The global dairy alternatives products market is rising continually. Market is majorly driven by the rising prevalence of lactose intolerance disorder worldwide. Besides, the increasing popularity of plant-based dairy worldwide pushes market growth. There have been many researches to approximate the taste of non-dairy as close as dairy products. Investments made to drive these efforts (R&D), in turn, foster the growth of the market.
Furthermore, improvements/upgrades in manufacturing technologies foster market growth. Increased shelf life is a crucial factor in increasing consumer preferences. As a result, industry players continually invest in R&D to improve the performance of preservers. Moreover, the growing consumption of non-dairy products in the food and beverage industries accelerates market growth.
According to Market Research Future (MRFR), the global dairy alternatives products market is estimated to garner a valuation of USD 2.1 BN by 2024, growing at 6.3% CAGR during the forecast period (2019–2024). Also, increasing veganism and demand for protein creates enormous market demand. Increasing health-conscious populaces, alongside the pervasively rising lactose intolerance disorder, predominantly boosts the growth of the market.
Besides, substantial R&D investments bolster market growth exponentially. Also, the availability of dairy-free products in convenient packaging and extensive distribution channels such as eCommerce platforms increase market sales. Increasing consumption of dairy alternatives in frozen desserts like dairy-free yogurts and ice creams boosts market growth.
On the flip side, the availability of various counterfeited, low-cost products is a key factor projected to impede the market growth. However, increasing consumer inclination towards vegan diets would support the growth of the market throughout the review period, creating enormous market demand. Also, increasing consumption of dairy-free products in the burgeoning food industry, including bakery and confectionaries, provides impetus to the growth of the market.
The report is segmented into four dynamics;
By Source : Soy, Almond, Coconut, Rice, Oats, and others.
By Type : Milk, Cheese, Yoghurt, Ice Creams, and others.
By Distribution Channel : Store-Based (Supermarkets & Hypermarkets, Convenience Stores and others) and Non-Store-Based.
By Regions : Europe, Americas, Asia Pacific, and Rest of the World.
North America dominates the global target dairy-free yogurt. The increasing lactose intolerance occurrences foster the largest market share among demographics. Also, industry players' strong presence and the availability of innovative dairy-free and alternative lines in the region drive market growth. Furthermore, increasing consumer inclination for a vegan diet and the rising popularity of plant-based milk propels the growth of the regional market.
Europe stands second in the global dairy alternatives products market. The region perceives a spurting rise in consumers of alternative dairy products. Market growth is majorly bolstered by the augmenting demand for plant-based health drinks and increased exports. Besides, advances in derivation techniques and the rising prevalence of lactose intolerance in the region increase the market size.
The dairy alternatives products market in the Asia Pacific region is proliferating. Lactose malabsorption disorder leading to lactose intolerance symptoms such as diarrhea and bloating is prevailing rapidly in Asian countries. Furthermore, increasing consumption of dairy-free and plant-based dairy products and changing consumer preferences drive the regional market growth.
Players leading the global dairy alternatives products market include The Hain Celestial Group (US), The Whitewaves Food Company (US), Blue Diamond Growers (US), Sanitarium Health and Wellbeing Company (Australia), Sunopta (Canada), Freedom Foods Group (Australia), Nutriops S.L. (Spain), Eden Foods (US), Earth's Own Food Company (Canada), Valsoia S.P.A(Italy), Triballat Noyal (France), Dohler GmBh (Germany), Tofutti Brands Inc. (US), Panos Brands LLC (US), Organic Valley (US), Daiya Foods Inc. (Canada), and Galaxy Nutritional Foods, Inc. (US), among others.
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