Market Overview
Dairy alternatives are food and beverages that can be utilized as a substitute for dairy. These are consequent from plants and are considered a very health alternative to dairy. Soy milk, rice milk, and almond milk are among the most prevalent choices for dairy alternative universal. Dairy alternatives are considered healthy due to existence of a number of indispensable vitamins and minerals. They are also low on the fats, cholesterol and have zero concentration of lactose.
Dairy alternatives have been very prevalent in the mature and emerging market. This can be accredited to increase in the number of individuals allergic to dairy. Furthermore, growth in health awareness and growth in the disposable income have aided the dairy alternatives US market growth. Moreover, introduction of supplementary healthy ingredients by dissimilar market players are some other aspects that further propel the growth of the market.
Market Revenue Forecast
According to the latest market analysis report by Ken Research, ‘North America Dairy Alternatives Market Outlook and Forecast to 2027 – Driven by Rising Consumer Awareness, Prevalence of Lactose Intolerance, and Nutritional Benefits of Dairy Alternatives’ the Dairy Alternatives Market in North America is predicted to observe strong growth of over 8% during the next five years and forecasted to cross USD 21 Bn by 2027, driven by increasing prevalence of milk allergies and lactose intolerance among population of North America and the rising awareness about dairy alternatives as solution for dealing with such problems.
The report broadly classifies this market into 4 segments – by Source Type, by Formulation Type, by Application Type and by End User Industry. In addition, it covers Geographic segmentation analysing major countries market in detail.
According to the findings of this Ken Research report, among the market segments, Almond leads in terms of source type while Food & Beverages is the leading end user industry in this market. And Canada is the fastest growing individual country market within entire region.
Market Growth Drivers and Challenges
The effective growth in popularity of lactose-free products, entailing the milk among individuals is projected to boost the dairy alternatives market growth during the forthcoming years. In addition, the growing health awareness among consumers, remarkably those who are unable to digest lactose, has resulted in the rising consumption of lactose-free products as they typically assist in the absorption of calcium which assistances in building and repairing muscle tissue/cells. For instance, across the U.S as per available data, volume of value-added milks, involving lactose-free, non-dairy milk, and organic milk augmented ~15% during 2021 compared to the prior year, while traditional milk volumes weakened by ~7%.
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The growing consumers’ environmental concerns which are positively influencing the adoption of dairy alternatives in US and other countries. They typically use less land, water to introduce vegan milks, and emit lower carbon emissions which assists in mitigating the effects of global warming and advance the air quality. As per available data, livestock accounts for approximately 15% of global greenhouse gas emissions, with the dairy industry holding the greatest share.
The lack of consumer awareness concerning dairy-free products is one of the foremost challenges to the growth of the dairy alternatives market. The shortage of nutritional awareness is probable to be a concern for those who eat a healthy balanced diet and do not reliant solely on milk as an imperative protein source. The continued buy of dairy products by consumers designates that the portfolio of dairy alternatives has yet to seizure the potential customer base.
Key Trends and Opportunities
The market is obtaining momentum and witnessing high requirement owing to the shift in consumer eating patterns and variations in diet trends. The growing occurrences of milk allergies and lactose intolerance cases are projected to propel the requirement for dairy alternatives further over the review period. Several food and beverage products are thus making usage of the product to appeal to the increasing consumer base that is opting for plant-based and several other dairy alternatives.
As the popularity of dairy alternatives grows, a large variety of ingredients will be used to expand the product line. Ingredients, including soy, hemp, coconut, almond, oat, and rice are frequently identified due to their ability to provide high levels of protein and nutritional value to the consumer.
The availability of numerous sweetened, and unsweetened flavours of dairy alternatives is boosting its demand, particularly among the youth, and young adults.
Ken Research also observed that COVID-19 pandemic had a positive impact on this market. During the months of lockdowns, numerous individuals, particularly those affected by the virus, have shifted their purchasing preferences towards dairy alternatives. Furthermore, many manufacturers of dairy alternatives have seen a significant increase in the sale of dairy alternative products through e-commerce platforms rather than retail stores since 2020 due to the store closure across countries.
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Key Segments Covered in North America Dairy Alternatives Market: –
North America Dairy Alternatives Market by Source
Soy
Almond
Oats
Coconut
North America Dairy Alternatives Market by Application
Milk
Cheese
Yoghurt
Ice Creams
North America Dairy Alternatives Market by Formulation
Plain
Flavoured
North America Dairy Alternatives Market by Type of End User Industry
Food & Beverages
Nutraceuticals, Health and Wellness
FMCG
North America Dairy Alternatives Market by Geography and Major Countries
U.S.
Canada
Mexico
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report:
Non-Dairy Products Manufacturers
Vegan Dairy Products Manufacturers
Lactose-Free Products Manufacturers
Raw Material Suppliers for Non-Dairy Products
Potential Investors in Plant-Based/Vegan Food and Beverages
Plant-based Food & Beverages Distributors
Dairy Alternatives Advocacy Groups
Plant-Based Food Manufacturers
Plant-Based Food Distributors
Non-Processed Food Manufacturers
Mineral Food Manufacturers
Start-Up Companies in Dairy Alternatives Market
Dairy Alternatives Food Research Groups
Organic Food Research Groups
Allied Industries for Dairy Alternatives Market
Vegan Food & Beverages Distributors
Food & Beverage Industry
Testers and Processors in Dairy Alternatives Industry
Time Period Captured in the Report:
Historical Period: 2017-2021
Forecast Period: 2022-2027F
Major Dairy Alternatives Product Companies in North America Mentioned in the Report:
Danone
SunOpta Inc.
Blue Diamond
Daiya Foods Inc.
Oatly Inc.
Sahmyook Food
Earth’s Own Food Company Inc.
Pacific Foods of Oregon, LLC.
Eden Foods Inc.
Kite Hill
Notable Emerging Dairy Alternatives Product Companies in North America Mentioned in the Report:
Miyoko’s Creamery
Betterland Foods
New Culture
Nuts for Cheese
Bettermoo(d)
BetterMilk Inc.
Heartbest
Sigma Alimentos
For More Information on the research report, refer to below link: –
North America Dairy Alternatives Market Outlook and Forecast to 2027
Related Reports by Ken Research: –
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Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249
