Plant-based Dairy Market is anticipated to grow at a CAGR of ~11.0% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Plant-based Dairy Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global plant-based dairy market accounted for over ~US$ 19.0billion in 2019. It is anticipated to grow at a CAGR of ~11.0% from 2019 to 2030.
According to the Food and Agriculture Organization of the United Nations, the world’s milk production grew by 0.5% during 2017, which is much lower than the average growth rate of 2.1% during the last decade. International dairy prices continued to increase in 2017, driven by declines in milk production in the last quarter of 2016 and the first quarter of 2017 and the strong demand for fat solids. Consumers are now shifting to plant-based dairy substitutes that are derived from a wide range of sources such as legumes, pseudo cereals, oilseeds, and cereals.
The market growth of plant-based dairy products can be attributed to factors such as the increasing adoption of plant-based dairy alternatives. For instance, according to the Good Food Institute, in 2017, there tail sale of plant-based creamer grew in the U.S. by62% in the past year. Similarly, there tail sale of plant-based cheese grew by 41% and that of plant-based yogurt grew by 54%.Increasingconsciousnessregarding eco-friendly approaches thus results in plant-based alternatives gaining popularity among the masses. Such alternatives minimize Green House Gas (GHG) emissions by eliminating biodiversity losses, deforestation, water pollution, and freshwater use. There is also increasing awareness regarding the health concerns triggered by the consumption of dairy products. In the American diet, milk and other dairy products are considered to be the top source of saturated fat leading to heart disease, type 2 diabetes and Alzheimer’s disease. Also, lactose intolerance is quite common in most of the countries.
Other factors such as prominent players, and start-ups, across various geographies have launched new products into the market to meet the rising demand for innovative products, flavors and mineral fortification which are boosting the plant-based dairy market.
Browse key industry insights spread across 220 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/plant-based-dairy-market/129
However, difficulties in understanding consumers’ behavior, challenges associated with formulations, and legislative challenges may curb the market growth to a certain extent.
North America is estimated to account for the largest market share during the forecast period. The growing interest in using dairy alternatives can be attributed to factors including consumers’ demand, allergen reduction, improved food safety, healthy nutritional profiles, ease ofhandling &storage, improved functionality, and environmental sustainability. The presence of prominent players in the region is further enhancing market growth.
Some of the prominent players in the global plant-based dairy market include Valsoia S.p.A. P.IVA, THE WHITEWAVE FOODS COMPANY (Danone), FREEDOM FOODS GROUP LIMITED, Earth’s Own Food Company Inc., SunOpta, Eden Foods, Inc., Panos Brands LLC, Dohler, Blue Diamond Growers, Hain Celestial, Organic Valley, and others.
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