
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Consumer valuing “back-to-basics” food with attributes such as “all-natural,” “no artificial color or flavors” and “made from vegetables or fruits.”
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Dietary restrictions like lactose intolerance with dairy milk and concerns over hormones (plant estrogen or iso-flavones) found in soy milk.
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Ingredients sourced sustainably are very important in consumers’ purchase decisions. This attribute is essential for 40% of Generation Z, followed by 38% of Millennial, 34% of Generation X, and 21 percent of boomers and seniors.
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The report profiles the following companies: Blue Diamond Growers, Earth’s Own Food Company, Inc., Valsoia, Triballat Noyal, The Whitewave Foods Company, Sunopta Inc., Döhler GmBH, Free-dom Foods Group Limited, Eden Foods Inc. and Nutriops S.L.
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The dairy industry is slowly waking up to the fact that milk is going out of style. And many big food brands are investing in the dairy alternatives market. Danone, a multinational food company, sensing the growth opportunities available in the alternative dairy market, acquired The White-wave Foods for a 10 billion deal. Following the footsteps of Danone, Dean Foods Company, the largest dairy producer in the United States known for its DairyPure brand, took a minority stake in plant-based milk and yogurt company Good Karma Foods.
By Type
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Almond Milk
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Soy Milk
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Coconut Milk
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Cashew Milk
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Others
By Application
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Milk
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Beverages
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Frozen dessert
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Others
By Formulation
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Original & Sweetened
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Original & Unsweetened
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Flavoured & Sweetened
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Flavoured & Unsweetened
By Region
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Asia Pacific
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Europe
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North America
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South America
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Rest of the World