The global dairy alternatives market is estimated to be valued at USD 27.3 billion in 2022 and is projected to reach USD 44.8 billion by 2027, recording a CAGR of 10.4%, in terms of value. Dairy alternatives are used in food & beverages that are dairy-free or do not contain lactose. It is witnessing significant growth due to increasing instances of lactose allergies, changing consumer lifestyles, and growing health awareness among consumers. Consumers are increasingly adopting a vegan diet contributing to the growth of the dairy alternatives market.
The Europe region is
the second-largest region in the dairy alternatives market in the forecast
period.
The consumers in the
European market are health-conscious and aware of animal welfare and
environmental sustainability; they often check the ingredients on the products
before purchasing. Thus, the demand for lactose-free and low-fat food has
increased. Therefore, major players in the industry are focusing on
acquisitions and diversifying their product portfolios to include plant-based
dairy alternatives.
The flavored segment
is projected to grow with the highest CAGR in the dairy alternatives market.
Based on formulation,
the flavored segment is projected to grow with the highest CAGR in the dairy
alternatives market. The widely available flavored plant-based products in the
market are vanilla and chocolate, followed by flavors such as peach,
strawberry, blueberry, and mango. Companies have launched new products with
fruit flavors to expand their consumer base and increase their market share.
Dream frozen yogurt by The Hail Celestial (US) is one of the examples of
flavored & sweetened dairy alternative products. To develop creamier
textures, many new product launches include coconuts or blends such as coconut
and oat or another plant-based alternative.
The online stores
segment is projected to grow with the highest CAGR in the dairy alternatives
market.
By distribution
channel, the dairy alternatives market is segmented into supermarkets, health
food stores, pharmacies, convenience stores, online stores, and other
distribution channels. Many key players have started offering their products
for sale through online channels. This helps consumers in terms of placing an
order as well as getting the delivery. Several one-stop shops have put
themselves on the web to ease the purchasing process for the consumers. These
online retailers also offer a variety of options for a particular dairy-free
food product at discounted rates as compared to traditional retail prices to
attract more customers.
Key Market Players:
This report includes
a study on the marketing and development strategies, along with the product
portfolios of leading companies. It consists of profiles of leading companies,
such as Danone North America Public Benefit Corporation (US), The Hain Celestial
Group, Inc. (US), Freedom Foods Group Limited (Australia), Sanitarium (New
Zealand), Blue Diamond Growers (US), and SunOpta (Canada).
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