As veganism is accelerating its move in the mainstream, the demand for plant-based food products has witnessed an upsurge. A recent market study by Future Market Insights (FMI) predicts that the revenue of the dairy alternatives market will reach US$ 34.6 billion by 2029. In terms of value, the global dairy alternatives market is projected to register a CAGR of 8.3% during the forecast period, according to FMI.
The thriving trend of veganism is one of the primary factors triggering the demand for dairy alternatives. Health-related concerns such as allergies from milk and lactose intolerance are playing a vital role in the growth of the dairy alternatives market. With the increased exposure to the dangers of dairy products, more and more individuals are leaning towards non-dairy milk, which, in turn, is providing a significant boost to the dairy alternatives market.
Dairy alternatives have been competing in the dairy space now for decades, but the competition has intensified by the day as dairy alternatives are expanding in styles, product categories, and types. Growing research and development, product line extensions, and marketing campaigns have led to increased sales of dairy alternatives.
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Product Portfolios Expand in Dairy Alternatives Landscape as More Consumers are Becoming Vegan
With the advent of dairy alternatives, more and more people are inclined towards them for many reasons including better health, growing concerns for animal welfare, reducing their impact on the planet, and others. Awareness of non-dairy substitute options available in the market is increasing rapidly, which is leading to increased availability of various types of dairy alternatives available in grocery stores.
The substitutes for dairy, available in the market, include soy milk, almond milk, coconut milk, rice milk, cashew milk, flax milk, corn milk, and many more. Plant-based milk, which is incorporated in numerous food products is now extensively available commercially. Many consumers are under the impression that a vegan diet can be overpriced; however, nutritious non-dairy foods can prove to be a lot cheaper than a dairy-based or omnivorous diet.
Dairy Alternative Beverages Show up in Supermarkets
Dairy alternative beverages accounted for more than 8% of world dairy launches. Actual global dairy alternative launches have more than doubled over five years. These launches have attracted keen interest from individuals, which have boosted the sales of dairy alternatives.
The thriving demand for healthier foods and modern retail formats such as supermarkets/hypermarkets in developing countries are assisting the sales of dairy alternatives. Also, an upsurge in e-retail for the sales of dairy alternatives has been observed in the last two years.
Practically, it is quite impossible to replace overall dairy, not for the next 15-20 years at least. Despite this long term outlook, the dairy alternatives sector is booming. Evolving consumer trends such as the change in diets and growing health awareness are expected to provide an upsurge to the dairy alternatives market.
Dairy Alternatives Market to Become Highly Competitive
Competition in dairy alternatives market is increasing at a rapid pace. More and more players are entering the business, and existing companies seem to follow on-going trends by providing diverse products as the demand increases.
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This report on dairy alternatives covers the trends driving each segment, and offers analysis and insights of the potential of the dairy alternatives market in specific regions. The dairy alternatives market in Asia Pacific is expected to lead the market in terms of share, and North America and Europe are expected to record a relatively higher CAGR.
Also, Latin America is the prominent region for the players wanting to enter the market, the opportunity for growth is highest among all regions. Some of the key players in the market are The Hain Celestial Group, Earths Own Food Company, Dohler GmBh, Organic Valley, Daiya Foods Inc., SunOpta, and Danone S.A.