Dairy Alternatives Market:
Executive Summary
The global dairy alternatives market is expected to grow from $19.27 billion in 2019 and to $19.67 billion in 2020 at a growth rate of 2.08%. The slow growth in 2020 is mainly due to the economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to grow and reach $26.86 billion in 2023 at CAGR of 10.94%.
The dairy alternatives market consists of sales of dairy alternative products and related services. Dairy alternatives are food & beverages that are used as a substitute for dairy products. These products are extracted from plants including cereals (rice, oats), legumes (soy), seeds (hemp, flax), nuts (peanuts, almond), and other grains (teff, quinoa). The dairy milk alternatives include soy milk, rice milk, oat milk, coconut milk, and flaxseed milk, cheese substitutes comprise soft cheese and hard cheese, butter alternatives such as nut butter, coconut butter, vegetable oil blends, and cultured vegan butter.
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Asia-Pacific was the largest region in the dairy alternatives market in 2019.
The new product innovation is the trend in the dairy alternatives market. In December 2019, Nestle’s popular brand Nesquik, a health-drink brand, announced the launch of GoodNes, its first plant-based health drink made from a blend of pea protein and oat milk. According to Nestle, its new dairy alternative health drinks matches the nutritional value of traditional milk with 2g of dietary fibers and 6 g of protein per serving. The product is made from using cane sugar and leaf extract for the naturally sweet taste and contains 40% less sugar than chocolate almond milk.
The dairy alternatives market covered in this report is segmented by product type into non-dairy milk; butter; cheese; yogurts; ice cream; others. It is also segmented by source into almond; soy; oats; hemp; coconut; rice; others and by distribution channel into supermarkets; health food stores; pharmacies; convenience stores; online stores; others.
Lack of awareness among the consumers about the nutritional benefits of dairy alternative products is expected to hinder the growth of the market. Many dairy consumers feel that dairy substitutes are lower in nutritional content than cow’s milk and other dairy products. According to Cargill Study, about 90% of households in America consume dairy products as a part of their daily diets, whereas, only 4% of the population consumes only non-dairy products. Therefore, the lack of awareness among the populace about the nutritional benefits of dairy alternatives is to hinder the growth of the market over the forthcoming years.
In October 2019, Wyler Farms, Israel-based tofu company, and Innovopro, a food-tech startup company have partnered for the launch of new Innovopro’s CP-Pro 70 chickpea protein in Israel market. The Innovopro’s chickpea protein concentrate is a part of the new dairy-alternative beverage product line of Wyler Farms in the country. Innovopro ‘s CP-Pro 70 is a plant-based protein and has a unique neutral taste.
Increasing cases of lactose intolerance and milk allergies are projected to contribute to the dairy alternatives market growth. Lactose intolerance or congenital lactase deficiency is a situation wherein small intestine is incapable of making enzyme lactase to break down or digest lactose, moving undigested lactose to large intestine causing symptoms such as diarrhea, gas, and bloating. According to Cleveland Clinic, more than 30 million people in America are lactose intolerant. This scenario is likely to generate higher demand for dairy alternatives, which in turn, is anticipated to boost the revenues for dairy alternatives market over the forecast period.
Major players in the dairy alternatives market are Tate & Lyle, CP Kelco Inc., SunOpta Inc., The Whitewaves Food Company (US), Organic Valley (US), The Hain Celestial Group (US), Blue Diamond Growers (US), Sunopta (Canada), and Archer Daniels Midland Company.
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