The scope of our recent study on the "Dairy Alternatives Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Source (Soy, Almond, Coconut, Oats, and Others), Product Type (Milk, Ice Cream, Yogurt, Cheese, and Others), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)" includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments. The report also provides a market share analysis.

The dairy alternatives market is projected to reach US$ 51,656.58 million by 2028 from US$ 28,181.76 million in 2022; it is expected to grow at a CAGR of 10.6% from 2022 to 2028. Dairy alternatives are made using plant milk such as soy milk, pea milk, almond milk, and coconut milk. Soy milk is more affordable than other plant milk, and it provides a similar amount of protein as whole milk. For instance, 1 liter of whole dairy milk contains 8 g of protein, whereas the same amount of soy milk has 7 g of protein. Thus, soy milk is the ideal replacement for dairy-based milk and milk products. Consumers are highly inclined toward plant-based or vegan-friendly products due to increasing health concerns and increasing awareness of animal welfare. Plant-based products are generally perceived as healthier than conventional ones. This factor is primarily driving the dairy alternatives market size expansion.

Based on product type, the dairy alternatives market is segmented into milk, ice cream, yogurt, cheese, and others. The milk segment held the largest share in the dairy alternatives market in 2020; however, the yogurt segment is projected to register the fastest CAGR during the forecast period. Plant-based milk from sources such as soy, almonds, coconuts, and oats is the best alternative for dairy milk and other animal-based milk present in the market. Increasing lactose intolerance among the population is one of the major factors to propel the growth of the plant-based milk market. Moreover, people who are allergic to milk are also recommended to consume plant-based milk. Furthermore, with the increasing vegan population globally, the demand for plant-based milk is rising, which is driving the segment's growth.

The dairy alternatives market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). Asia Pacific held the largest share in the dairy alternatives market in 2020; however, the Middle East & Africa is expected to register the fastest CAGR during the forecast period. The growth of the Asia Pacific dairy alternatives market is majorly attributed to the lactose intolerant population across countries such as China, Japan, and South Korea. According to the National Institute of Health (NIH), lactose intolerance is most common in persons of East Asian origin in adulthood, affecting 75-95% of the people in this region. Thus, there is massive adoption of plant-based dairy products across Asia Pacific, driving the market growth. Moreover, with the rising veganism trend and growing concerns regarding animal welfare and sustainability, the dairy alternatives market is witnessing significant growth across Asia Pacific.

Impact of COVID-19 Pandemic on Dairy Alternatives Market

The food & beverages industry is one of the key industries that faced unprecedented challenges due to the COVID-19 pandemic. Lockdown and border restrictions enacted by various countries disrupted supply chains, which affected the production and distribution of various products. However, during the COVID-19 pandemic, many consumers shifted to plant-based diets as they perceived vegan products to be healthier than animal-derived products. This factor significantly boosted the dairy alternatives market. Moreover, due to the outbreak, people started associating animal-based products with negative health implications, creating significant opportunities for the dairy alternatives market. However, the high prices of plant-based dairy products and the economic recession caused by the COVID-19 outbreak reduced the popularity of dairy alternatives in price-sensitive markets such as India, Brazil, and South Africa. Thus, the COVID-19 pandemic had mixed impacts on the dairy alternatives market.

The report segments the dairy alternatives market as follows:

Based on source, the dairy alternatives market is segmented into soy, almond, coconut, oats, and others. Based on product type, the market is segmented into milk, ice cream, yogurt, cheese, and others. Based on distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. Based on geography, the dairy alternatives market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).

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