Dairy Alternatives Market Analysis by Source, Application, Distribution Channel, Formulation and Region

The global dairy alternatives market size is estimated to be valued at USD 22.6 billion in 2020. It is projected to reach USD 40.6 billion by 2026, recording a CAGR of 10.3% in terms of value. The increasing demand for lactose-free food and beverage products is driving the global dairy alternatives market. The most popular alternatives for dairy are plant-based beverages, which are gaining popularity as substitutes for milk and milk products. Consumers are adopting a dairy-free diet due to increasing incidences of lactose intolerance, allergies from milk or milk-based products, and a shift in consumer preference toward vegan diets and healthy lifestyles. With immense preferences for low-calorie and low-fat formulations, plain & unsweetened formulations of dairy alternatives are widely prevalent.

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Almond-based dairy alternatives segment to grow at the highest CAGR in the market during the forecast period

Based on source, almond is projected to be the fastest-growing segment in the market. The growth of almond-based dairy alternatives is attributed to factors such as high nutritional content, easy availability of raw materials, and increased popularity in the market. Almond offers a nutty flavor, and it can be consumed by vegans. According to the USDA, 1 cup (262 g) of almond milk comprises just 39 calories, 1 g of protein, and 2.5 g of fat. Almond-based dairy alternatives are also beneficial for calorie-conscious individuals as they are free from cholesterol and saturated fats and available in varieties ranging from plain sweetened, plain unsweetened, and flavored-sweetened to flavored unsweetened.

Distribution through online stores to grow at the highest CAGR in the dairy alternatives market during the forecast period

Based on the distribution channel, online stores will be the fastest-growing segment in the dairy alternatives market. Online stores are easily accessible and are cost-effective. They also offer consumers alternative dairy products at discounted prices as compared to traditional retail prices.

Many key players have started offering their products for sale through online channels. This helps consumers in terms of placing an order as well as getting the delivery. Several one-stop shops have put themselves on the web to ease the purchasing process for the consumers. These online retails also offer a variety of options for a particular dairy-free food product at discounted rates compared to traditional retail prices to attract more customers. The usage of online services has also increased in developed as well as developing markets due to faster accessibility and cost-effectiveness.

By application, milk to account for the largest share in the dairy alternatives market during the forecast period

By application, the dairy alternatives market is segmented into milk, yogurt, ice creams, cheese, and creamers. The milk segment dominated the market, owing to rising health concerns relates to lactose intolerance and the hectic lifestyles of the consumers. Plant-based milk products are highly nutritious and are available in various flavors. Since health and convenience are prioritized by consumers while making a beverage choice, companies have diversified their beverage offerings with products containing almond milk, coconut milk, and soymilk, along with other non-dairy ingredients and alternatives derived from hemp, oats, or flax. Consumers are also inclined toward flavored milk alternatives with vanilla or chocolate flavors, driving companies to tap the opportunity by introducing dairy-free products in different flavors tailored in accordance with consumer requirements.

Asia Pacific to account for the largest market share during the forecast period

The global dairy alternatives market is dominated by the Asia Pacific region due to the changing lifestyles of consumers and the increase in consumption of clean label products. Consumers are also more aware of their health and wellness, which is further fueling the demand for dairy alternatives in the region.

The Asia Pacific dairy alternatives market is also driven by large economies such as China, Japan, and Australia. The overall investment in the region has increased substantially over the past few years, especially in China. Japan, Australia, China, and India are the major countries covered for study in this report. Some key market players in this region are Sanitarium Health & Wellbeing Company (Australia), Freedom Foods Group Ltd. (Australia), Vitasoy International Holdings Limited (Hong Kong), and Pureharvest (Australia). The dairy alternatives industry in the Asia Pacific region is growing, owing to the changing lifestyles of customers. The dairy alternatives market in this region is currently undergoing a dramatic transformation in response to rapid urbanization, diet diversification, and the liberalization of foreign direct investment in the food sector.

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Key Market Players:
The Hain Celestial (US), Blue Diamond Growers (US), SunOpta (Canada), Sanitarium Health and Wellbeing Company (Australia), Danone (France), Freedom Foods Group (Australia), Earth’s Own Food Company (Canada), Triballat Noyal (France), Valsoia S.p.A (Italy), Panos Brands (US), Melt Organic (US), Oatly (Sweden), Living Harvest Foods (US), Ripple Foods (US), Kite Hill (US), Califia Farms (US), Hudson River Foods Inc. (US), Daiya Foods Inc. (Canada), Pureharvest (Australia), Yoconut Dairy Free (US), and Yumbutter (US).

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