Dublin, Nov. 21, 2023 (GLOBE NEWSWIRE) — “Dairy Alternatives Market by Source (soy, almond, coconut, oat, hemp), Application (milk, yogurt, ice cream, cheese, creamer), Distribution Channel (retail), Online Store , Food Service), Formulations and Regions – Global Forecast to 2028” has been added to the report. researchandmarkets.com gift.
The global market for dairy alternatives is estimated to be valued at US$27.0 billion in 2023 and is projected to reach US$43.6 billion by 2028 at a CAGR of 10.1%.
The report provides valuable information to market leaders and newcomers alike, offering estimated revenue figures for both the overall dairy alternatives market and its sub-segments.
Stakeholders can benefit from this report by gaining a deeper understanding of the competitive landscape, enabling them to formulate more effective business strategies and go-to-market plans. Furthermore, it provides insights into the market dynamics including key drivers, constraints, challenges, and opportunities.
The increasing focus on health and changing consumer preferences has increased the demand for dairy alternative products. Strategies such as segmentation and diversification can help boost sales of these products by targeting health-conscious consumers, vegetarians, flexitarians and vegans. It is important to position the product effectively in the dairy alternatives category and through the right sales channels.
Promotional strategies have played a vital role in enhancing the growth prospects in this market. Brands that strategically position themselves in the dairy alternative category, such as almond milk producers, have gained popularity and seen substantial growth.
Health awareness and lifestyle changes have driven the dairy alternatives market. Additionally, the commitment of plant-based beverage manufacturers to introduce innovative flavors, extend product shelf life, and enhance nutritional profiles bodes well for the projected growth of the market. However, challenges include high production costs and limited availability of raw materials.
North America is expected to grow at a CAGR of 9.0% during the forecast period, reaching a value of USD 9.0 billion in the dairy alternatives market by 2028.
The health benefits of dairy alternatives and their widespread use in food and beverage products are driving growth in the North American dairy alternatives market.
According to the Dietary Guidelines for Americans (2020-2025), 65% of young children, 34% of teens, and 20% of adult Americans consume milk as a beverage. Dairy consumption is also common in the form of cheese on items such as pizza, sandwiches and pasta dishes. However, the same source reports that approximately 74% of adults are overweight, 35% are prediabetic. Cases of lactose intolerance and milk allergies are on the rise, leading to recommendations for consumption of low-fat and fortified soy dairy alternatives to maintain a healthy nutritional balance.
These factors, coupled with increasing health awareness among consumers, are driving the dairy alternatives market in North America. Major players in the North American dairy alternatives market include The WhiteWave Foods Company (US), Archer Daniels Midland Company (US), The Hain Celestial Group, Inc. (US), Blue Diamond Growers (US), and SunOpta Inc. (Canada). ,
The flavored sub-segment in the formulations segment is projected to grow at a CAGR of 10.4% during the forecast period.
In line with consumers’ growing preferences and as a means for manufacturers to diversify their product offerings, the market offers a variety of flavored and sweetened dairy alternatives, including options such as dairy-free yogurt, milk, and frozen desserts. Are included. Adding flavors enhances the flavor of dairy alternatives like soy, rice and oat milk.
Additionally, blended versions of flavored and sweetened products are in high demand. Among the flavored plant-based products available, vanilla and chocolate are the most prevalent, followed by flavors such as peach, strawberry, blueberry, and mango. Companies have introduced fruit flavored products to broaden their consumer base and increase their market presence.
For example, Dream Frozen Yogurt by The Hain Celestial Group (US) is a notable example of a flavored and sweetened dairy alternative product. To achieve the creamy texture, many product launches include coconut or blends like coconut and oats, as well as other plant-based options.
