Dairy Alternatives Market: Rising Adoption from Small and Medium-sized Enterprises to Fuel Growth

 The global dairy alternatives market size is expected to reach USD 50.87 Billion in 2028 and register a revenue CAGR of 10.5% over the forecast period, according to a latest report by Repoarts and Data. Shifting preference of consumers towards vegan and flexitarian foods, especially in developed countries such as the U.S. and the U.K., is resulting in high consumption of dairy alternatives such as almond milk, soy milk, and rice milk, which in turn, is expected to drive market revenue growth.

Food manufacturers are opting for alternative sources of plant-based ingredients in order to meet growing demand from vegans for plant-based milk products. Vegans and vegetarians are actively opting for dairy alternatives due to advantages offered by consuming plant-based alternative beverages over natural dairy milk, which include prevention of lactose intolerance and cow’s milk allergy as these beverages do not contain high calorie, cholesterol, or lactose. Increasing demand for organic food and beverages is expected to boost revenue growth of this market during the forecast period. Shifting consumer preference towards clean label food and beverages and growing awareness of the functional health benefits of consuming organic foods and beverages are resulting in increasing product demand. Moreover, rising disposable income of consumers in developing countries is resulting in the growing adoption of vegan diet, as well as increasing consumption of flavored and unflavored soy and almond milk.

Some Key Highlights in the Report

In April 2021, SunOpta Inc., which is a leading healthy food and beverage company, announced the acquisition of the Dream and WestSoy plant-based beverage brands from The Hain Celestial Group, Inc. The Dream brand is a leader in introducing millions of consumers to plant-based beverages and is one of the pioneers in plant-based milk. The WestSoy brand is the only branded shelf stable soy beverage with a USDA organic certification and the American Heart Association certification of a heart-healthy product. These acquired brands are expected to be added to SunOpta’s plant-based foods and beverages segment, which would help the company to grow in future.

Soy milk segment is expected to account for largest revenue share in the global dairy alternatives market over the forecast period, owing to shifting consumer preference towards vegan diet and rising cases of lactose intolerance. Consumers having allergies from dairy products and those who are lactose intolerant are shifting towards new products made from dairy alternatives such as soy and almond milk.

Plain formulation segment is expected to register steady revenue growth rate over the forecast period, owing to lower cost and easy availability, unlike flavored formulation. Increasing interest of consumers towards plant-based milk alternatives with low-calorie and fat formulations and plain and unsweetened formulations is also expected to boost revenue growth of the segment.

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Beverages segment is expected to account for a steady revenue share in the global dairy alternatives market over the forecast period. Changing lifestyles and growing health concerns regarding the negative impact of saturated fatty acids originating from animals is resulting in increased preference of consumers for dairy alternative beverages.

Supermarkets segment is expected to register significantly fast revenue CAGR over the forecast period. Benefits and convenience of shopping for a wide range of products in supermarkets is expected to positively impact demand for dairy alternatives products over the forecast period.

Dairy alternatives market in Asia Pacific is expected to account for largest revenue share over the forecast period. Changing lifestyle and dietary habits, owing to rising disposable income of consumers, increasing awareness of health, and growing shift towards vegetarian and flexitarian foods are resulting in higher consumption of 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

For the purpose of this report, Reports and Data has segmented the 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

Others

Formulation Outlook (Revenue, USD Billion; 2018-2028)

Flavored Formulation

Sweetened

Unsweetened

Plain Formulation

Sweetened

Unsweetened

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