Dairy Alternatives Market With Competitive Analysis, Swot Analysis and Trends till 2029
Dairy Alternatives Market – Snapshot
A rise in the focus of consumers on the various nutritional values such as high vitamin and protein content and low calories of milk is likely to influence the growth trajectory of the global dairy alternatives market in the near future.
Soymilk is a popular dairy alternative, which comes with multiple minerals such as magnesium, potassium, sodium, zinc, phosphorous, calcium, and iron. This dairy alternative is extremely popular amongst patients with heart issues as it diminishes levels of cholesterol. In addition to that, soymilk comes with as much protein as cow milk and is quite low in calories as compared to skim and whole milk. As such, augmented consumption of soymilk is likely to drive the demand for dairy alternatives in the years to come. It is estimated that consumption of dairy alternatives is likely to rise with the outbreak of a global pandemic, COVID-19. In a bid to boost immunity to survive COVID-19, people are expected to increase consumption of nutritious dairy alternatives. As such, it is expected that the global dairy alternatives market is likely to witness rapid growth during the times of COVID-19 and afterwards.
Expansion in the Pool of Geriatric Population to Spell Growth of the Market
Many consumers consider a vegan diet to be a highly nutritious and healthy one. Such people prefer having various dairy alternatives such as
- rice milk
- almond milk
- soy milk
- coconut milk
In addition, many other plant-based milk products. Increased adoption of a vegan diet is likely to play a positive role in the expansion of the global dairy alternatives market.
Implementation of effective marketing technologies such as segmentation and diversification can lead to an increase in the sales of dairy alternatives. The main objective behind such marketing strategies is to generate demand for these products amongst various types of consumers such as vegans, trainers, and lactose intolerant consumers. Furthermore, it is essential to place the product at the right place, right time, and through the right channel of sales.
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Dairy Alternatives Market: Innovative Soy Milk Offerings Gain Demand with Novel Packaging Techniques
Players in the dairy alternatives market are introducing unique dairy alternatives in the food and beverage landscape. According to NIH (National Institutes of Health), ~65% of the world population faces the issue of lactose intolerance. This is why manufacturers in the dairy alternatives market are innovating on alternatives such as soy milk with chickpea protein.
To add further value to their products, dairy alternatives market manufacturers are innovating on novel packaging options such as microwaveable aseptic carton packs. In order to provide ‘on-the-go’ convenience for consumers, soy milk is designed to be served warm with first-of-its-kind technology of microwaveable packaging. This helps in brand enhancement and premiumization of nutritional beverages, which leads to flexibility for sales through various distribution channels.
Manufacturers in the dairy alternatives market are developing fail-safe packaging mechanisms to protect the product from light, oxygen, scent, water, and even overheating. As such, dairy alternatives market players are increasing the distribution of soy milk products using online retail channels, groceries, and convenience stores. The nutritional value of soy milk is leveraged with high protein ingredients such as cabbage, banana, broccoli, and the like.
Dairy Alternatives Market: Plant-based Foods Trigger Sales
Manufacturers are increasing product line offerings with expansions in non-dairy alternatives. They are introducing plant-based offerings such as almond milk yogurt. This dairy alternative is made using premium-quality almonds and interesting add-ons such as granola and chocolate chips, to provide excellent taste and texture to the product. Plant-based almond milk yogurt serves as a high quality dairy alternative, free from allergens such as lactose.
Due to the growing demand from consumers for delicious plant-based foods, manufacturers are introducing the crunchy goodness of almonds and other toppings to bring innovation into the growing plant-based yogurt space. For instance, in May 2019, Blue Diamond Growers — a California agricultural cooperative, announced the launch of Almond Breeze Almond milk Yogurt Alternative, a dairy substitute that is a new addition to its plant-based yogurt category.
As the dairy alternatives market is estimated to grow to a value of ~US$ 34.6 billion by the year 2029, oat milk is gaining consumer attention with the introduction of innovative oat milk beverages. Companies are looking to profit from the surge in non-dairy milk sales, and are introducing oat beverages in unflavored as well as flavored essence, such as vanilla.
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Environmental Concerns and Dietary Changes of Consumers Influence Market Growth
The dairy alternatives market has dominated product innovation and grown tremendously in the last couple of years, which has led to a significant threat to the sales of traditional dairy products. However, the growing demand for plant-based foods has given rise to environmental concerns. Manufacturers have to exert tremendous pressure on water resources to cultivate almonds. Also, rice emits the most greenhouse gases, such as methane, due to bacterial activity in flooded rice paddies. The cultivation of soy and oats requires large land areas, thus leading to deforestation.
Since children are one of the key consumers of dairy alternatives and plant-based milks, the nutritional content of certain plant-based milks do not suffice requirements. For example, almond milk is low in protein, rice milk contains low levels of arsenic, and hemp milk is not easily available in supermarkets and other retail stores. Thus, market players need to consider long-term environmental costs and dietary changes of consumers from dairy to plant-based diets to effectively push the sales of non-dairy products.