Global Dairy Alternatives Market Analysis and Forecast 2019-2028
Market Introduction
The global dairy alternatives market is expected to witness a robust growth rate of more than 10% during the forecast period. Dairy alternatives are food & beverage products that are similar to certain types of dairy-based products in terms of texture and flavor, as well as the nutritional benefits they offer. They are lactose-free and are used to replace dairy-based products. Increasing consumption of dairy alternatives by people with lactose intolerance and milk allergies along with the shifting consumer preference toward plant-based food products due to environmental concerns are some of the key drivers for the global dairy alternatives market. Lactose intolerance is very common in adults. According to the National Institute of Health (NIH), about 30 million American adults have some degree of lactose intolerance by age 20. The high number of people with lactose intolerance significantly generates demand for dairy alternative products such as soy milk, rice milk, coconut milk, and others, which in turn, drives the growth of the global dairy alternatives market. However, fluctuating prices of raw materials and the high cost of dairy alternatives are some of the key restraints that tend to hamper the growth of the global dairy alternatives market.
Market Segmentation
The global dairy alternatives market has been analyzed on the basis of source, product type, formulation, sales channel, and region. Based on Source, the market is segmented into Soy, Almond, Oats, Rice, Coconut, and Others (Hemp, Cashew, etc.). Almond is expected to gain significant growth during the forecast period. On the basis of Product Type, the market is categorized into Milk, Yogurt, Ice Cream, Cheese, and Others (Creamers etc.). Milk is dominating the global dairy alternative market. On the basis of Formulation, the market is divided into Flavored and Plain. Based on Sales Channel the market is divided into Offline and Online. The Offline segment is further segmented into Supermarkets and Hypermarkets, Convenience Stores, Pharmacies, and Specialty Stores. Geographically the market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East & Africa. The Asia Pacific is expected to dominate the global dairy alternative market during the forecast period.
Market Structure and Competitive Landscape
The global dairy alternatives market is fragmented in nature with various players operating in the market. some of the prominent players that contribute significantly to the global dairy alternatives market include ADM, Daiya Foods Inc., Freedom Foods Group Ltd., OATLY AB, CP Kelco U.S Inc., Vitasoy International Holdings Limited, WhiteWave Foods Company, Blue Diamond Growers, SunOpta Inc., Earth?s Own Food Inc., Living Harvest Foods Inc., Cargill Inc., The Hain Celestial Group Inc., Eden Foods Inc., Valsoia S.p.A, and others. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers and Acquisition, Partnerships and collaborations are some of the strategies followed by industry players. Some of the key developments in the global dairy alternatives market include,
? In October 2021, Hershey India has expanded its portfolio of plant-based drink brand Sofit in India with the launch of Sofit Almond drink.
? In May 2021, Saputo acquired Bute Island Foods Ltd. based in the UK. With this acquisition, the company aimed to accelerate its growth in the dairy alternatives market.
Global Dairy Alternatives Market Analysis and Forecast 2019-2028
Table of Contents
1. Market Introduction
1.1. Scope of Study
1.2. Problem Statement
1.3. Market Segmentation
2. Assumptions and Acronyms
3. Executive Summary
3.1. Global Market in 2022
3.2. Analyst Insights & Recommendations
3.3. Growth Opportunities and Key Strategies
3.4. Supply-side and Demand-Side Trends
4. Research Methodology
5. Analysis of COVID-19 Impact and Road Ahead
6. Market Indicators and Background
6.1. Macro-Economic Factors
6.2. Forecasting Factors
Robust assessment of various factors including industrial performance, industry players? expenditures, economic conditions, among others
