LONDON, Oct. 28, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the dairy alternatives market, the various improvements in temperature-controlled transport is expected to act as a driver for the diary alternatives market in the forecast period. Temperature-controlled transport options give modern businesses the flexibility and confidence to develop global supply chains for temperature-sensitive perishable goods such as dairy alternatives. The improvement in cold chains through automation, information tracking, predictive analytics and others allows diary alterative companies to transport their products across the globe without risk of spoilage or damage, which allows companies to increase geographical footprint and reach more consumers, thus driving the market.
The global dairy alternatives market size is expected to grow from $18.95 billion in 2020 to $19.71 billion in 2023 at a compound annual growth rate (CAGR) of 4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $27.92 billion in 2025 at a CAGR of 9%.
The Business Research Company’s report titled Dairy Alternatives Global Market Report 2023 – By Product Type (Non-dairy Milk, Butter, Cheese, Yogurts, Ice cream, Others), By Source (Almond, Soy, Oats, Hemp, Coconut, Rice, Others), By Distribution Channel (Supermarkets, Health Food Stores, Pharmacies, Convenience Stores, Online Stores, Others), COVID-19 Growth And Change covers major dairy alternatives companies, dairy alternatives market share by company, dairy alternatives manufacturers, dairy alternatives market size, and dairy alternatives market forecasts. The report also covers the global dairy alternatives market and its segments.
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Asia Pacific is the largest region in the dairy alternatives market, accounting for 34.6% of the total in 2020. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the dairy alternatives market will be the Middle East and Africa where growth will be at CAGRs of 12.1% and 10.6% respectively. These will be followed by Asia Pacific and North America, where the markets are expected to grow at CAGRs of 9.2% and 9.0% respectively.
The global dairy alternatives market is highly concentrated, with a few large players. Players in the market are focusing on creating products fortified with greater amount of nutrients, experimenting with taste, creating attractive packaging, and are seen introducing proactive advertising and marketing strategies. The top ten competitors in the market made up to 78.14% of the total market in 2020. Danone S.A. was the largest competitor with over half of the market share, followed by Blue Diamond Growers, The Hain Celestial Group, Inc., Oatly Group AB, Vitasoy International Holdings, SunOpta Inc., Unilever PLC, Freedom Foods Group Limited, Nestlé S.A., and Daiya Foods Inc.
The dairy alternatives market is segmented by product type into non-dairy milk, butter, cheese, yogurts, ice cream, and others. The non-dairy milk market was the largest segment of the dairy alternatives market segmented by product type, accounting for 62.8% of the total in 2020. Going forward, yogurts market is expected to be the fastest growing segment in the dairy alternatives market segmented by product type, at a CAGR of 10.2% during 2020-2025.
The dairy alternatives market is segmented by segmented by source into almond, soy, hemp, coconut, rice and other sources. The soy market was the largest segment of the dairy alternatives market segmented by source, accounting for 51.4% of the total in 2020. Going forward, the oats market is expected to be the fastest growing segment in the dairy alternatives market segmented by source, at a CAGR of 8.9% during 2020-2025.
The dairy alternatives market is also segmented by distribution channel into supermarkets, health food stores, pharmacies, convenience stores, online stores, and other distribution channels.
Dairy Alternatives Global Market Report 2023 – COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide dairy alternatives market overviews, dairy alternatives market analyze and forecast market size and growth for the whole market, dairy alternatives market segments and geographies, dairy alternatives market trends, dairy alternatives market drivers, dairy alternatives market restraints, dairy alternatives market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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