Dairy Alternatives Market Size By Product, By Application, By Formulation, By Sales Channel & Forecast, 2023

Description

Global Dairy Alternatives Market is expected to expand steadily through 2032 due to the high nutritional value of plant-based dairy alternatives. Fresh dairy products have always been regarded as the healthiest and the most significant components of an individual's diet. However, during recent years, as people have learned more about the advantages and disadvantages of dairy substitutes over traditional dairy products, the demand for such products has skyrocketed.

The availability of several alternative dairy products, such as soy milk, oat milk, almond milk, rice milk, and hazelnut milk in grocery and retail stores has increased consumer demand. Leading market players have been investing in R&D activities to expand their product portfolio in the overseas market. For instance, in October 2021, Alpro, a Danone subsidiary, announced an investment of $54.65 million in the UK to boost plant-based beverage production. These funds will help Alpro increase its production capacity by 300 million liters annually.

The dairy alternatives market has been classified in terms of product and region.

Based on the product, the coconut segment is slated to amass more than USD 7.4 billion in revenue by 2032. The popularity of more diverse food and beverage products, like coconut panna cotta and coffee with almond milk, is growing among consumers concerned about their health. Similarly, coconut-based dairy substitutes are becoming more prevalent in major end-use industries, including restaurants, hotels, and cafes, in the form of packaged meals. Due to the items' increasing availability, consumers have found it simpler to select dairy alternatives and products incorporating them.

Meanwhile, the hemp segment is anticipated to attain high gains in the forthcoming years. Hemp seed milk is being used more frequently because of the continuous developments in nutraceutical technology which, in turn, is expected to foster industry growth over the coming years. Furthermore, demand for hemp seed milk in the retail sector is anticipated to increase because of the rising popularity of plant-based diets in developed nations, including the United States, Canada, the United Kingdom, and Italy.

From the regional outlook, the Latin America dairy alternatives market is poised to propel robustly over the review timeline. The market for dairy substitutes in Latin America has been stimulated by the rise in lactose intolerance cases and the popularity of vegan diets. Consumers' increased health consciousness has increased the demand for functional beverages, which is being pushed by the creation of tasty and nutritionally-sound functional drinks made from plant-based alternatives.

Product Code: 2451

Chapter 1 Methodology & Scope

1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data Sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid Sources
  - 1.4.2.2 Public Sources

Chapter 2 Executive Summary

2.1 Dairy alternatives industry 360 degree synopsis, 2018-2032
- 2.1.1 Business trends
- 2.1.2 Product trends
- 2.1.3 Application trends
- 2.1.4 Formulation trends
- 2.1.5 Sales Channel trends
- 2.1.6 Regional trends

Chapter 3 Dairy Alternatives Industry Insights

3.1 Industry segmentation
3.2 Industry ecosystem analysis
- 3.2.1 Raw Material
- 3.2.2 Manufacturers
- 3.2.3 End-Uses
- 3.2.4 Distribution Channel
- 3.2.5 Profit margin trends
- 3.2.6 Vendor matrix
- 3.2.7 Covid-19 impact on supply chain
3.3 Technology landscape
- 3.3.1 Production process
  - 3.3.1.1 Overview of the plant milk manufacturing process
  - 3.3.1.2 Raw material pre-treatments
  - 3.3.1.3 Extraction
  - 3.3.1.4 Separation and starch liquefaction
- 3.3.2 Key patents
3.4 Regulatory landscape
- 3.4.1 North America
- 3.4.2 Europe
  - 3.4.2.1 Regulation (EU) 2018/1023 of 23 July 2018
  - 3.4.2.2 Regulation (EC) No. 1333/2008 Of the European Parliament and of The Council of 16 December 2008 on food additives including sweeteners
  - 3.4.2.3 Regulation (EC) No 1925/2006 Of the European Parliament and of the Council of 20 December 2006 on the addition of vitamins and minerals and of certain other substances to foods
- 3.4.3 Asia Pacific
  - 3.4.3.1 Chinese Standards for Food Additives - GB2760-2014
  - 3.4.3.2 Food Safety and Standards (Food Products Standards and Food Additives) Regulations, 2011
- 3.4.4 Latin America
  - 3.4.4.1 Mexico
    - 3.4.4.1.1 PROY-NOM-181-SCFI/SAGARPA-2017, Yogurt-Denomination, Physical-Chemical and Microbiological Specifications, Commercial Information, and Testing Methods
    - 3.4.4.1.2 PROY-NOM-223-SCFI/SAGARPA-2017, Cheese-Denomination, Specifications, Commercial Information, and Testing Methods
- 3.4.5 MEA
  - 3.4.5.1 Additives Permitted for Use in Food Stuffs GSO 5/DS 2500
  - 3.4.5.2 Labelling of prepackaged foodstuffs GSO 9:1995
  - 3.4.5.3 Regulations Relating to The Labelling and Advertising of Foodstuffs, Cosmetics and Disinfectants Act, 1972 South Africa
3.5 Consumer buying behavior
- 3.5.1 Unmet needs
- 3.5.2 Social & cultural impact forces
- 3.5.3 Information search
- 3.5.4 Evaluation of alternative
- 3.5.5 Purchase decision
- 3.5.6 Post-purchase evaluation
3.6 Pricing analysis, 2018-2032
- 3.6.1 Regional pricing
  - 3.6.1.1 North America
  - 3.6.1.2 Europe
  - 3.6.1.3 Asia Pacific
  - 3.6.1.4 Latin America
  - 3.6.1.5 Middle East & Africa
- 3.6.2 COVID-19 impact on pricing analysis
- 3.6.3 Cost structure analysis, 2021
3.7 Industry impact forces
- 3.7.1 Growth drivers
  - 3.7.1.1 Vast population suffering from milk allergy and lactose intolerance
  - 3.7.1.2 High nutritional value and functionality profile of plant based dairy alternatives
  - 3.7.1.3 Innovative product launches and attractive marketing techniques
- 3.7.2 Industry pitfalls & challenges
  - 3.7.2.1 Plant-based dairy alternatives are more expensive as compared to traditional milk
  - 3.7.2.2 Undesirable taste of vegetables, grains, and legumes in the final product
  - 3.7.2.3 Description of various taste and texture of plant milk products
3.8 Innovation & sustainability
- 3.8.1 New product launches
  - 3.8.1.1 Innovation in formulation
  - 3.8.1.2 Flavor enhancement
  - 3.8.1.3 Alternative dairy concentrates
  - 3.8.1.4 Integration of probiotics
  - 3.8.1.5 Sustainable operations
3.9 Growth potential analysis, 2021
3.10 Porter's analysis
- 3.10.1 Bargaining power of suppliers
- 3.10.2 Bargaining power of buyers
- 3.10.3 Threat of new entrants
- 3.10.4 Threat of substitutes
3.11 PESTEL Analysis
3.12 COVID-19 impact on dairy alternatives market, by application
- 3.12.1 Beverages
- 3.12.2 Food
3.13 COVID-19 overview of the world economy

Chapter 4 Competitive landscape

4.1 Introduction
4.2 Company market share analysis by region, 2021
4.3 Competitive analysis of major market players
4.4 Vendor adoption matrix
4.5 Strategic outlook matrix