6.3. Supply Chain & Value Chain Analysis
6.3.1. Raw Material Suppliers
6.3.2. Product Manufacturers
6.3.3. Key End Users
6.4. Industry SWOT Analysis
6.5. PESTLE Analysis
6.6. Porter?s Five Forces Analysis
7. Government Laws and Industry Regulations
8. Global and Regional Market Dynamics
8.1. Drivers
8.2. Restraints
8.3. Trends
8.4. Opportunities
9. Pricing Analysis
9.1. By Product Type
9.1.1. Milk
9.1.2. Yogurt
9.1.3. Ice Cream
9.1.4. Cheese
9.1.5. Others (Creamers etc.)
9.2. By Formulation
9.2.1. Flavored
9.2.2. Plain
9.3. By Region
9.3.1. North America
9.3.2. Europe (Western and Eastern)
9.3.3. Asia Pacific
9.3.4. Latin America
9.3.5. Middle East & Africa
10. Parent Market Overview: Global Dairy Market
11. Segmental Analysis
11.1. Global Dairy Alternatives Market by Source
11.1.1. Segment Overview
11.1.1.1. Soy
11.1.1.2. Almond
11.1.1.3. Oats
11.1.1.4. Rice
11.1.1.5. Coconut
11.1.1.6. Others (Hemp, Cashew, etc.)
11.2. Global Dairy Alternatives Market by Product Type
11.2.1. Segment Overview
11.2.1.1. Milk
11.2.1.2. Yogurt
11.2.1.3. Ice Cream
11.2.1.4. Cheese
11.2.1.5. Others (Creamers etc.)
11.3. Global Dairy Alternatives Market by Formulation
11.3.1. Segment Overview
11.3.1.1. Flavored
11.3.1.2. Plain
11.4. Global Dairy Alternatives Market by Sales Channel
11.4.1. Segment Overview
11.4.1.1. Offline
11.4.1.1.1. Supermarkets and Hypermarkets
11.4.1.1.2. Convenience Stores
11.4.1.1.3. Pharmacies
11.4.1.1.4. Specialty Stores
11.4.1.2. Online
11.5. Global Dairy Alternatives Market by Region
11.5.1. North America
11.5.2. Latin America
11.5.3. Western Europe
11.5.4. Eastern Europe
11.5.5. Asia Pacific
11.5.6. Middle East & Africa
12. Regional Analysis
12.1. North America Dairy Alternatives Market Analysis and Forecast 2019-2028
12.1.1. Regional Market Overview and Key Takeaways
12.1.2. North America Dairy Alternatives Market by Source
12.1.3. North America Dairy Alternatives Market by Product Type
12.1.4. North America Dairy Alternatives Market by Formulation
12.1.5. North America Dairy Alternatives Market by Sales Channel
12.1.6. North America Dairy Alternatives Market by Country
12.1.6.1. US
12.1.6.2. Canada
12.2. Latin America Dairy Alternatives Market Analysis and Forecast 2019-2028
12.2.1. Regional Market Overview and Key Takeaways
12.2.2. Latin America Dairy Alternatives Market by Source
12.2.3. Latin America Dairy Alternatives Market by Product Type
12.2.4. Latin America Dairy Alternatives Market by Formulation
12.2.5. Latin America Dairy Alternatives Market by Sales Channel
12.2.6. Latin America Dairy Alternatives Market by Country
12.2.6.1. Brazil
12.2.6.2. Mexico
12.2.6.3. Rest of Latin America
12.3. Western Europe Dairy Alternatives Market Analysis and Forecast 2019-2028
12.3.1. Regional Market Overview and Key Takeaways
12.3.2. Western Europe Dairy Alternatives Market by Source
12.3.3. Western Europe Dairy Alternatives Market by Product Type
12.3.4. Western Europe Dairy Alternatives Market by Formulation
12.3.5. Western Europe Dairy Alternatives Market by Sales Channel
12.3.6. Western Europe Dairy Alternatives Market by Country
12.3.6.1. Germany
12.3.6.2. UK
12.3.6.3. France
12.3.6.4. Spain
12.3.6.5. Italy
12.3.6.6. Benelux
12.3.6.7. Nordic
12.3.6.8. Rest of Western Europe
12.4. Eastern Europe Dairy Alternatives Market Analysis and Forecast 2019-2028
12.4.1. Regional Market Overview and Key Takeaways
12.4.2. Eastern Europe Dairy Alternatives Market by Source
12.4.3. Eastern Europe Dairy Alternatives Market by Product Type
12.4.4. Eastern Europe Dairy Alternatives Market by Formulation
12.4.5. Eastern Europe Dairy Alternatives Market by Sales Channel
12.4.6. Eastern Europe Dairy Alternatives Market by Country
12.4.6.1. Russia
12.4.6.2. Poland
12.4.6.3. Rest of Eastern Europe
12.5. Asia Pacific Dairy Alternatives Market Analysis and Forecast 2019-2028
12.5.1. Regional Market Overview and Key Takeaways
12.5.2. Asia Pacific Dairy Alternatives Market by Source
12.5.3. Asia Pacific Dairy Alternatives Market by Product Type
