The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
Historical Market Size (2020): USD 3.3 Billion
Forecast CAGR (2021-2026): 10.7 %
Forecast Market Size (2026): USD 6.2 Billion
Due to the rising number of cases of milk allergies, plant-based alternatives have become common, such as soy milk, coconut milk, and almond milk. Soybeans and soya milk offer a healthy source of protein, calcium, and potassium. Rising awareness regarding the same is boosting the market growth. The rise in demand for plant-based goods has enhanced the industry growth in Europe in recent years. With recent releases, such as fresh soy beverages and hemp juices, etc., European producers are still focusing on new food technologies. A well-established network of mainstream retailers has made it possible to have a greater industry presence. Various advancements and steps are being taken by key players to push the market of dairy alternative forward.
Industry Definition and Major Segments
Dairy alternatives are any food that imitates a substance extracted from milk. In order to extract properties similar to milk, plant-based products are most commonly made from grains, nuts, and seeds, soaked and blended into water. Proteins, sugars, vitamins, minerals, and calories are found in plant-based milk products, similar to cow, buffalo, sheep, or goat milk.
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The market is divided on the basis of source into:
- Soy
- Almond
- Coconut
- Rice
- Oats
- Hemp
- Others
The market is bifurcated on the basis of formulation into:
- Plain
- Flavoured
In terms of application, the market is segmented into:
- Milk
- Ice Cream
- Yoghurt
- Cheese
- Creamers
- Others
Country-wise, the market is divided into:
- Germany
- United Kingdom
- France
- Italy
- Spain
- Others
Market Trends
An increasing number of lactose intolerance cases among individuals in Europe has fuelled the need for milk alternatives. In Europe, the market for milk substitutes has been further increased by the antioxidant effects of milk alternatives, such as almond milk, which can have a protective effect on cancer and heart patients. Growing numbers of health-conscious consumers, along with the rising market awareness about the health benefits of milk substitutes, are expected to drive growth over the projected period. In the forecast period, numerous developments, such as more producers releasing gluten-free and lactose-free range, is expected to propel market growth.
Key Market Players
The major players in the market are Kerry Inc., Danone SA, Nestlé S.A., Doehler Group SE, Oatly AB., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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