Demand for Dairy Alternatives is Growing Due to Increasing Consumer Preferences Towards Vegan Diet

The dairy alternatives market is projected to grow from USD 21.4 billion in 2020 to USD 36.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period. This is attributed to the nutritional benefits offered by plant-based dairy alternatives. They offer various nutritional benefits such as reduced cholesterol level, improved cardiovascular health, and diabetes control. These benefits have led to an increase in their consumption. Thus, these alternatives are catering to the demand for various dairy alternative products among global consumers.

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Drivers: Increasing consumer preferences towards vegan diet

Rising awareness among consumers about the benefits offered by a vegan diet is one of the major factors propelling the demand of dairy alternative products across the world. A substantial increase in the vegan population has been seen in many major economies such as the US and the UK. Consumers in developed economies are accepting plant-based milk since dairy alternatives provide energy, improve health, help in weight management, and increase the palatability of food.

Opportunities: Favorable marketing and correct positioning of dairy alternatives
The sales of dairy alternatives can be increased by adopting marketing strategies such as diversification and segmentation. The objective is to create more demand among consumers such as lactose intolerants, trainers, health-conscious consumers, and vegans. It is also crucial to position the product at the right place through the right sales channel.

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Companies need to focus on this criterion to sustain in the market and increase their sales. They need to accurately position themselves by expanding customer relationships and extending their reach, globally. Appropriate labeling can further accelerate market growth. The North American and European dairy alternatives markets relatively emphasize the labeling criterion. This trend is expected to be followed by the Asia Pacific region, leading to market growth.

Challenges: Limited availability of raw materials
Rising deforestation in developing countries results in the scarcity of raw materials for dairy alternatives such as soy, almond, and rice. Further, extremely cold climatic conditions in countries such as the UK, France, and Spain hamper the production of agricultural produce.

Key Market Players:
The WhiteWave Foods Company (US), Hain Celestial (US), Blue Diamond Growers (US), SunOpta (Canada), Sanitarium (Australia), Eden Foods Inc. ( US), Freedom Foods Group Limited (Australia), Ecomil (Spain), Earth’s Own Food Company Inc. (Canada), Triballat Noyal (France), Valsoia SpA (Italy), Dohler (Germany), Panos Brands (US), Green Spot Co., Ltd (Thailand), Hiland Dairy (US), Ripple Foods (US) and Califia Farms (US).

Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Suite 430
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This release was published on openPR.