At 10.6% of CAGR Dairy Alternatives Market Share will increase and aimed to cross US$ 51,656.58 million in 2028

According to a new market research report "Dairy Alternatives Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Source (Soy, Almond, Coconut, Oats, and Others), Product Type (Milk, Ice Cream, Yogurt, Cheese, and Others), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)" published by TheInsightPartners, the Dairy Alternatives market size is projected to grow from US$ 28,181.76 million in 2022 to US$ 51,656.58 million by 2028, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period.

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Dairy alternatives are made from plant sources such as soy, coconut, almond, pea, and cashews. These plant milk resemble the texture and flavor of dairy milk and have lesser calories, fats, and sugar than conventional dairy milk. Cheese, butter, ice creams, and yogurt, among other products, can be made using plant-based milk. The rising vegan population drives the dairy alternatives market growth, especially across European countries and Asia Pacific countries.

In 2020, Asia Pacific held the largest share of the global dairy alternatives market, and the Middle East & Africa is estimated to register the fastest CAGR during the forecast period. A surging number of health-conscious consumers and the rising veganism trend are a few factors that contribute to the demand for dairy alternatives in the region. Dairy alternatives contain low-fat, low-calorie, and low-cholesterol content, appealing to health-conscious, vegan, and lactose-intolerant customers. According to the Lancet Gastroenterol Hepatol report, lactose intolerance is widespread in most of Asia, ranging from 58% in Pakistan to 100% in South Korea. People with lactose intolerance are recommended to avoid dairy consumption and switch to plant-based dairy products. This factor is significantly driving the growth of the dairy alternatives market across Asia Pacific.

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Impact of COVID-19 Pandemic on Dairy Alternatives Market
The food & beverages sector faced unexpected challenges due to the COVID-19 pandemic. Various restrictions imposed by governments, such as lockdowns, production shutdowns, travel bans, and border restrictions, disrupted the global supply chains in 2020. This led to a shortage of raw materials and labor, which hampered the production of various small-scale and large-scale food and beverage manufacturers. However, the health and wellness trends evolved dramatically due to the COVID-19 pandemic, as people became more concerned about their health and immunity, which created a massive demand for plant-based products. Health and wellness are the key motivators for adopting alternative or plant-based proteins, which boosted the growth of the dairy alternatives market. Further, in 2021, manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap. This factor is projected to offer the dairy alternatives market players ample opportunities during the forecast period. Thus, the COVID-19 pandemic had a mixed impat on the dairy alternatives market and in long run, it is projected to open significant opportunities.

Market Insights:

Product Innovation to Open Lucrative Opportunities in the Dairy Alternatives Market
Dairy alternatives manufacturers are making significant investments in product innovation to appeal to many consumers. Product innovation strategy offers a competitive edge to the players operating in the market, boosting their profitability. The manufacturers of dairy alternatives offer certified organic, non-GMO, gluten-free, clean-label, and allergen-free products to cater to the emerging customer requirements. Moreover, as consumers have become health-conscious, they prefer low-calorie and low-fat products. Therefore, manufacturers of plant-based dairy offer unsweetened and low-sugar products. For instance, in February 2021, Hasla Foods launched zero sugar oat milk yogurt in 24 oz (ounce) family size. The product contains only 90 calories per serving and has no added sugar. In June 2021, the same company expanded its retail footprint by making its products available across 160 National Grocers by Vitamin Cottage stores in the US. Such strategies are expected to provide lucrative opportunities in the dairy alternatives market over the forecast period.

Source Insights:

Based on source, the dairy alternatives market is categorized into soy, almond, coconut, oats, and others. The soy segment held the largest share in the market; however, the almond segment is emerging as a prominent segment. Almond offers a nutty flavor, and can be consumed by vegans, lactose-intolerant individuals, and consumers who are allergic to soymilk. Almond-based products are rich in lipids, dietary fibers, and protein, driving their popularity among consumers. Moreover, almond is also rich in vitamin B, which increases the body's basal metabolic rate, enabling it to burn fats and calories more efficiently. Increasing demand for almonds-based dairy alternatives due to these nutritional benefits contributes to segment growth.

Major vendors in the global Dairy Alternatives Market are:

• SunOpta

• Blue Diamond Growers

• Nestle SA

• Danone S.A.

• Oatly Inc.

• Califia Frams, LLC

• Valsoia S.p.A.

• Lactasoy co. th

• Sanitarium

• Valio Ltd.

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This release was published on openPR.