Plant-based Dairy Market by Source (Almond, Oats, Coconut, Soy, Hemp, and Rice), Application (Cheese, Yogurt, Milk, Creamers, and Ice Creams), Distribution Channel (Supermarkets, Pharmacies, Online Stores, Health Food Stores, And Convenience Stores) - Global Analysis & Forecast 2019-2030
Report ID : 129 | Published Date : Jan 2020 | Pages : 220 | Region : Global | Report Code : FB-5
Plant-based Dairy Market Overview and Introduction
Plant-based Dairy Market is estimated to be valued at ~US$ 19.0 billion in 2019. The market is anticipated to further grow at a CAGR of ~11.0% from 2019 to 2030.
Consumption of plant produce is essentially more efficient than cultivating plants in order to feed animals and utilizing them for generation of food products, such as milk, cheese, butter and yoghurt among others. Animal agriculture utilizes 77% of all agricultural land on Earth, however, it is capable of supplying only 17% of the aggregated food supply required for the purpose of human consumption. On the contrary, plant-based food products including plant-based dairy minimizes emission of greenhouse gas (GHG) by eliminating biodiversity loss, deforestation, water pollution and freshwater use. Plant-based dairy substitutes are derived from a wide range of sources such as legumes, pseudocereals, oil seeds, cereals. However, milk derived from legume-based varieties such as peanuts, hazelnuts, pecans, macadamias, cashews and even tiger nuts, are gaining significant popularity among the population.
Although, the global food and beverage industry has experienced relatively stable conditions in recent times, but, adoption of plant-based alternatives have witnessed significant surge during the same period. For instance, in 2017, it was estimated that the sale of plant-based milk in the U.S. accounted for a staggering ~US$ 2.1 billion. Several prominent players, start-ups and disruptor companies across several geographies have launched new products into the market to meet the rising demand for innovative products and flavors. Product innovation, growing number of consumers looking to eat plant-based alternatives, and rising awareness regarding animal welfare & environmental sustainability, among others are some of the pivotal factors fueling the demand of plant-based dairy products globally.
Changing consumer lifestyles and attitudes is another key factor responsible for the wide scale adoption of plant-based dairy products. The existence of non-dairy milk has existed for centuries; however, since the past two decades, its adoption has grown manifolds. Non-dairy milk is considered to be the clear successor of cow or dairy milk. Since, 2012, cow milk consumption has witnessed a major decline while non-dairy milk consumption grew by ~61% during the same period, a trend that is anticipated to grow further in the years to come. Consumers have adopted plant-based dairy as they believe that it makes them look & feel better and also augurs well with their wellness & health goals. Several other factors related to dairy products, including lactose intolerance, allergy, adherence to a vegan/plant-based diet, antibiotic use in dairy cattle, and hormone content, have played a pivotal role in promoting the preference for non-dairy milk & milk products.
Although the dairy alternatives market, offers immense growth opportunities, but the potential still faces several challenges. Better understanding of consumer behavior, challenges associated with non-dairy formulation, and legislative challenges are few bottlenecks that are likely to curb the market growth to a certain extent.
The global plant-based dairy market has primarily been segmented into the following categories, viz. By Source, By Application and By Distribution Channel.
Plant-based Dairy Market By Source
The segment of source can be majorly classified into almond, oats, coconut, soy, hemp, rice and others. The market for almond accounted for the highest market share in this segment, owing to better nutrition composition, low calorie count and several health benefits offered by the product.
Plant-based Dairy Market By Application
The segment of application can be majorly classified into cheese, yogurt, milk, creamers, ice creams and others. The milk segment is anticipated to account for the largest market share during the forecast period. Factors such as health concerns related to lactose intolerance, and growing number of product offerings by companies, will significantly support the popularity of dairy-free milk in the coming years.
Plant-based Dairy Market By Distribution Channel
The segment of source can be majorly classified into supermarkets, pharmacies, online stores, health food stores, convenience stores and others. The online services channel is projected to be the fastest growing segment in the plant-based dairy market during the forecast period. The growth of this segment can be attributed to cost-effectiveness and faster accessibility.
Plant-based Dairy Market By Regions
The global plant-based dairy market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Asia Pacific is expected to be the fastest growing regional market. Several factors such as rising awareness regarding fitness & health, growing purchasing power, increasing demand for healthy & nutritional products can be attributed to the growth of this region.
Plant-based Dairy Market Prominent Players
Some of the key players operating in the global plant-based dairy market are Valsoia SPAPIVA, The WhiteWave Foods Company (Danone), FREEDOM FOODS GROUP LIMITED, Earth's Own, SunOpta, Eden Foods, PANOS, Doehler, Blue Diamond Growers, Hain Celestial and Organic Valley, among others.