DUBLIN, November 15, 2022 /PRNewswire/ — The “Global Dairy Alternatives Market Report 2022” report has been added to from ResearchAndMarkets.com offer.
This report provides strategists, marketers, and senior management with the essential information they need to assess the global dairy alternatives market.
The global dairy alternatives market is expected to grow from $21.03 billion in 2021 for $22.26 billion in 2022 at a compound annual growth rate (CAGR) of 5.9%. The market is expected to grow to reach $28.02 billion in 2026 at a compound annual growth rate (CAGR) of 5.9%.
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The major market players are Tate & Lyle, CP Kelco Inc., SunOpta Inc., The Whitewaves Food Company, Organic Valley, The Hain Celestial Group, Blue Diamond Growers, Sunopta, and Archer Daniels Midland Company.
The dairy alternatives market consists of the sale of alternative dairy products and related services. Dairy alternatives are foods and beverages used as substitutes for dairy products. These products are extracted from plants such as cereals (rice, oats), legumes (soya), seeds (hemp, flax), nuts (peanuts, almonds) and other cereals (teff, quinoa). Dairy milk substitutes include soy milk, rice milk, oat milk, coconut milk, and flaxseed milk, cheese substitutes include soft cheese and hard cheese , butter substitutes such as nut butter, coconut butter, vegetable oil blends and cultured vegan butter.
The main product types are non-dairy milk, butter, cheese, yogurt, ice cream and other product types. Butter is a yellow to white solid emulsion of fat globules, water and inorganic salts and is produced by churning cream from cow’s milk. The various sources of dairy alternatives are almond, soy, oat, hemp, coconut, rice and other types of products. Dairy alternatives are distributed in supermarkets, health food stores, pharmacies, convenience stores, online stores and other types of products.
Asia Pacific was the largest region in the Dairy Alternatives Market in 2021. Western Europe was the second largest region in the dairy alternatives market. Regions covered in the Dairy Substitutes market are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Rising cases of lactose intolerance and milk allergies are expected to contribute to the growth of the dairy alternatives market. Lactose intolerance or congenital lactase deficiency is a condition in which the small intestine is unable to manufacture the enzyme lactase to break down or digest lactose, moving undigested lactose to the large intestine, causing symptoms such as diarrhea, gas and bloating. According to the Cleveland Clinic, more than 30 million people in America are lactose intolerant. This scenario is likely to generate higher demand for dairy alternatives, which, in turn, is expected to increase the dairy alternatives market revenue during the forecast period.
Lack of consumer awareness about the nutritional benefits of dairy alternatives is expected to hamper the market growth. Many dairy consumers believe that dairy alternatives have a lower nutritional content than cow’s milk and other dairy products. According Cargill study, about 90% of US households consume dairy products as part of their daily diet, while only 4% of the population consumes only non-dairy products. Hence, the lack of popular awareness about the nutritional benefits of dairy alternatives is restraining the growth of the market over the next few years.
New product innovation is the trend in the dairy alternatives market. In December 2019, Nestlé’s popular health drink brand Nesquik, has announced the launch of GoodNes, its first plant-based health drink made with a blend of pea protein and oat milk. According to Nestlé, its new dairy alternative health drinks match the nutritional value of traditional milk with 2g of dietary fiber and 6g of protein per serving. The product is made with cane sugar and leaf extract for a naturally sweet taste and contains 40% less sugar than chocolate almond milk.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South KoreaUK and UNITED STATES.
Main topics covered:
2. Characteristics of the dairy substitutes market
3. Dairy Substitute Market Trends and Strategies
4. Impact of COVID-19 on dairy alternatives
5. Dairy Alternatives Market Size and Growth
5.1. Global Dairy Alternatives Historic Market, 2016-2021, USD Billion
5.1.1. Market Drivers
5.1.2. Market Constraints
5.2. Global Dairy Alternatives Market Forecast, 2021-2026F, 2031F, Billion USD
5.2.1. Market Drivers
5.2.2. Market Constraints
6. Dairy Alternatives Market Segmentation
6.1. Global dairy alternatives market, segmentation by product type, history and forecast, 2016-2021, 2021-2026F, 2031F, billions of dollars
- Non-dairy milk
- Ice cream
- Other types of products
6.2. Global dairy alternatives market, segmentation by source, history and forecast, 2016-2021, 2021-2026F, 2031F, billions of dollars
- Other Resources
6.3. Global dairy alternatives market, segmentation by distribution channel, history and forecast, 2016-2021, 2021-2026F, 2031F, billions of dollars
- Health food stores
- convenience stores
- Online stores
- Other distribution channels
7. Regional and Country Analysis of Dairy Substitutes Market
7.1. Global dairy alternatives market, split by region, historical and forecast, 2016-2021, 2021-2026F, 2031F, in USD billion
7.2. Global dairy substitutes market, split by country, historical and forecast, 2016-2021, 2021-2026F, 2031F, in USD billion
For more information on this report, visit https://www.researchandmarkets.com/r/asguyv
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