Rich dessert flavors like Hazelnut Fudge Brownies or Blood Orange Mimosas can enhance non-dairy yogurt, yogurt drinks, ice cream and frozen treats. Dairy-free flavorings improve the taste and texture of options. When added at the beginning of production, they neutralize the base, mask the flavor and add mouthfeel. Flavored, unsweetened, dairy-free options are popular due to health awareness and wide flavor ranges. Suitable for diabetic patients.
The dairy alternatives market delivered through online channels is projected to grow at the highest CAGR of 11.9% during the forecast period due to ease of ordering.
Many major players in the industry have embarked on the journey of offering their products for sale through online channels. This strategic move not only benefits consumers by simplifying the ordering process but also ensures convenient doorstep delivery.
Many widespread online platforms have transitioned to the digital realm, making it more hassle-free for consumers to make their purchases. Additionally, these virtual retailers offer a diverse range of options for specific dairy-free food products, often at discounted rates compared to traditional brick-and-mortar retail, with the aim of appealing to a broader customer base. .
The use of online services has seen significant growth in both developed and developing markets. This growth can be attributed to the faster access and cost-effectiveness provided by online shopping. Additionally, many online service providers go the extra mile by providing in-depth information about various gluten-free food product brands, empowering consumers to make informed choices.
Over the past decade, the increase in frequency of online shopping has opened up attractive opportunities not only for established online giants but also for regional domestic e-retailers. Notable names in this domain include industry giants like Amazon, niche platforms like Vegan Online, and health-conscious options like Goodness Direct.
Main characteristics:
| Report Attribute | Description |
| number of pages | 289 |
| forecast period | 2023 – 2028 |
| Estimated market value in 2023 (USD). | $24 billion |
| Estimated market value by 2028 (USD). | $43.6 billion |
| compound annual growth rate | 10.1% |
| Area covered | global |
Premium Insights
- Increasing demand for dairy alternatives due to increasing cases of lactose intolerance
- Flavored Formulations and China to Account for Largest Segmental Shares in 2023
- Retail trade will dominate most sectors during the forecast period
- China to dominate dairy alternative market in 2022
case study analysis
- Danone North America launches dairy segment with introduction of Silk NextMilk and So Delicious WonderMilk
- Blue Diamond Growers partners with Groupe Lala to establish network in Mexico
market dynamics
macroeconomic indicators
- Increase in food demand due to increasing population
- increase in soybean production
drivers
- Increase in consumer preference towards plant-based diets
- Nutritional Benefits of Plant-Based Dairy Alternatives
- Consumer trend is moving towards plant-based nutrition
- Development in dietary lifestyle towards new trends
- Increase in cases of lactose intolerance and milk allergy
Compulsion
- Unstable prices of raw materials
- Allergy concerns among consumers of soy products
opportunity
- Emerging markets for premium vegan sweets
- Effective Marketing Strategies and Correct Positioning of Dairy Alternatives
- Changing lifestyles and prospects for manufacturers in emerging economies
Challenges
- Limited availability of raw materials
- Low awareness among consumers
industry trends
value chain analysis
- Sourcing
- processing
- Production
- Packaging & Storage
- Distribution
- Sales Channel
business analysis
- Almond
- Soybean
- Oat
- Rice
- Coconut
- hemp
technology analysis
- Wet processing method for producing dairy alternative milk
- Dry processing method for producing dairy alternative milk
Company Profile
key players
- Danone North America Public Benefit Corporation
- The Hain Celestial Group, Inc.
- blue diamond producer
- Sunopta
- Freedom Foods Group Limited
- Valsoia SPA
- Oatly Group AB
- Sanitarium
- Eden Foods, Inc.
- Nutriops, SL
- earth’s own
- Tribal Noil
- Green Spot Company Limited
- Hiland Dairy
- Elmhurst Milked Direct LLC
Startup/SME
- Ripple Foods
- Kite Hill
- poor health
- California Farms, LLC
- Panos Brands
- PureHarvest
- A good
- vly
- Miyoko’s Creamery
- Daiya Foods Inc.
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global dairy alternatives market
Source: www.globenewswire.com
