13-Sep-2022 | Facts and Factors
According to Facts and Factors, the global plant based dairy products market size was worth around USD 11.2 billion in 2021 and is predicted to grow to around USD 31.5 billion by 2028 with a compound annual growth rate (CAGR) of roughly 10.5% between 2022 and 2028.
Plant based dairy products refer to milk products but the source of milk are plants and not animals which are more acceptable and traditional sources of the beverage. These dairy items form an important part of plant-based eating culture originating from the idea of an ecosystem where all living animals are treated equally. Vegans are people who refrain from consuming any product, clothing, or food which was created through a process involving cruelty against animals. Plant based dairy products are known to have several benefits associated with them. For instance, it is known to curb obesity as these items have a low-calorie count, minimum fat presence, and abundance of naturally created nutrients. As per official studies, people who have incorporated a plant-based diet, have lower body mass index along with a reduced chance of high blood pressure, diabetes, or heart failure. However, there are ongoing debates about the true potential of the products as claimed by scholars. Since there are indications that maybe it is not as beneficial as one may want to believe. For instance, there are concerns over the method of cultivation which involves the use of external agents, does the product really qualify as organic and 100% plant-based. Since the human body since ages has become used to animal-based dairy products, it is recommended to check with a nutritionist before switching to an all-plant-based diet.
Browse the full “Plant Based Dairy Products Market Size, Share, Growth Analysis Report By Product (Milk, Butter, Frozen Desserts, Yogurt, Cheese, and Creamers), By End-User (Business-to-Business (B2B), and Business-to-Consumer (B2C)), By Distribution Channel (Retails, Supermarkets, Local Shops, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/plant-based-dairy-products-market
Covid-19 influenced the global market cap to gain growth momentum owing to the doubts amongst consumers related to animal-based food items. More people were estimated to have pondered over the option to switch to a plant-based diet including dairy products.
The global plant based dairy products market size is projected to grow owing to the reinforcement of ideas like sustainable eating habits, side-effects of animal products, health benefits of plant-based items, and related aspects by nutritionists & healthcare providers. Many studies have shown that animal-based milk or milk products can lead to severe medical conditions. As per a report by the Physicians Committee for Responsible Medicine, studies have shown that milk along with other derived products is one of the top sources of saturated fats found in American diet culture potentially leading to type 2 diabetes and heart conditions, amongst others, and an increased risk of prostate, ovarian, and breast cancer. There is also a high number of people who are lactose intolerant making dairy consumption impossible for this section. As a result, more people, with the help of medical personnel, are shifting toward plant-based diet forms. In a recent survey conducted by the International Food Information Council, 43% of the respondents stated that they are always looking for healthier food substitutes whereas 52% claimed to at least sometimes, whenever possible, choose healthy food items over unhealthy products.
The high price of products may restrict the global market growth while the growing efforts by units against animal cruelty may provide growth opportunities. The global market is projected to face challenges because of an insufficient number of suppliers.
The global plant based dairy products market is segmented based on product, end-user, distribution channel, and region.
By product, the global market segments are milk, butter, frozen desserts, yogurt, cheese, and creamers. Milk leads the segment with almond milk generating a revenue of 344 million in the first three months of 2021, as reported by Statista.
By end-user, the global market segments are business-to-business (B2B), and business-to-consumer (B2C). The global market is currently dominated by the B2C segment because of high dairy consumption in general with an average of 65 kilograms per person in European countries, as of 2020.
Based on distribution channel, the global market is divided into retails, supermarkets, local shops, and others. Supermarkets are leading the segment since they have more options. As per official studies, more than 29.5% of people prefer supermarkets.
North America is projected to lead the global plant based dairy products market driven by a higher number of market players in regions like the US and Canada. Dairy products, in general, have a higher consumer database in these areas and with the efforts of organizations against animal cruelty, more people are made aware of the potential health hazard related to the consumption of animal-derived products. The growing innovations in the production of plant based dairy products may also assist in regional growth. Europe is anticipated to grow significantly whereas Asia-Pacific, led by India is showing signs of a potential market for a high growth rate. In 2019, the Indian market was valued at USD 21 billion.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 11.2 Billion |
Projected Market Size in 2028 |
USD 31.5 Billion |
CAGR Growth Rate |
10.5% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Chobani, Lactalis, Unilever, Nestle, General Mills, Saputo, The Hain Celestial Group Inc., Axiom Foods Inc., Danone SA., Sahmyook Foods., and Others |
Key Segment |
By Product, End-User, Distribution Channel, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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The global plant based dairy products market is led by players like Chobani, Lactalis, Unilever, Nestle, General Mills, Saputo, The Hain Celestial Group, Inc., Axiom Foods, Inc., Danone SA., and Sahmyook Foods.
Recent Developments:
- In February 2022, Nestle announced the launch of a new plant-based version of Milo, a popular ready-to-drink beverage, for the Thailand market. The product will be soy based and combined with Milo's malt-based flavor
- In October 2021, Kerry launched a toolkit for the production of plant-based dairy alternatives for the food and beverages sector in developing economies.
The global plant based dairy products market is segmented as follows:
By Product
- Milk
- Butter
- Frozen Desserts
- Yogurt
- Cheese
- Creamers
By End-User
- Business-to-Business (B2B)
- Business-to-Consumer (B2C)
By Distribution Channel
- Retails
- Supermarkets
- Local Shops
- Others
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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