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Dairy Alternatives Market worth $42.76 billion by 2030, growing at a CAGR of 6.41% - Exclusive Report by 360iResearch
Dairy Alternatives Market | 360iResearch
The Global Dairy Alternatives Market to grow from USD 27.66 billion in 2023 to USD 42.76 billion by 2030, at a CAGR of 6.41%.
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The dairy alternatives market encompasses a wide range of non-dairy products that are derived from plant-based sources and serve as substitutes for conventional dairy-based items. These products include milk, cheese, yogurt, ice cream, and other related food items made from sources such as soy, almond, coconut, oats, rice, and hemp. The primary focus is on offering consumers nutritional benefits similar to traditional dairy products while eliminating lactose and accommodating various dietary preferences such as veganism or specific allergies or intolerances. Dairy alternatives are used across multiple industries, including food & beverage manufacturing (confectionery, bakery), food service (restaurants, cafes), and retail sectors (supermarkets & grocery stores). Increasing preference for plant-based diets due to health reasons and sustainability issues associated with conventional farming practices have driven the demand for dairy-free alternatives. However, higher prices compared to conventional dairy products and cases of product recalls pose hurdles to the adoption of dairy-free alternatives. Additionally, concerns regarding nutritional adequacy and stringent regulations pertaining to the nutritional content of dairy-free products adversely affect the growth of the industry. Major companies are developing products with enhanced nutritional profiles to tackle these concerns. These products can compete with traditional dairy products in taste and health benefits. Furthermore, expanding distribution channels through online platforms has expanded the accessibility of dairy-based alternatives.
The consumption of dairy-free products in the Americas has been steadily increasing owing to several crucial factors, including consumer demand for dairy alternatives and a reshaped food industry landscape. An increased focus on health and ethical considerations related to animal welfare has driven the rising consumption of dairy-free food products. Additionally, the Americas is characterized by an expanding range of innovative dairy-free product offerings. In Europe, a strong focus on sustainability and ethical consumerism has led to increased demand for dairy alternatives. There is a growing inclination toward veganism and vegetarianism in Europe driven by ethical reasons concerning animal welfare. Furthermore, countries such as Sweden and Norway have introduced dietary guidelines that support reduced animal product consumption. China, Japan, and India represent significant markets for dairy alternatives within the Asia-Pacific region due to their large populations and shifting consumer preferences toward healthier lifestyles. Japanese consumers are increasingly opting for non-dairy milk due to health concerns related to milk allergy cases. In India, the dairy alternatives market is driven by a large vegetarian population and growing consumer awareness regarding lactose intolerance.
Market Segmentation & Coverage:
This research report categorizes the Dairy Alternatives Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Product, market is studied across Butter, Cheese, Milk, and Yogurt. The Milk commanded largest market share of 28.98% in 2023, followed by Cheese.
Based on Source, market is studied across Almond, Coconut, Oat, Rice, and Soy. The Almond commanded largest market share of 32.34% in 2023, followed by Soy.
Based on Distribution Channel, market is studied across Offline and Online. The Offline is further studied across Convenience Stores, Health Food Stores, Pharmacies, and Supermarkets & Hypermarkets. The Offline commanded largest market share of 95.27% in 2023, followed by Online.
Based on End-Use, market is studied across Beverages, Dietary Supplements, and Food. The Beverages commanded largest market share of 44.98% in 2023, followed by Food.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 41.02% in 2023, followed by Americas.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Dairy Alternatives Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Dairy Alternatives Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Dairy Alternatives Market, highlighting leading vendors and their innovative profiles. These include Adisoy Foods & Beverages Pvt. Ltd., Archer Daniels Midland Company, Armored Fresh, Axiom Foods, Inc., Califia Farms, LLC, Cargill, Incorporated, Dancing Cow Foods Private Limited, Danone S.A., Drupe Foods India Pvt Ltd., DUG by Veg of Lund, Earth's Own Food Company Inc. by Agrifoods International Cooperative Ltd., Eden Foods, Inc., Good Karma Foods, Inc., GT's Living Foods LLC, Kerry Group PLC, Lipoid Kosmetik AG, Maeil Dairies Co., Ltd., Milkadamia, Nestlé S.A., Oddlygood Global Oy by Valio Ltd., Pacific Foods by Campbell Soup Company, Planet Oat by HP Hood LLC, Plant Veda Foods Ltd., Purefoods by Rollins International Pvt. Ltd., Ripple Foods PBC., Sain Milks, Sanitarium Health Food Company, SunOpta, Inc., The Hain Celestial Group, Inc., TheNotCompany Inc., and Upfield B.V..
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Dairy Alternatives Market, by Product
7. Dairy Alternatives Market, by Source
8. Dairy Alternatives Market, by Distribution Channel
9. Dairy Alternatives Market, by End-Use
10. Americas Dairy Alternatives Market
11. Asia-Pacific Dairy Alternatives Market
12. Europe, Middle East & Africa Dairy Alternatives Market
13. Competitive Landscape
14. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Dairy Alternatives Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Dairy Alternatives Market?
3. What is the competitive strategic window for opportunities in the Dairy Alternatives Market?
4. What are the technology trends and regulatory frameworks in the Dairy Alternatives Market?
5. What is the market share of the leading vendors in the Dairy Alternatives Market?
6. What modes and strategic moves are considered suitable for entering the Dairy Alternatives Market?
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