The global the dairy alternatives market size was USD 22.25 Billion in 2021. The market is projected to grow from USD 25.19 Billion in 2022 to USD 61.43 Billion by 2029 at a CAGR of 13.58% during the 2022-2029 period. Fortune Business Insights™ publishes this information in a report titled, "Dairy Alternatives Market, 2022-2029". As per the report, the market is projected to grow during the projected period due to increasing veganism and rising inclination of consumers toward plant-based foods.
COVID-19 Impact:
Lack of Manufacturing Activities Amid Pandemic Hampered Market Growth
During the COVID-19 pandemic, people were inclined toward plant-based and healthy food products to improve their immune systems. The dairy alternatives market growth was hampered during the initial lockdown phase due to lack of supplies and halted production activities. Also, the low availability of labor and disrupted manufacturing processes created a huge impact on the demand and sales of these products. Furthermore, supply chains were disrupted due to stringent restrictions on import/export policies imposed by governments. However, the leading market players plan to expand their production post-pandemic.
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List of Key Players Profiled in the Market of Dairy Alternatives:
- Danone S.A. (France)
- Archer-Daniels-Midland Company (U.S.)
- Blue Diamond Growers (U.S.)
- SunOpta, Inc. (Canada)
- Vitasoy International Holdings Ltd (Hong Kong)
- Daiya Food, Inc. (Canada)
- Goya Foods, Inc. (U.S.)
- Living Harvest Foods, Inc. (India)
- Organic Valley (U.S.)
- Eden Foods, Inc. (U.S.)
Segments:
By Source
- Soy
- Almond
- Coconut
- Rice
- Oats
- Others
By Product Type
- Non-Dairy Milk
- Butter
- Cheeses
- Yogurts
- Ice Cream
- Others
By Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Retail
- Others
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa.
Report Coverage:
The report sheds light on qualitative and quantitative analysis of recent trends and current market conditions. Also, the developments and advancements in the industry are highlighted further in this report along with the drivers and restraints affecting the market growth during the forecast period. The impact of COVID-19 pandemic on market growth and expansion is given further in the report. Regional insights on segmented market areas are given with a list of leading market players in the industry.
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Drivers & Restraints:
Increasing Veganism to Bolster Market Growth
The market is anticipated to grow significantly over the forecast period due to rising concerns for processed dairy products and increasing lactose intolerant population. Furthermore, product innovation strategies implemented by the leading market players are expected to fuel the market growth. Also, the rising consumption of vegan food and increasing veganism are expected to bolster the market during the forecast period.
However, low consumer awareness and sub-optimal market penetration may hamper market growth.
Regional Insights:
Asia Pacific Dominates Global Market Share Due to Rising Cases of Lactose Intolerance
Asia Pacific held a dominating global dairy alternatives market share in 2021 owing to rising cases of cow milk allergy and lactose intolerance among the population. Calorie concerns and higher prevalence of hypercholesterolemia and obesity are the major reasons for regional market growth.
North America is anticipated to hold the second-leading position due to the increasing demand for plant-based food products and surging veganism. Also, consumers intend to adopt a highly nutritional diet and develop their immunity.
Competitive Landscape:
New Product Launch Allow Companies to Improve their Business Performance
The leading companies focus on introducing products to attract customers and enhance their product portfolio. Rising adoption of the latest technologies and integration of emerging consumer demand allow companies to build their business performance.
Key Industry Development:
- January 2021: Nestle S.A. launched vegan, coconut milk-based, flat white coffee pods in the U.K. to offer consumer’s superior coffee made using lactose-free milk, a form of dairy alternatives.
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