12.5.4. Asia Pacific Dairy Alternatives Market by Formulation
12.5.5. Asia Pacific Dairy Alternatives Market by Sales Channel
12.5.6. Asia Pacific Dairy Alternatives Market by Country
12.5.6.1. China
12.5.6.2. Japan
12.5.6.3. India
12.5.6.4. South Korea
12.5.6.5. Australia
12.5.6.6. ASEAN
12.5.6.7. Rest of Asia-Pacific
12.6. Middle East & Africa Dairy Alternatives Market Analysis and Forecast 2019-2028
12.6.1. Regional Market Overview and Key Takeaways
12.6.2. Middle East & Africa Dairy Alternatives Market by Source
12.6.3. Middle East & Africa Dairy Alternatives Market by Product Type
12.6.4. Middle East & Africa Dairy Alternatives Market by Formulation
12.6.5. Middle East & Africa Dairy Alternatives Market by Sales Channel
12.6.6. Middle East & Africa Dairy Alternatives Market by Country
12.6.6.1. GCC
12.6.6.2. South Africa
12.6.6.3. Turkey
12.6.6.4. Rest of the Middle East & Africa
13. Competitive Landscape
13.1. Competition Dashboard
13.1.1. Global and Regional Market Share Analysis
13.1.2. Market Structure
13.2. Competitive Benchmarking
13.3. Key Strategy Analysis
13.4. Top 10 Emerging Companies in Our Radar
13.5. Company Profiles
13.5.1. Cargill, Inc.
13.5.1.1. Company Overview
13.5.1.2. Product/Service Offerings
13.5.1.3. Financials
13.5.1.4. Recent Developments
13.5.2. The Hain Celestial Group Inc.
13.5.2.1. Company Overview
13.5.2.2. Product/Service Offerings
13.5.2.3. Financials
13.5.2.4. Recent Developments
13.5.3. ADM
13.5.3.1. Company Overview
13.5.3.2. Product/Service Offerings
13.5.3.3. Key Financials
13.5.3.4. Recent Developments
13.5.4. Daiya Foods Inc.
13.5.4.1. Company Overview
13.5.4.2. Product/Service Offerings
13.5.4.3. Financials
13.5.4.4. Recent Developments
13.5.5. Freedom Foods Group Ltd.
13.5.5.1. Company Overview
13.5.5.2. Product/Service Offerings
13.5.5.3. Financials
13.5.5.4. Recent Developments
13.5.6. OATLY AB
13.5.6.1. Company Overview
13.5.6.2. Product/Service Offerings
13.5.6.3. Financials
13.5.6.4. Recent Developments
13.5.7. CP Kelco U.S Inc
13.5.7.1. Company Overview
13.5.7.2. Product/Service Offerings
13.5.7.3. Financials
13.5.7.4. Recent Developments
13.5.8. Vitasoy International Holdings Limited
13.5.8.1. Company Overview
13.5.8.2. Product/Service Offerings
13.5.8.3. Financials
13.5.8.4. Recent Developments
13.5.9. WhiteWave Foods Company
13.5.9.1. Company Overview
13.5.9.2. Product/Service Offerings
13.5.9.3. Financials
13.5.9.4. Recent Developments
13.5.10. Blue Diamond Growers
13.5.10.1. Company Overview
13.5.10.2. Product/Service Offerings
13.5.10.3. Financials
13.5.10.4. Recent Developments
13.5.11. SunOpta Inc.
13.5.11.1. Company Overview
13.5.11.2. Product/Service Offerings
13.5.11.3. Financials
13.5.11.4. Recent Developments
13.5.12. Earth?s Own Food Inc.
13.5.12.1. Company Overview
13.5.12.2. Product/Service Offerings
13.5.12.3. Financials
13.5.12.4. Recent Developments
13.5.13. Living Harvest Foods Inc.
13.5.13.1. Company Overview
13.5.13.2. Product/Service Offerings
13.5.13.3. Financials
13.5.13.4. Recent Developments
13.5.14. Arla Foods Inc.
13.5.14.1. Company Overview
13.5.14.2. Product/Service Offerings
13.5.14.3. Financials
13.5.14.4. Recent Developments
13.5.15. Eden Foods Inc.
13.5.15.1. Company Overview
13.5.15.2. Product/Service Offerings
13.5.15.3. Financials
13.5.15.4. Recent Developments
13.5.16. Valsoia S.p.A
13.5.16.1. Company Overview
13.5.16.2. Product/Service Offerings
13.5.16.3. Financials
13.5.16.4. Recent Developments
*List not exhaustive
14. Disclaimer
Global Dairy Alternatives
List of Figures
Figure 01: Global Dairy Alternatives Market Volume (?000 units), 2019-2021
Figure 02: Global Dairy Alternatives Market Volume (?000 units) & Y-o-Y Growth (%) Analysis, 2022?2028
Figure 03: Dairy Alternatives, Pricing Analysis per unit (US$), in 2022
Figure 04: Dairy Alternatives, Pricing Forecast per unit (US$), in 2028
Figure 05: Global Dairy Alternatives Market Value Analysis (US$ Mn), 2019-2021
