Latest News by Industry
DUBLIN--(BUSINESS WIRE)--Nov 8, 2022--
The "Dairy Alternatives Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global dairy alternatives Market.
The global dairy alternatives market is expected to grow from $21.03 billion in 2021 to $22.26 billion in 2022 at a compound annual growth rate (CAGR) of 5.9%. The market is expected to grow to $28.02 billion in 2026 at a compound annual growth rate (CAGR) of 5.9%.
Companies Mentioned
Reasons to Purchase
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.
The main product types are non-dairy milk, butter, cheese, yogurts, ice cream and Other Product Types. Butter, is yellow-to-white solid emulsion of fat globules, water, and inorganic salts and is produced by churning the cream from cows' milk. The various sources of dairy alternatives are almond, soy, oats, hemp, coconut, rice, and Other Product Types. The dairy alternatives are distributed through supermarkets, health food stores, pharmacies, convenience stores, online stores, and Other Product Types.
Asia Pacific was the largest region in the dairy alternatives market in 2021. Western Europe was the second-largest region in the dairy alternatives market. The regions covered in the dairy alternatives market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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 diarrhoea, 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.
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.
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 countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
For more information about this report visit https://www.researchandmarkets.com/r/974h2o
View source version on businesswire.com:https://www.businesswire.com/news/home/20221108005656/en/
CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
KEYWORD:
INDUSTRY KEYWORD: FOOD/BEVERAGE RETAIL
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/08/2022 06:50 AM/DISC: 11/08/2022 06:51 AM
http://www.businesswire.com/news/home/20221108005656/en