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Global Dairy Substitute Market Analysis Report 2022: A Market of $42.26 Billion by 2027

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Global dairy substitutes market

Global dairy substitutes market

Global dairy substitutes market

Dublin, Nov. 21, 2022 (GLOBE NEWSWIRE) — The report “Dairy Alternatives Market, Size, Global Forecast 2022-2027, Industry Trends, Growth, COVID-19 Impact, Business Analysis” has been published. added to from ResearchAndMarkets.com offer.

The global dairy alternative market is estimated to reach US$42.26 billion by 2027, from US$22.01 billion by 2021, growing at a CAGR of 11.49% during the period 2021-20278.

Products and beverages that can be used as milk substitutes are milk substitutes. These are made from plants and are considered a healthier alternative to dairy products. Plus, several essential vitamins and minerals make these alternatives healthy. They are also low in fat and cholesterol, and lactose is not present in them.

Likewise, most people around the world are switching from dairy to dairy-free as they realize that dairy-free diets can help with various issues such as digestive pain, inability to lose weight, weight, acne and irritable bowel syndrome.

Dairy alternatives are more prevalent in developed and developing markets around the world. This is due to an increase in the number of people with dairy allergies. Additionally, increasing health awareness and disposable income have spurred the expansion of the dairy substitute industry.

Moreover, the introduction of additional healthy ingredients by various market players is one of the major reasons for the growth of the market. However, the main limitations of this industry are fluctuating raw material prices and high costs. On the contrary, the dairy alternatives market is expected to grow owing to the increase in vegan demand for dairy alternatives and the launch of new flavors and varieties of dairy alternatives.

COVID-19 boost to the global dairy substitutes industry

The COVID-19 crisis has had a huge impact on the market. Consumer buying behavior has changed due to increased health awareness; customers prefer lactose-free foods because of the many health benefits associated with it.

Additionally, due to the closure of retail stores due to covid regulations around the world, manufacturers of vegetarian products have seen substantial growth of these products through e-commerce websites rather than retail stores. During the first quarter of the 2021 financial year, Danone SA, one of the main players in this market, recorded a 2.9% increase in sales.

The beverages segment in the lead thanks to favorable demand dynamics

According to our analysis, the beverage category is dominating the global market due to favorable demand dynamics, growing interest among major industry players and excellent development potential for vegan beverages.

Also, the widespread availability of soy milk in the Asia-Pacific market, especially in China, has been an undisputed leader in terms of beverage. Nevertheless, almond milk will outperform all other dairy alternatives in terms of growth. It is rapidly gaining popularity with consumers who avoid soy products due to allergies or other health concerns.

However, food segments such as ice cream, yogurt, cheese and creams are also showing their popularity among consumers of all age groups.

Remarkably, the food industry is rapidly changing in its product offerings and claims, namely non-dairy, vegan, plant-based and natural, are receiving considerable consumer attention. Additionally, the appeal of vegan food has gone far beyond vegan consumers, as have compelling plant-based label claims projecting offerings such as healthy indulgence among consumers.

By distribution channel analysis Supermarkets/hypermarkets to dominate

As supermarkets and hypermarkets are nearby, accessible and affordable, they are likely to hold the largest market share due to their unique product offerings.

There is an excellent store shelf for vegan and plant-based items and enticing discounts to tempt consumers and improve adoption rates. Plant-based products are becoming more and more distinctive. They are undergoing a huge transformation from their traditional reputation as a meat or dairy substitute. These products have made the transition to convenience and customers find them simple to store, prepare and consume.

Online retail is expected to grow faster in the dairy alternatives market over the forecast period owing to its greater convenience, improved shopping experience, and increasing digital literacy rates.

By region, Asia-Pacific is the fastest growing market

The dairy substitute industry is growing at the fastest rate in Asia-Pacific. The growing number of lactose intolerant people in this region is increasing the demand for dairy alternatives. Additionally, the health and wellness trend in Asia-Pacific has brought the issue of food intolerances and allergies to the forefront of modern consumers’ thoughts, increasing the demand for dairy alternatives.

Soy alternatives are generally accepted in this region, which has led to the establishment of companies such as Vitasoy International Holding, which offers a diverse line of soy products.

Additionally, plant-based protein consumers in Asia-Pacific have adopted a dairy-free diet to improve their health and well-being. Plant-based diets can help prevent obesity, stroke and heart disease, lower cholesterol and arthritis pain, lower blood sugar, increase energy and improve mental clarity.

Key players

The global dairy alternatives market is moderately consolidated with Danone, Hain Group Celestial, SunOpta, Blue Diamond Growers Inc, Vitasoy International Holdings Limited, Oatly, Noumi Limited and Kikkoman all having significant presences.

These prominent companies are also aggressively pursuing acquisitions and mergers to strengthen their positions and effect a sea change to protect their future growth in a declining dairy appeal.

Furthermore, the competitive intensity of this industry is expected to increase in the coming years if world-renowned companies discover and come up with nutritionally adequate and environmentally friendly alternatives that are both affordable and acceptable. At the same time, they constantly try to keep up with the market trends of dairy alternatives to develop new products.

Key players

Main topics covered:

1. Introduction

2. Research and methodology

3. Executive Summary

4. Market dynamics
4.1 Drivers of growth
4.2 Challenge

5. Dairy Alternatives Market

6. Market Share- Dairy Alternatives Analysis
6.1 By segments
6.1.1 Through food
6.1.2 Per drink
6.2 By distribution channel
6.3 By region

7. Segment – ​​Alternative Dairy Market
7.1 Food
7.1.1 Ice cream
7.1.2 Yogurt
7.1.3 Cheese
7.1.4 Creamers
7.1.5 Others
7.2 Beverage
7.2.1 Soy milk
7.2.2 Almond Milk
7.2.3 Rice milk
7.2.4 Coconut milk
7.2.5 Others

8. Distribution Channel – Alternative Dairy Market
8.1 Supermarket and hypermarket
8.2 Troubleshooters
8.3 Other in-store distribution channel
8.4 Non-store

9. Region – Alternative Dairy Market
9.1 North America
9.2 Asia-Pacific
9.3 Europe
9.4 Rest of the world

10. Analysis of Key Players
10.1 Business Overview
10.2 Recent Development
10.3 Sales Analysis

For more information about this report visit https://www.researchandmarkets.com/r/q68b7d

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