Dairy Alternatives Market Scope and Profit-Sources Detailed Analysis

Dairy Alternatives Market worth $59.07 Bn by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Dairy Alternatives Market- (By Source (Soy, Almond, Coconut, Rice, Oats, Hemp, Other Sources), By Application (Milk, Yogurt, Ice Creams, Cheese, Creamers, Butter, Other Applications), By Formulation (Flavored, Plain), By Nutrient (Qualitative) (Protein, Starch, Vitamins, Other Nutrients), By Distribution Channel (Retail (Supermarkets/Hypermarkets, Health Food Stores, Pharmacies, Convenience Stores, Other Retail Channels, Online Stores, Food services)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Dairy Alternatives Market is valued at US$ 24.47 Bn in 2022, and it is expected to reach US$ 59.07 Bn by 2031, with a CAGR of 10.49% during a forecast period of 2023-2031.
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Dairy alternatives include any food or drink that can be substituted for dairy in a recipe. Plant-based alternatives to dairy, such as these, have been found to provide health benefits. Milk alternatives such as soy, almond milk and rice are immensely popular. Many people in established and developing economies have turned to dairy substitutes, which explains this trend. In addition, rising health consciousness and consumer discretionary wealth have boosted the dairy alternatives industry. Some other factors that drive the expansion of the market include the efforts of various industry participants to introduce new, healthier components. Products like these must penetrate the market profoundly and achieve economies of scale so that they can be sold at all retail outlets where dairy products are typically offered at competitive prices.

However, Raw material price volatility and overall high costs are the primary factors holding this sector back. Instead, the dairy alternatives industry is expected to rise thanks to rising demand from the vegan population and the advent of new flavours and types of dairy alternatives.

List of Prominent Players in the Dairy Alternatives Market:
• Danone North America Public Benefit Corporation (U.S.)
• The Hain Celestial Group, Inc. (U.S.)
• Blue Diamond Growers (US)
• SunOpta (Canada)
• Freedom Food Group Limited
• Valsoia S.P.A
• Oatly GROUP AB
• Sanitarium
• EDEN Foods Inc
• NUTRIOPS S.L.,
• Earth's OWN
• Triballat noyal
• Green Spot Co., LTD
• Hiland dairy
• Elmhurst Milked Direct LLC
• Panos brands, Pureharvest
• One good VLY
• Miyoko's Creamery
• Daiya Foods INC.

Market Dynamics:

Drivers-
The growing demand for dairy alternatives is fueled by several causes, such as moral concerns, concern for the environment, and concern for one's health. Veganism is an emerging diet and lifestyle that excludes animal products. As the public outcry against cruelty to animals has increased, so have dairy substitutes. Soy milk, almond milk, rice milk, and other plant-based alternatives are popular among today's health-conscious consumers since they don't include any animal products, which some people feel is why they are healthier.

Challenges:
The prime challenges are a need for more knowledge, a shortage of competent individuals, and a lack of norms and protocols because of lockdowns and isolation in emerging countries, which are predicted to slow the growth of the dairy alternatives market. One of the biggest problems in the dairy-replacement industry is the risk of cross-contamination with allergens. The rising popularity of dairy alternatives made from plants means that it is more important than ever to find solutions for people who are allergic to or sensitive to the ingredients in these products. Significant dangers exist for people with food allergies or sensitivities when cross-contamination occurs, especially when common allergens are included, such as nuts or soy. Large and small businesses must be more alert and aggressive in response to this crisis.

The COVID-19 pandemic affected the dairy substitutes industry to a lesser extent than expected. Due to the lockdown restriction, supply chain problems occurred, and manufacturers had trouble sourcing raw materials. This caused problems in the manufacturing process. Additionally, due to COVID-19, consumers have been progressively embracing a vegan diet, which has led to a rise in sales of plant-based food products worldwide.

Regional Trends:
The Asia Pacific, dairy alternatives market is anticipated to record a major market share in the revenue. It is projected to grow at a high CAGR in the near future mainly because people have less free time and more money than ever. The demand for non-dairy alternatives to dairy products is projected to accelerate this trend. Because of the region's growing prosperity, soymilk is readily available, and its use is expected to increase. Besides, Europe had a considerable share in the market because of the region's growing interest in eating and drinking healthily. Many people drink beverages made from dairy alternatives to avoid the lactose in milk. Manufacturers in the area are putting a lot of effort into creating innovative new products, such as soy juice blends and fresh soy drinks.

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Recent Developments:

• In Aug 2023, Oatly Group AB and Deutsche Bahn (DB) have jointly declared the commencement of an expanded partnership that enables the provision of Oatly soft serve in all sixteen DB terminals throughout Germany for the first time. Last summer, all DB lounge visitors were granted access to Oatly branded self-service stations where they could purchase Vanilla Soft Serve, a plant-based beverage.

• In June 2023, Brightseed, a bioactives company, collaborated with Blue Diamond to increase knowledge regarding the health benefits of Californian almonds. Brightseed employed Forager, a proprietary artificial intelligence technology, to discern bioactives, plant-derived molecules that elicit particular health advantages.

Segmentation of Dairy Alternatives Market-
By Source-
• Soy
• Almond
• Coconut
• Rice
• Oats
• Hemp
• Other Sources
By Application-
• Milk
• Yogurt
• Ice Creams
• Cheese
• Creamers
• Butter
• Other Applications
By Formulation
• Flavored
• Plain
By Nutrient (Qualitative)
• Protein
• Starch
• Vitamins
• Other Nutrients
By Distribution Channel-
• Retail
o Supermarkets/Hypermarkets
o Health Food Stores
o Pharmacies
o Convenience Stores
o Other Retail Channels
• Online Stores
• Food services
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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