New York, November 24, 2021 –The global dairy alternatives market size is expected to reach USD 50.87 Billion in 2028 and register a revenue CAGR of 10.5% during the forecast period, according to a latest report by Reports and Data. Rising number of cases of lactose intolerance among the rapidly increasing population across the globe is expected to drive market revenue growth during the forecast period.
According to the National Institutes of Health (NIH), in the U.S., around 65% of human population has difficulty in digesting lactose, which represents a large target audience. Consumers with lactose intolerance are consuming low-fat, cultured, as well as lactase treated milk and dairy products, along with other diversified nutritionally balanced diets. Plant-based alternative beverages offer advantages which includes prevention of lactose intolerance and cow’s milk allergy as these are lactose-free, cholesterol-free and have low calorie content. Dairy alternatives offer good nutrition profiles with rich antioxidants and fatty acids, which reduces the risk of cardiovascular diseases, cancer, and diabetes. Consumers, especially the younger population are inclining towards milk alternatives with chocolate and vanilla flavors. Manufacturers are also focusing on introduce dairy-alternative products in various flavors in order to meet the growing consumer demand for sweetened and unsweetened flavored milk products.
Rising cases of lactose intolerance and increasing awareness regarding benefits of plant-based foods are key factors driving market revenue growth
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Some Key Highlights in the Report
- In February 2021, Danone SA, which is a France-based food and beverage company acquired Follow Your Heart. It has entered into a share purchase agreement with Earth Island, maker of Follow Your Heart brands and a pioneering leader in plant-based foods. Under the agreement, Danone is expected to acquire 100 percent of the shares of Earth Island. The Follow Your Heart family would help this company in producing high-quality products that would delight consumers while contributing to the wellbeing of People and Planet. This partnership is expected to accelerate growth of its North-American plant-based business.
- Almond milk segment revenue is expected to register a rapid growth rate over the forecast period. Increasing R&D activities to extract dairy alternative from almonds is expected to drive revenue growth of this segment during the forecast period. Almond milk is low in calories than cow’s milk and is also helpful in weight management. Availability of almond milk in different sweetened and unsweetened flavors is boosting its demand among the younger population.
- Flavored formulation segment is expected to register steady revenue growth over the forecast period. Introduction of new flavored dairy alternative products and growing popularity among the younger population is expected to increase demand. Availability of soy milk in vanilla and chocolate flavors are resulting in high popularity among the vegan population.
- Beverages segment is expected to expand significantly in terms of revenue over the forecast period. Dairy alternative beverage products are considered a healthy option, owing to the presence of essential minerals and vitamins and these are also low on cholesterol, fats and have zero concentration of lactose, which is boosting demand.
- Online stores segment is expected to account for a steady revenue share in the global dairy alternatives market. Expansion of the e-commerce sector in developing countries, owing to factors such as cost-effectiveness and quick accessibility is a major factor expected to drive growth of this segment.
- Market in North America is expected to register significant revenue growth during the forecast period. Increasing adoption of vegan diet, high demand for organic food and beverages, and growing awareness regarding the benefits of plant-based foods are some major factors boosting demand for dairy alternatives in this region.
- Some major companies profiled in the market report are The Hain Celestial Group, Inc., Blue Diamond Growers, SunOpta, Inc., Sanitarium Health and Wellbeing Company, Danone S.A., Freedom Nutritional Products, Earth’s Own Food Company, Triballat Noyal SAS, Valsoia SpA, and Oatly.
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For the purpose of this report, Reports and Data has segmented global dairy alternatives market based on product type, formulation, application, distribution channel, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Soy Milk
- Almond Milk
- Coconut Milk
- Rice Milk
- Oat Milk
- Hemp Milk
Formulation Outlook (Revenue, USD Billion; 2018-2028)
- Flavored Formulation
- Plain Formulation
- Flavored Formulation
Application Outlook (Revenue, USD Billion; 2018-2028)
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
- Health Food Stores
- Convenience Stores
- Online Stores
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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