Dairy Alternatives Market Worth $44.89 Billion by 2027- Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

REDDING, Calif., March 9, 2022 /PRNewswire/ -- According to a new market research report titled "Dairy Alternatives Market by Product Type (Plant Milk, Cheese, Yogurt, Butter, Ice Cream), Source (Almond Protein, Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) – Global Forecast to 2027", published by Meticulous Research®, the dairy alternatives market is expected to grow at a CAGR of 11.2% from 2020 to reach $44.89 billion by 2027.

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Plant-based dairy products consist of ingredients derived from plants, including vegetables, fruits, whole grains, nuts, seeds, and legumes. It differentiates them from animal-based foods because their fiber fraction comprises indigestible compounds, mainly pectin, hemicellulose, cellulose, and resistant starch. The increasing incidence of intolerance backs the growth of this market for animal proteins, nutritional benefits offered by plant-based food, increasing vegan population, and venture investments in plant-based food.

Moreover, emerging economies provide significant opportunities for players operating in the global dairy alternatives market. However, a significant preference for animal-based products and consumer preference for soy and gluten-free products are the factors expected to hinder this market's growth. The dairy alternatives market is segmented based on type, source, distribution channel, and region.

Impact of COVID-19 on the Dairy Alternatives Market

As the world fears coronavirus, the need for traditional protein options is growing rapidly. North America is projected to account for the dairy alternatives industry's largest share in the upcoming years, witnessing favorable outcomes of COVID-19 for the alternative protein food industry. The coronavirus pandemic has resulted in a sudden increase in plant-based substitutes in the U.S. Also, retail chains have prolonged shelf and storage space for dairy alternatives to cater to the growing demand. Further, the outbreak of COVID-19 and negative associations with animal-based food will boost the European alternative protein market. Numerous countries in the European region have witnessed the worst outcomes of COVID in 2020 and 2021. As a result, there is an increasing trend of veganism in Europe, which has pushed the alternative protein industry's growth.

In Asia-Pacific region, the demand for dairy alternatives surges as suspicion over possible links between wild animal-based products and the new coronavirus drives some consumers, particularly in China, to rethink diets. China is set to drive the industry's growth, and the coronavirus and other public health fears could serve as catalysts. In the last three months, vegan and vegetarian alternatives have gained an increasing customer base. Even before the outbreak, China was already facing protein shortages due to the spread of African swine fever and its impact on pork supplies. As a result, the country has been viewed as a major growth market for faux-protein producers. This situation of the Chinese protein market had already attracted interest from leading U.S. players.

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Nutritional Benefits Offered by Plant-based Dairy Products to Drive the Growth of the Dairy Alternatives Market

The rapid change in urbanization, lifestyle, industrialization; economic development; health & wellness trend among consumers; and rising awareness about health concerns with the long-term use of animal proteins have created immense growth opportunities for the manufacturers of alternative dairy products. This traction in the dairy alternative products market is also supported by food security challenges in terms of growing demand from livestock animals and the human population to ensure the longer sustainability of the animal protein model. The Mediterranean Diet — a meal pattern with a high proportion of plant foods — was ranked the "Best Overall Diet" in 2020.

Planned vegetarian and vegan diets are nutritionally adequate for pregnant women, children, and athletes. These dairy alternative-based diets reduce risks of health conditions, such as heart disease, type 2 diabetes, hypertension, certain types of cancer, and obesity. Dairy alternative-based diets are high in fiber and provide all the nutrients when planned well. Vegetarians and vegans use plant-based protein sources for dairy alternatives, such as beans, legumes, nuts, seeds, soy foods, and protein powders.

With food security challenges, the vegan food trend is gaining traction and will continue to evoke interest in the upcoming years. Food demand, therefore, should increase proportionally or even more because, at the same time, food behaviors are changing. In addition, F&B manufacturers from various countries are leveraging plants, creating new categories, and disrupting old ones. Most of the countries are already committed, at various stages, to the initial nutritional transition.

Dairy Alternatives Market Overview

Meticulous Research^® has segmented the overall dairy alternatives market based on product type (plant-based milk (almond milk, soy milk, coconut milk, rice milk, and others), cheese, yogurt, butter, ice-cream, creamer, and others), source (almond protein, soy protein, wheat protein, pea protein, rice protein, and others), distribution channel (business to business and business to customers (modern groceries, convenience store, specialty store, online retail, and others)), and geography (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa).