Figure 06: Global Dairy Alternatives Market Size (US$ Mn) & Y-o-Y Growth (%) Analysis, 2022?2028
Figure 07: Global Dairy Alternatives Market Size and Market Share Analysis (%) by Source, 2022 & 2028
Figure 08: Global Dairy Alternatives Market Y-o-Y Analysis (%) by Source, 2022-2028
Figure 09: Global Dairy Alternatives Market Size and Market Share Analysis (%) by Application, 2022 & 2028
Figure 10: Global Dairy Alternatives Market Y-o-Y Analysis (%) by Application, 2022-2028
Figure 11: Global Dairy Alternatives Market Size and Market Share Analysis (%) by Sales Channel, 2022 & 2028
Figure 12: Global Dairy Alternatives Market Y-o-Y Analysis (%) by Sales Channel, 2022-2028
Figure 13: Global Dairy Alternatives Market Size and Market Share Analysis (%) by Region, 2022 & 2028
Figure 14: Global Dairy Alternatives Market Y-o-Y Growth (%) by Region, 2022?2028
Figure 15: North America Dairy Alternatives Market Size and Market Share Analysis (%) by Source, 2022 & 2028
Figure 16: North America Dairy Alternatives Market Size and Market Share Analysis (%) by Application, 2022 & 2028
Figure 17: North America Dairy Alternatives Market Size and Market Share Analysis (%) by Sales Channel, 2022 & 2028
Figure 18: North America Dairy Alternatives Market Size and Market Share Analysis (%) by Country, 2022 & 2028
Figure 19: Latin America Dairy Alternatives Market Size and Market Share Analysis (%) by Source, 2022 & 2028
Figure 20: Latin America Dairy Alternatives Market Size and Market Share Analysis (%) by Application, 2022 & 2028
Figure 21: Latin America Dairy Alternatives Market Size and Market Share Analysis (%) by Sales Channel, 2022 & 2028
Figure 22: Latin America Dairy Alternatives Market Size and Market Share Analysis (%) by Country, 2022 & 2028
Figure 23: Western Europe Dairy Alternatives Market Size and Market Share Analysis (%) by Source, 2022 & 2028
Figure 24: Western Europe Dairy Alternatives Market Size and Market Share Analysis (%) by Application, 2022 & 2028
Figure 25: Western Europe Dairy Alternatives Market Size and Market Share Analysis (%) by Sales Channel, 2022 & 2028
Figure 26: Western Europe Dairy Alternatives Market Size and Market Share Analysis (%) by Country, 2022 & 2028
Figure 27: Eastern Europe Dairy Alternatives Market Size and Market Share Analysis (%) by Source, 2022 & 2028
Figure 28: Eastern Europe Dairy Alternatives Market Size and Market Share Analysis (%) by Application, 2022 & 2028
Figure 29: Eastern Europe Dairy Alternatives Market Size and Market Share Analysis (%) by Sales Channel, 2022 & 2028
Figure 30: Eastern Europe Dairy Alternatives Market Size and Market Share Analysis (%) by Country, 2022 & 2028
Figure 31: Asia Pacific Dairy Alternatives Market Size and Market Share Analysis (%) by Source, 2022 & 2028
Figure 32: Asia Pacific Dairy Alternatives Market Size and Market Share Analysis (%) by Application, 2022 & 2028
Figure 33: Asia Pacific Dairy Alternatives Market Size and Market Share Analysis (%) by Sales Channel, 2022 & 2028
Figure 34: Asia Pacific Dairy Alternatives Market Size and Market Share Analysis (%) by Country, 2022 & 2028
Figure 35: Middle East & Africa Dairy Alternatives Market Size and Market Share Analysis (%) by Source, 2022 & 2028
Figure 36: Middle East & Africa Dairy Alternatives Market Size and Market Share Analysis (%) by Application, 2022 & 2028
Figure 37: Middle East & Africa Dairy Alternatives Market Size and Market Share Analysis (%) by Sales Channel, 2022 & 2028
Figure 38: Middle East & Africa Dairy Alternatives Market Size and Market Share Analysis (%) by Country, 2022 & 2028
List of Tables
Table 1: Global Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Source
Table 2: Global Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Source
Table 3: Global Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Application
Table 4: Global Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Application
Table 5: Global Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Sales Channel
