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Global Dairy Alternative Market to Grow at a CAGR of 11.2% between 2021 and 2026.

According to a new report by EMR titled, ‘Global Dairy Alternative Market Report and Forecast 2021-2026’, the global dairy alternative market reached a value of USD 18,500 Million in 2020. The market is projected to grow at a CAGR of 11.2% in the forecast period of 2021-2026 to reach USD 35,000 Million by 2026.

The global dairy alternative market is driven by a rising avoidance of milk products in Europe owing to health-related reasons and the growing aversion to saturated fat consumption among the consumers. In Europe, animal cruelty and animal rights issues are the major reasons for the avoidance of traditional dairy products. The United States of America is another major dairy alternative market where dairy alternatives are expected to represent 40% of the dairy industry by 2021. While American consumers prefer almond milk, soymilk leads the overall market. Soymilk represented nearly 50% of the global market and had the largest sales in 2017 as compared to other products in the market. However, in the coming years, almond milk is expected to become the fastest-growing segment in the industry.

In January 2020, Nestlé (OTCMKTS: NSRGY) launched dairy alternative Natural Bliss creamers in the United States. Nestlé USA’s Coffee-Mate Natural Bliss array of creamers answers the growing demand for plant-based products by the consumers. The blend, Natural Bliss Half and Half, contains a mixture of almond milk and coconut cream. It is available two variants, i.e., vanilla and unsweetened. Alongside these, a new oat milk creamer has also been launched as a part of the brand, made with cane sugar, real oat milk, and natural vanilla flavour. This product is being marketed by the company as a great non-dairy option for consumers with dietary restrictions who still want to have a simple yet rich addition to their beverage.

Market Analysis by Source, Formulation, Application, Distribution Channel, and Region:

  • The dairy alternative market is broadly divided, based on source, into soy, almond, coconut, rice, oats, and hemp, among others. 
  • The market is bifurcated on the basis of formulation into plain and flavoured.
  • It is segmented on the basis of application into milk, ice creams, yoghurt, cheese, and creamers, among others. 
  • Based on distribution channel, the market is divided into supermarkets/hypermarkets, convenience stores, health stores, and online retailers, among others. 
  • The global dairy alternative industry has its markets in North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of The Report:

  • The market for the global dairy alternative is driven by the growing awareness about the availability of lactose-free food in the market. 
  • The growing trend of vegan diets is also aiding the industry growth.
  • The market for dairy alternatives is finding further impetus for its growth from consumers who are seeking more plant-based products devoid of any artificial colours or flavours.
  • The dairy alternative market is being aided by growing demand from younger consumers in regions with higher disposable incomes. 
  • With consumers becoming more aware of the nutritional information of foods and beverages, the market for alternative dairy products is expected to be aided by the high nutritional content of the items. 
  • The mounting demand for alternatives to milk products in regions where the cow’s milk supply is inadequate to meet the domestic demand is also aiding the industry growth.
  • The industry is also being driven by dairy farmers who are shifting to plant-based milk production.

Key Offerings of the Report:

  • The EMR report gives a detailed overview of the global dairy alternative market for the (2016-2020) and (2021-2026) periods.
  • The report also provides the historical (2016-2020) and forecast (2021-2026) markets for the source, formulation, application, distribution channel, and regions of dairy alternative.
  • The report offers an in-depth insight into the region-wise historical (2016-2020) and forecast (2020-2024) price trends of dairy alternative. 
  • It analyses the global trade data for the year 2020, covering the value and volume of the major importing and exporting countries.

Kite Hill, Kerry Inc., Califia Farms, Ripple Foods Inc., Nestle, Elmhurst Milked Direct LLC, Pacific Foods of Oregon, LLC, Dean Foods, The Döhler Group, SunOpta Inc., The WhiteWave Foods Company, The Hain Celestial Plant Based Milk, and Daiya Foods Inc, among others, are key players in the global dairy alternative market as identified by EMR. The comprehensive report covers their market share, capacities, and latest developments like mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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