Based on product type, the dairy alternatives market is segmented into plant-based milk, cheese, yogurt, butter, ice cream, creamer, and other dairy alternatives. The plant-based milk segment dominates the overall dairy alternatives market. The increasing prevalence of lactose intolerance and consumer preference for vegan diets are key factors driving the demand for plant-based milk alternatives, such as almond and soy milk. The plant-based yogurt segment is expected to grow at the fastest CAGR in the forecast period. The demand for plant-based yogurt is increasing at a higher rate in developed countries due to the growing number of vegan and health-conscious consumers.

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Based on the source, the dairy alternatives market is segmented into almond protein, soy protein, wheat protein, pea protein, rice protein, and other sources. The almond protein segment commands the largest share of the overall dairy alternatives market. The large share of this segment is mainly attributed to its easy availability, lower cost than other sources, higher consumer acceptance level, and increasing application of almond protein in various plant-based dairy product categories. This segment is also expected to grow at the fastest CAGR during the forecast period.

Based on the distribution channel, the dairy alternatives market is mainly segmented into business-to-business (B2B) and business-to-customers (B2C). The B2C distribution channel segment dominates the overall dairy alternatives market. This segment is also projected to grow at the fastest CAGR during the forecast period due to the rapidly growing online retail sector and rising demand for dairy alternatives from these distribution channels with the growing urbanization and related rise in the number of supermarkets and hypermarkets.

Geographically, this research report provides a comprehensive analysis for the five major geographies: North America (U.S. and Canada), Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and the Middle East & Africa. Europe commands the major share of the global dairy alternatives market. However, the Asia-Pacific region is projected to grow significantly in the forecast period. The rapid growth of this region is mainly attributed to the rising awareness about the protein-rich diet, increasing health consciousness, higher vegan & vegetarian population base, growing technological advancements in the food & beverages industry, especially in China and India, growing economy, rapid growth in the urbanization, growing middle-class population, and increasing raw material availability.

Furthermore, China is expected to dominate the Asia-Pacific dairy alternatives market through 2027, mainly due to the rising disposable income of consumers, massive vegetarian population, growing demand for sustainable food protein sources, and technological & economic changes. The Chinese dairy alternatives market is currently largely fragmented, which is expected to create opportunities for new brands. Most major food brands in China have recently adopted a plant-based beverage strategy. Also, there is an increasing preference towards processed & packaged food, meat and dairy alternatives, meals away from home, and safer food because of a greater variety of food choices. This scenario is expected to push the demand for dairy alternatives in China in the coming years.

The key players operating in the global dairy alternatives market are Danone SA (France), Follow Your Heart (U.S.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium health and wellbeing company (Australia), AXIOM Foods, Inc. (U.S.), Daiya Foods, Inc. (Canada), Earth's Own Food Company, Inc. (Canada), VBItes Food, Ltd. (U.K.), SunOpta Inc. (Canada), Valsoia SpA (Italy), and Freedom Foods Group Limited (Australia) among others.

Browse in-depth TOC on " Dairy Alternatives Market - Global Opportunity Analysis And Industry Forecast (2020-2027)"
125 – Tables
32 – Figures 
169 – Pages

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Scope of the report:

Dairy Alternatives Market, by Product Type 

• Plant-based Milk
• Almond Milk
• Soy Milk
• Coconut Milk
• Rice Milk
• Others
• Cheese
• Yogurt
• Butter
• Ice Cream
• Creamer
• Others

Dairy Alternatives Market, by Source

• Almond Protein
• Soy Protein
• Wheat Protein
• Pea Protein
• Rice Protein
• Others

Dairy Alternatives Market, by Distribution Channel 

• Business to Business
• Business to Customers
• Modern Groceries
• Convenience Store
• Specialty Store
• o  Online Retail
• Others

Dairy Alternatives Market, by Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• RoE
• Asia-Pacific (APAC)
• China
• Japan
• India
• RoAPAC
• Latin America
• Middle East and Africa

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