Table 6: Global Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Sales Channel
Table 7: Global Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Region
Table 8: Global Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Region
Table 9: North America Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Source
Table 10: North America Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Source
Table 11: North America Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Application
Table 12: North America Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Application
Table 13: North America Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Sales Channel
Table 14: North America Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Sales Channel
Table 15: North America Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Country
Table 16: North America Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Country
Table 17: Latin America Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Source
Table 18: Latin America Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Source
Table 19: Latin America Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Application
Table 20: Latin America Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Application
Table 21: Latin America Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Sales Channel
Table 22: Latin America Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Sales Channel
Table 23: Latin America Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Country
Table 24: Latin America Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Country
Table 25: Western Europe Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Source
Table 26: Western Europe Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Source
Table 27: Western Europe Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Application
Table 28: Western Europe Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Application
Table 29: Western Europe Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Sales Channel
Table 30: Western Europe Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Sales Channel
Table 31: Western Europe Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Country
Table 32: Western Europe Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Country
Table 33: Eastern Europe Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Source
Table 34: Eastern Europe Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Source
Table 35: Eastern Europe Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Application
Table 36: Eastern Europe Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Application
Table 37: Eastern Europe Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Sales Channel
Table 38: Eastern Europe Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Sales Channel
Table 39: Eastern Europe Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Country
Table 40: Eastern Europe Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Country
Table 41: Asia Pacific Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Source
Table 42: Asia Pacific Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Source
Table 43: Asia Pacific Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Application
Table 44: Asia Pacific Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Application
Table 45: Asia Pacific Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Sales Channel
Table 46: Asia Pacific Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Sales Channel
Table 47: Asia Pacific Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Country
Table 48: Asia Pacific Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Country
Table 49: Middle East & Africa Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Source
Table 50: Middle East & Africa Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Source
Table 51: Middle East & Africa Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Application
