The global dairy alternatives market size is expected to experience considerable growth by reaching USD 30.91 billion by 2028 while exhibiting a CAGR of 10.65% between 2021 and 2028. This information is published by Fortune Business Insights™, in its report, titled, "Dairy Alternatives Market, 2021-2028." The report further mentions that the market stood at USD 13.99 billion in 2020. The growth is owing to the emerging veganism trend and the rising inclination of consumers towards a plant-based diet. According to an environmental view, the dairy and meat sectors are the major contributors to the emission of greenhouse gases. The awareness regarding a sustainable environment has resulted in a major switch among people regarding their diet. For example, according to a survey conducted by Food Standards Agency (FSA), there are about 720,000 vegans in the U.K, which is around 1.2% of the country's total population. Whereas in India, only 1 % of Indians strictly follow veganism, therefore the total population of vegans in India is around 5 million.
List of Key
Players Covered in the Market for Dairy Alternatives
- Danone S.A. (Paris, France)
- Archer-Daniels-Midland Company (Illinois, United States)
- Blue Diamond Growers (California, United States)
- SunOpta, Inc. (Brampton, Canada)
- Vitasoy International Holdings Ltd (Tuen Mun, Hong Kong)
- Daiya Food, Inc. (Burnaby, Canada)
- Goya Foods, Inc. (New York, United States)
- Living Harvest Foods, Inc. (Maharashtra, India)
- Organic Valley (Wisconsin, United States)
- Eden Foods, Inc. (Michigan, United States)
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Report
Coverage
The report presents a holistic study of the market along with current
trends and future anticipations to establish proximate investment gains. An
in-depth analysis of any upcoming opportunities, threats, competitions, or
driving factors is also mentioned in the report. Step by step, a thorough
regional analysis is offered. The COVID-19 impacts have been added to help
investors and business owners understand the threats better. The top players in
the market are identified, and their strategies to bolster the market growth
are shared in the report.
Drivers and
Restraints
Gained Consciousness
Regarding Environmental Issues to Drive Market Growth
The lactose intolerant population is growing globally, and therefore the market is propelling on this basis. Besides the intolerant part, the perception among people that lactose-free items are better for human health is driving the demand for dairy alternatives. For example, according to the National Institutes of Health, around 68% of the total world population has inherited lactose mal-absorption. Furthermore, 70%-100% of East Asian adults are lactose intolerant, and most of this condition is found among adults overall. Additionally, the production of certain dairy products has substantial environmental bearings, which lead to harmful results such as soil impurity, air pollution, water infiltration, and extensive damage to biodiversity. This is anticipated to boost the dairy alternatives market growth in the foreseeable future.
Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/industry-reports/dairy-alternatives-market-100221
British Population
Adopted Veganism during COVID-19 Pandemic
The rising trend of switching to dairy alternatives was further accelerated during the outbreak of COVID-19. People were forced to stay indoors as the government imposed stringent restrictions regarding social distancing and even announced lockdowns. This resulted in people making healthy living and food choices. Many people switched to vegan and vegetarian diets during the COVID-19 outbreak. For instance, according to an article published by IFT in June 2020, 25% of the British population aged between 21-30 years stated that the COVID-19 pandemic has turned vegan diets to be more tempting. Around 37% of the British population responded that the COVID-19 outbreak has encouraged them to add more nutrients and supplements to their diet that support the immune system. Therefore, this is anticipated to boost the dairy alternative market even during the pandemic.
Regional
Insights
Asia Pacific to Ace Market Backed by Rising Lactose-Intolerant Cases
The dairy alternatives market share in the Asia Pacific region was held
at USD 7.60 billion in 2020. The market is primarily driven by the maximum
reported cases regarding lactose intolerance. Moreover, the rising awareness
among people for making the right food choices and healthy lifestyle choices
has resulted in a major shift from dairy to non-dairy milk-based items. As
several nations in the Asia Pacific region are yet developing, these dairy
alternatives are cost-effective for daily utilization in several households.
North America holds the second largest market share globally. The people in this region are well informed about the negative traits of using dairy products and are aware of environmental depletion. Moreover, people are sensitive to animal cruelty and therefore are shifting towards veganism rapidly. However, only 1 million North American people, i.e., 0.5% of the total population, follow a purely vegan-based lifestyle.
Competitive
Landscape
New Product Launches
by Leading Players to Spur Market Growth
Key players are adopting numerous strategies to ensconce their position in the market. One such strategy is to launch products featuring the latest trends around the market. For example, in September 2020, Nestlé launched Nesquik, a new dairy alternative and plant-based drink in Europe. The drink obtains protein from peas and oats and is an excellent option for diabetic people as it contains lower sugar levels. The product is estimated to be launched initially in Spain, Hungary, and Portugal in the European region.
Industry
Development
January 2021: Nestle S.A. launched vegan, coconut milk-based, flat white coffee
pods in the U.K. to offer customers superior coffee made using lactose-free
milk.
Read Press Release: https://www.fortunebusinessinsights.com/press-release/dairy-alternatives-market-9594
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