The global plant-based dairy market size was estimated to be US$ 9.2 billion in 2020 and is expected to reach US$ 30.5 billion by 2031 at a CAGR of 11.7%. The call for Plant-based or non-dairy milk alternatives is developing at fast speed as a specialty drink across the globe.
As having sensitivity through cow milk, lactose prejudice, calorie concern, the commonness of hypercholesterolemia is developing. A portion of the usually utilized plant-based food items incorporate tofu, coconut and almond milk, tempeh, and seitan.
A reasonable eating routine with these items is a rich origin of nutrients like vitamin B1, C and E, folic acid, magnesium, and iron and contains insignificant cholesterol and saturated fats. In this manner, the quantities of customers are evolving while at the same time picking non-dairy milk and items which are without lactose due to its advantages over traditional milk. Subsequently, significant participants are acquainting new items to get a bigger client base. Also, the improvement of creative items, for example, plant-based milk, eggs, and meat, is going about as another development prompting factor.
For example, in January 2020, Danone's plant-based dairy brand Silk dispatched another plant-based cream elective made with goat milk. Likewise, in February 2020, another plant-based dairy organization – Forager Undertaking – dispatched another line of natural oat milk, natural plant-based yogurt, and natural probiotic drinkable cashew milk yogurt in blackberry flavor. These items are wealthy in fundamental supplements and are almost indistinguishable in taste to their animal sourced partners. Discrete aspects, namely, broad endorsement efforts by celebrities and competitors to energize the utilization of vegan items, to keep up with healthy way of life along with the simple item accessibility through amplifying on the web retail channels, are anticipated to drive the market further.
The main situation of the European province is essentially ascribed to higher attentiveness on the utilization of protein-rich eating, expanded wellbeing awareness, higher ratio of vegan lover and vegan populace base, anchored food industry, higher reception of automatic techniques in the food and refreshments industry, and higher crude material accessibility.
North America is relied upon to lead the portion of the overall industry as far as worth is considered. Be that as it may, the area is postulated to lose significant revenue from its piece of the pie in terms of worth before the conclusion of the forecast period 2023-2032.
Global Plant-based Dairy Market Value Share Analysis, by Geography (2021)
The report titled “Global Plant-based Dairy Market - Global Market Share, Trends, Analysis and Forecasts, 2023-2032”, wherein 2021 is historic period, 2022 is the base year, and 2023 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the Global Plant-based Dairy Market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The global Plant-based Dairy market is segmented as Source, Product type, Distribution Channel, and region. Based on Source, the Plant-based Dairy market is segmented into Almond Protein, Soy Protein, Wheat Protein, Pea Protein, Rice Protein, other. Based on Product type, the Plant-based Dairy market is segmented into Plant-Based Milk, (Almond Milk, Soy Milk, Coconut Milk, Rice Milk, Other), Cheese, Yogurt, Butter, Ice-Cream, Creamer, other. Based on Distribution Channel, the Plant-based Dairy market is segmented into Business-To-Consumer (B2C), Modern Groceries, Convenience Stores, Specialty Stores, Online Retail, other.
Based on geography, the Global Plant-based Dairy Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Italy, France, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Australia, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, UAE, South Africa and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on Global Plant-based Dairy Market. Further, market share of prominent companies in the Global Plant-based Dairy Market would also be estimated.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, swot analysis, and research and development focus of all the Plant-based Dairy companies. The Global Plant-based Dairy Market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products under the Plant-based Dairy business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the Global Plant-based Dairy Market.
The key players of the Global Plant-based Dairy Market are Danone SA, The Hain Celestial Group, Inc., Sahmyook Foods, Sanitarium Health and Wellbeing Company, Axiom Foods, Inc., Daiya Foods, Inc. (A Part of Otsuka Pharmaceutical Co., Ltd.), Earth's Own Food Company, Inc., Vbites Food, Ltd., Sunopta Inc., Valsoia Spa, Freedom Foods Group Limited, and others.
Global Plant-based Dairy Market Key Segments:
Based on Source
Based on Product type
Based on Distribution Channel
By Region
The global plant-based dairy market size is estimated to reach US$ 30.5 billion by 2031.
The global plant-based dairy market is estimated to exhibit a CAGR of 11.7% by 2031.
Danone SA, The Hain Celestial Group, Inc., Sahmyook Foods, Sanitarium Health and Wellbeing Company, Axiom Foods are the top 5 plant-based dairy manufacturers.
The demand for plant based milk will rise in response to the increasing focus on health and wellness among consumers and rising demand for milk derived from plant-based sources. Popularity of veganism also will have positive impact on growth.
This market is dominated by the North American region.
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