Table 52: Middle East & Africa Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Application
Table 53: Middle East & Africa Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Sales Channel
Table 54: Middle East & Africa Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Sales Channel
Table 55: Middle East & Africa Dairy Alternatives Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Country
Table 56: Middle East & Africa Dairy Alternatives Market Volume (?000 units) Analysis and Forecast 2019-2028, by Country
Global Dairy Alternatives Market Analysis and Forecast 2019-2028
Market Introduction
The global dairy alternatives market is expected to witness a robust growth rate of more than 10% during the forecast period. Dairy alternatives are food & beverage products that are similar to certain types of dairy-based products in terms of texture and flavor, as well as the nutritional benefits they offer. They are lactose-free and are used to replace dairy-based products. Increasing consumption of dairy alternatives by people with lactose intolerance and milk allergies along with the shifting consumer preference toward plant-based food products due to environmental concerns are some of the key drivers for the global dairy alternatives market. Lactose intolerance is very common in adults. According to the National Institute of Health (NIH), about 30 million American adults have some degree of lactose intolerance by age 20. The high number of people with lactose intolerance significantly generates demand for dairy alternative products such as soy milk, rice milk, coconut milk, and others, which in turn, drives the growth of the global dairy alternatives market. However, fluctuating prices of raw materials and the high cost of dairy alternatives are some of the key restraints that tend to hamper the growth of the global dairy alternatives market.
Market Segmentation
The global dairy alternatives market has been analyzed on the basis of source, product type, formulation, sales channel, and region. Based on Source, the market is segmented into Soy, Almond, Oats, Rice, Coconut, and Others (Hemp, Cashew, etc.). Almond is expected to gain significant growth during the forecast period. On the basis of Product Type, the market is categorized into Milk, Yogurt, Ice Cream, Cheese, and Others (Creamers etc.). Milk is dominating the global dairy alternative market. On the basis of Formulation, the market is divided into Flavored and Plain. Based on Sales Channel the market is divided into Offline and Online. The Offline segment is further segmented into Supermarkets and Hypermarkets, Convenience Stores, Pharmacies, and Specialty Stores. Geographically the market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East & Africa. The Asia Pacific is expected to dominate the global dairy alternative market during the forecast period.
Market Structure and Competitive Landscape
The global dairy alternatives market is fragmented in nature with various players operating in the market. some of the prominent players that contribute significantly to the global dairy alternatives market include ADM, Daiya Foods Inc., Freedom Foods Group Ltd., OATLY AB, CP Kelco U.S Inc., Vitasoy International Holdings Limited, WhiteWave Foods Company, Blue Diamond Growers, SunOpta Inc., Earth?s Own Food Inc., Living Harvest Foods Inc., Cargill Inc., The Hain Celestial Group Inc., Eden Foods Inc., Valsoia S.p.A, and others. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers and Acquisition, Partnerships and collaborations are some of the strategies followed by industry players. Some of the key developments in the global dairy alternatives market include,
? In October 2021, Hershey India has expanded its portfolio of plant-based drink brand Sofit in India with the launch of Sofit Almond drink.
? In May 2021, Saputo acquired Bute Island Foods Ltd. based in the UK. With this acquisition, the company aimed to accelerate its growth in the dairy alternatives market.
