Dairy Alternative: “Innovation in the Dairy Alternatives Retail Space is Booming”
The dairy alternatives market is expected to reach $44.9 billion by 2027, at a CAGR of 11.2% during the forecast period of 2020 to 2027. The increasing intolerance for animal proteins, nutritional benefits offered by plant-based dairy products, growing investments in dairy alternatives, and increasing vegan & vegetarian population are the key factors driving the growth of the dairy alternatives market. Moreover, emerging countries are expected to create lucrative opportunities for players operating in this market.
Impact of COVID-19 on the Dairy Alternatives Market
The COVID-19 pandemic has adversely hit many economies around the globe. The pandemic has affected more than 200 countries infecting more than 11,874,226 people and killing 545,481 as of 9thJuly 2020 (Source: European Centre for Disease Prevention and Control). COVID-19, the disease spread by the novel coronavirus SARS-nCoV-2, has quickly spread to 216 countries and territories continents and caused a public health emergency in all countries. The pandemic has led to some best practice models for the dairy alternatives industry. From a manufacturing and distributing point of view, this industry has faced unprecedented demand from manufacturers as well as consumers, particularly for some products, such as plant-based milk, cheese, and yogurt. Many companies in dairy alternatives have already started changing their strategies, witnessing sudden growth in demand.
The dairy alternatives industry has been vibrant at stepping up to the challenge and delivering in the upcoming years, the shortage of traditional dairy options on grocery store shelves presents a unique opportunity to accelerate the adoption of alternative dairy products mainly in North America and Europe. COVID-19 is providing a surprising increase in sales for alternative dairy products. According to the Good Food Institute, Plant Based Foods Association, IRI, and Nielsen data, in April 2020, in the U.S., retail sales of oat milk grew 476.7% in the week ending March 14, while dairy milk sales grew 32.4% as compared to last year. An upsurge in sales was mainly attributed to increased sales of oat milk and nutritional plant-based butter.
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Increasing incidence of intolerance for animal proteins
The globe is registering increasing prevalence of food allergies and intolerance for animal proteins. Among these food allergies noted across the globe, dairy products, such as animal milk and its by-products are considered one of the key food allergies. Some of the statistics on food intolerance in many countries across the globe are as follows:
- According to the World Allergy Organization (2018), 220 to 520 million people around the world are living with a food allergy. In 2015, the prevalence of food allergies was around 1–3.5% in adults and 4.5–6.5% in children.
- According to the estimates by the U.S. Food and Drug Administration (FDA), around 30,000 emergency room visits, 2,000 hospitalizations, and 150 deaths take place every year in the U.S. due to the severe, life-threatening food allergies in the country. According to the National Institute of Allergy and Infectious Diseases, around 90% of these food allergies is caused by eggs, milk, fish, red meat, soy, and nuts.
- According to the Association of UK Dietitians (BDA), an estimated 1–10% of adults and children in the country have a food hypersensitivity, though as many as 20% of the population experience some reactions to foods which help them trust that they do have a food hypersensitivity. The source has also mentioned that the most common eight food allergies are cowmilk, chicken eggs, shellfish especially, prawns, fish, soy, peanuts, and wheat accounts for around 90% of the total allergies, with the first five being most common in the country.
Therefore, due to the major contribution of animal-based conventional dairy products in overall food allergies, most dairy products consumers are inclined toward dairy alternatives made of vegan protein, which ultimately drives the demand for dairy alternatives. Moreover, increasing recognition of plant-based dairy products in offering a similar comprehensive protein, vitamin, and amino acid profiles like animal protein products is further expected to enhance its demand. Thus, increasing incidence of intolerance for conventional dairy products and rising appreciation of dairy alternatives to offer similar nutrition is significantly driving their adoption in recent years.
Consumer Preference for Soy and Gluten-Free Products
The soy and gluten-free diet is quickly becoming the fastest-growing nutritional movements, which is gaining popularity for its health and therapeutic benefits. The increasing use of soy and gluten-free food products is mainly attributed to rising food sensitivities, regional dietary preferences, increasing diagnosis of coeliac disease, and the idea of using food as medicine. For instance, many people have allergies and intolerance of soy protein resulting in eye irritation, stomach upsets, and other symptoms, which in some cases require hospitalization.
Further, gluten-free is one of the most popular diet trends across the globe. The increasing demand for gluten-free products is mainly associated with increasing diseases, most notably chronic and non-communicable. However, the number of people who need to avoid gluten for medical reasons is relatively small. As a result, some people are avoiding food products containing or fortified with soy and wheat ingredients. Thus, rising consumer preference towards soy-free food products across the globe restrict the growth of the soy and wheat protein-based dairy alternative products market to some extent.
