Dublin, Nov. 21, 2023 (GLOBE NEWSWIRE) — The “Dairy Alternatives Market by Source (Soy, Almond, Coconut, Oats, Hemp), Application (Milk, Yogurt, Ice Cream, Cheese, Creamers), Channel of Distribution (Retail, Online Stores, F&B), Formulation and Region – Global Forecast to 2028″ has been added to the report ResearchAndMarkets.com offer.
The global dairy alternatives market is estimated to reach USD 27.0 billion in 2023 and is expected to reach USD 43.6 billion by 2028, growing at a CAGR of 10.1%.
This report provides valuable insights to market leaders and newcomers alike, offering approximate revenue figures for the overall dairy alternatives market and its sub-segments.
Stakeholders can benefit from this report by gaining a deeper understanding of the competitive landscape, thereby enabling them to design more effective business strategies and marketing plans. Additionally, it offers insight into market dynamics, including key drivers, restraints, challenges, and opportunities.
Growing focus on health and changing consumer preferences have driven demand for alternative dairy products. Strategies such as segmentation and diversification can help drive sales of these products, targeting health-conscious consumers, vegetarians, flexitarians and vegans. It is crucial to effectively position the product in the dairy alternatives category and through the right sales channels.
Promotional strategies have played a pivotal role in amplifying the growth prospects within this market. Brands that strategically position themselves in the dairy alternatives category, such as almond milk producers, have gained popularity and experienced substantial growth.
Growing health awareness and lifestyle changes have propelled the dairy alternatives market forward. Additionally, the commitment of plant-based beverage manufacturers to introduce innovative flavors, extend product shelf life, and improve nutritional profiles bodes well for the projected market growth. However, challenges include high production costs and limited availability of raw materials.
North America is expected to grow at a CAGR of 9.0% during the forecast period, reaching a value of USD 9.0 billion in the dairy alternatives market by 2028.
The health benefits of dairy alternatives and their widespread use in food and beverage products are driving the growth of the North American dairy alternatives market.
According to the Dietary Guidelines for Americans (2020-2025), 65% of young children, 34% of adolescents, and 20% of American adults consume milk as a beverage. Consumption of dairy in the form of cheese on products like pizza, sandwiches and pasta dishes is also common. However, the same source reports that approximately 74% of adults are overweight, of which 35% are prediabetic. Cases of lactose intolerance and milk allergies are increasing, leading to the recommendation of consuming alternatives to low-fat and fortified soy dairy products to maintain a healthy nutritional balance.
These factors, coupled with growing health awareness among consumers, are driving the dairy alternatives market in North America. Major players in the North American dairy alternatives market include The WhiteWave Foods Company (US), Archer Daniels Midland Company (US), The Hain Celestial Group, Inc. (US), Blue Diamond Growers (US), -United States) and SunOpta Inc. (Canada). ).
The flavored sub-segment of the formulations segment is expected to grow at a CAGR of 10.4% during the forecast period.
The market offers a variety of flavored and sweetened dairy products, including options such as yogurt, milk and dairy-free frozen desserts, in response to changing consumer preferences and as a way for manufacturers to diversify their product offering. Adding flavor enhances the taste appeal of dairy alternatives such as soy, rice and oat milk.
Additionally, mixed versions of flavored and sweetened products are in high demand. Among the flavored plant-based products available, vanilla and chocolate are the most common, followed by flavors like peach, strawberry, blueberry and mango. Companies have introduced fruit flavored products to expand their consumer base and expand their market presence.
For example, Dream Frozen Yogurt from The Hain Celestial Group (USA) is a notable example of a flavored and sweetened alternative dairy product. To achieve creamier textures, many product launches incorporate ingredients such as coconut or blends like coconut and oat, as well as other plant-based alternatives.
Rich dessert flavors like hazelnut fudge brownies or blood orange mimosas can enhance dairy-free yogurt, yogurt drinks, ice cream and frozen treats. Dairy-free flavors improve the taste and texture of alternatives. Added at the start of production, they neutralize bases, mask aromas and add mouthfeel. Flavored, unsweetened and dairy-free options are popular due to their health-consciousness and wide range of flavors. Suitable for diabetics.
The dairy alternatives market distributed through online channels is expected to grow at the highest CAGR of 11.9% during the forecast period due to ease of ordering.
Many leading players in the industry have embarked on the journey of selling their products through online channels. This strategic move not only benefits consumers by simplifying the ordering process, but also ensures convenient home delivery.
Many comprehensive online platforms have moved to the digital realm, making it easier for consumers to shop. Additionally, these virtual retailers present a diverse range of options for specific dairy-free food products, often at discounted rates compared to traditional retail, in an effort to attract a broader customer base.
The use of online services has seen a significant increase in both developed and developing markets. This growth can be attributed to the faster accessibility and cost-effectiveness that online shopping offers. Additionally, several online service providers go the extra mile by providing detailed information on various gluten-free food brands, thereby enabling consumers to make informed choices.
Over the past decade, the increasing frequency of online shopping has opened up lucrative opportunities not only for well-established online giants, but also for regional national online retailers. Notable names in this space include industry giants like Amazon, specialist platforms like Vegan Online, and health-conscious choices like Goodness Direct.
Number of pages
2023 – 2028
Estimated market value (USD) in 2023
24 billion dollars
Projected Market Value (USD) by 2028
Compound annual growth rate
Growing demand for dairy alternatives due to increasing cases of lactose intolerance
Flavored formulation and China will account for the largest segmental shares in 2023
Retail will dominate in most regions during the forecast period
China dominated the dairy alternatives market in 2022
Case study analysis
Danone North America launched its dairy segment by introducing Silk Nextmilk and So Delicious Wondermilk
Blue Diamond Growers has partnered with Lala Group to establish a network in Mexico
Growing Consumer Preference for a Plant-Based Diet
Nutritional Benefits of Plant-Based Dairy Alternatives
Growing number of consumers are turning to plant-based nutrition
Evolution of food lifestyles towards new trends
Increase in cases of lactose intolerance and milk allergy
Emerging markets for premium vegan confectionery
Effective marketing strategies and correct positioning of dairy alternatives
Lifestyle changes and prospects for manufacturers in emerging economies
Value chain analysis
Packaging and storage
Public benefit company Danone North America
The Hain Celestial Group, Inc.
Blue Diamond Producers
Freedom Foods Group Limited
Oatly Ab Group
Eden Foods, Inc.
The Earth belongs
Green Spot Co. Ltd.
Elmhurst Milked Direct LLC
Califia Farms, LLC
Daiya Foods Inc.
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