Dairy Alternatives Market: Market Outlook
Dairy products play an essential role in consumers’ diets. Many products such as cheese, yogurt, butter, milk, and ice cream are made from the milk of cows, sheep, and goats. However many consumers are moving away from dairy products for a variety of reasons. Some of the reasons could be lactose intolerance, allergic to milk, vegan diet, and the possibility of contaminants in conventional milk and dairy products. There are plenty of alternatives for all dairy products. This makes it easy for consumers to switch from dairy products to dairy alternatives.
With the increase in the trend of veganism, awareness regarding personal health, and with the improving disposable income in developing countries, the demand for dairy alternatives such as soy milk, almond milk, rice milk is anticipated to spur over the forecast period. The surge in demand for plant-based nutritional dairy alternatives can prove to be significant for the growth of the dairy alternatives market. Fluctuation in the availability of raw materials and volatile prices of raw materials can prove to the restraining factors in the growth of dairy alternatives market.
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Dairy Alternatives Market: Market Dynamics
Surge in consumer priority for a vegan diet to drive the dairy alternatives market.
Inclination in the number of consumers opting for a vegan diet is one of the major reasons that could drive the dairy alternatives market. Rising awareness among consumers about the health benefits offered by non-dairy products over dairy products such as the reduced risk of cancer, reduced risk of contaminants such as hormones and steroids in milk, reduced symptoms of lactose intolerance such as gas, bloating, stomach pain, and diarrhea have increased the demands for dairy alternatives. Increasing concern over animal rights and environmental protection are the other factors leading to the growth of the dairy alternatives market.
Government support for plant-based products to drive the dairy alternatives market.
To promote the growth of a plant-based diet, the government is providing the farmers with various schemes. This has encouraged the farmers to cultivate the crops necessary for the development of plant-based products. This has led to the availability of sufficient raw materials for dairy alternatives throughout the year. This can be a major factor contributing to the growth of dairy alternatives market.
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Dairy Alternatives Market: Segmentation
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Dairy Alternatives Market: Key Players
Some of the companies operating in the dairy alternatives market are Blue Diamond Growers, Eden Foods, Earth’s Own Food Company, WhiteWave Foods Company, SunOpta, Freedom Foods Group Limited, Daiya Foods, Hain Celestial, Vitsoy International Holding Limited, Hiland Dairy, Triballat Noyal, and others.
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Dairy Alternatives Market: Opportunities
Manufacturers are adopting various marketing strategies to create more awareness and demand for dairy alternatives among consumers such as trainers and lactose intolerants. They are also investing in the research and development sector and focusing on their product innovation concerning dairy alternatives. The key players are trying to provide the consumers with dairy alternatives with low costs which further strengthens the customer relationship. The companies are providing dairy alternatives for sale on the online platform at discounted rates. These factors have created more opportunities for the key players in the dairy alternatives market.
Dairy Alternatives Market: Regional Outlook
The increasing number of vegan consumers, rapid urbanization, diet diversification, and rise in purchasing power in developing countries like India and China are expected to augment dairy alternatives demand in this region. Soy, rice, and almond milk are considered to be traditional beverages in this region. This has accounted for the largest share of dairy alternatives in the Asia Pacific region. The increasing number of lactose-intolerant consumers in North America has increased the demand for dairy alternatives in this region. North-America holds the second-largest market for dairy alternative.
Impact of Covid-19 on Dairy Alternatives Market
The pandemic is expected to have a variety of impacts on the food and beverage industry. The various online and offline food chains have been affected due to the various lockdowns imposed across the nations. Apart from these food chains, the supply chains are also largely affected due to the outbreak of Covid-19. Owing to their longer shelf life, the demand for packaged and processed ready-to-eat foods is expected to increase for dairy alternatives. Manufacturers are focusing on re-establishing the supply chain through specialized communication channels to improve restocking. They are also making efforts for the steady flow of dairy alternatives during the lockdown. This shows that the impact of Covid-19 may be moderate on the dairy alternatives market.