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Key Findings in the Global Dairy Alternatives Market Study:
Plant-based milk is estimated to dominate the global dairy alternatives market in 2020.
Based on product type, the dairy alternatives market is segmented into plant-based milk, cheese, yogurt, butter, ice-cream, creamer, and other dairy alternatives. Among these, the plant-based milk segment is estimated to dominate with the largest share of the global dairy alternatives market in 2020 and is also expected to continue its dominance during the analysis period. The increasing prevalence of lactose intolerance and consumer preference for vegan diets are factors driving the demand for plant-based milk alternatives, such as almond and soy milk.
The almond protein segment is estimated to dominate the global dairy alternatives market in 2020.
Based on the source, the global dairy alternatives market is segmented into almond protein, soy protein, wheat protein, pea protein, rice protein, and other sources. The almond protein segment is estimated to command the largest share of the overall global dairy alternatives market in 2020. The large share of this segment is mainly attributed to its easy availability, high nutrition value, lower cost than other sources, higher consumer acceptance level, and increasing application of almond protein in various plant-based dairy product categories. This segment also expected to grow at the fastest CAGR during the forecast period.
The business to customers segment is estimated to dominate the global dairy alternatives market in 2020.
Based on the distribution channel, the business to customers (B2C) distribution channel segment is estimated to command the largest share of the overall global dairy alternatives market in 2020. The large share of this market is mainly attributed to growing number of supermarkets and hypermarkets and increased the overall product sales from these outlets; consumers preference for shopping from brick-and-mortar grocers due to easy access and availability; and increasing consumer expenses on vegan food products.
Asia-Pacific: the fastest growing regional market
At regional level, the dairy alternatives market is estimated to be dominated by Europe in 2020. The rapid growth of this region mainly attributed to the adoption of emerging technologies for product innovation, collaboration between international and domestic food companies to enhance their product offerings in the region, increasing government investment in the food R&D sector, and increasing presence of a large number of key players in the market.
In addition, the growth in the Asia-Pacific market supported by the rapid growth in the urbanization, growing middle-class population and their rising income levels, and growing awareness about the benefits of protein diet in daily nutrition.
Key Players
The dairy alternatives market is highly fragmented, with the presence of many small private vendors in the market. Some of the key players operating in the global dairy alternatives market are Danone SA (France), Follow Your Heart (U.S.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium health and wellbeing company (Australia), AXIOM Foods, Inc. (U.S.), Daiya Foods, Inc.(Canada), Earth’s Own Food Company, Inc. (Canada), VBItes Food, Ltd. (U.K.), SunOpta Inc. (Canada), Valsoia SpA (Italy), and Freedom Foods Group Limited (Australia).
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Scope of the report
Dairy Alternatives Market, by Product Type
- Plant Based Milk
- Almond Milk
- Soy Milk
- Coconut Milk
- Rice Milk
- Others
- Cheese
- Yogurt
- Butter
- Ice Cream
- Creamer
- Others
Dairy Alternatives Market, by Source
- Almond Protein
- Soy Protein
- Wheat Protein
- Pea Protein
- Rice Protein
- Others
Dairy Alternatives Market, by Distribution Channel
- Business to Business
- Business to Customers
- Modern Groceries
- Convenience Store
- Specialty Store
- Online Retail
- Others
Dairy Alternatives Market, by Geography
- North America
- S.
- Canada
- Europe
- K.
- Germany
- France
- Italy
- Spain
- RoE
- Asia-Pacific (APAC)
- China
- Japan
- India
- RoAPAC
- Latin America
- Middle East and Africa
𝐒𝐩𝐞𝐚𝐤 𝐭𝐨 𝐨𝐮𝐫 𝐀𝐧𝐚𝐥𝐲𝐬𝐭𝐬 𝐭𝐨 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐭𝐡𝐞 𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐨𝐧 𝐘𝐨𝐮𝐫 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5128
Key questions answered in the report-
- What is the current value of revenue generated by dairy alternatives across the globe?
- At what rate the demand for global dairy alternatives is projected to grow for the next 5–7 years?
- What is the historical market size and growth rate for dairy alternatives across the globe?
- What are the major factors impacting the growth of this market at the global and regional level? What are the major opportunities for existing market players and new entrants in this market?
- What impact does the current COVID-19 pandemic have on the dairy alternatives market?
- Which segments in terms of the product type, source, and distribution channel create the major traction for the vendors in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the global dairy alternatives market?
- Who are the major players in the global dairy alternatives market? And also, what are their specific product/service offering in this market?
- What recent developments have taken place in the global dairy alternatives market and how these strategic developments create a global impact in this market?
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