Market Industry Reports (MIR) has published a new report titled “Plant-based Dairy Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global plant-based dairy market accounted for over ~US$ 19.0billion in 2019. It is anticipated to grow at a CAGR of ~11.0% from 2019 to 2030.
According to the Food and Agriculture Organization of the United Nations, the world’s milk production grew by 0.5% during 2017, which is much lower than the average growth rate of 2.1% during the last decade. International dairy prices continued to increase in 2017, driven by declines in milk production in the last quarter of 2016 and the first quarter of 2017 and the strong demand for fat solids. Consumers are now shifting to plant-based dairy substitutes that are derived from a wide range of sources such as legumes, pseudo cereals, oilseeds, and cereals.
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Some of the prominent players in the Plant-based Dairy Market include:
Valsoia S.p.A. P.IVA, THE WHITEWAVE FOODS COMPANY (Danone), FREEDOM FOODS GROUP LIMITED, Earth’s Own Food Company Inc., SunOpta, Eden Foods, Inc., Panos Brands LLC, Dohler, Blue Diamond Growers, Hain Celestial, Organic Valley
The market growth of plant-based dairy products can be attributed to factors such as the increasing adoption of plant-based dairy alternatives. For instance, according to the Good Food Institute, in 2017, there tail sale of plant-based creamer grew in the U.S. by62% in the past year. Similarly, there tail sale of plant-based cheese grew by 41% and that of plant-based yogurt grew by 54%.Increasing consciousnessregarding eco-friendly approaches thus results in plant-based alternatives gaining popularity among the masses. Such alternatives minimize Green House Gas (GHG) emissions by eliminating biodiversity losses, deforestation, water pollution, and freshwater use. There is also increasing awareness regarding the health concerns triggered by the consumption of dairy products. In the American diet, milk and other dairy products are considered to be the top source of saturated fat leading to heart disease, type 2 diabetes and Alzheimer’s disease. Also, lactose intolerance is quite common in most of the countries.
Other factors such as prominent players, and start-ups, across various geographies have launched new products into the market to meet the rising demand for innovative products, flavors and mineral fortification which are boosting the plant-based dairy market.
The Plant-based Dairy Market is segmented on the basis of Product, Modality, Cancer Type, End-Users and region.
By Source (Almond, Oats, Coconut, Soy, Hemp, and Rice), Application (Cheese, Yogurt, Milk, Creamers, and Ice Creams), Distribution Channel (Supermarkets, Pharmacies, Online Stores, Health Food Stores, And Convenience Stores)
As a standard protocol at MIR, all research assignments go through the following rigorous processes.
- Secondary Research
- Primary Research
- Market Size Estimation & Forecasting
- Data Validation & Triangulation
- Report Generation
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Table of Contents
- Market Definition
- Market Classification
- Geographic Scope
- Years Considered for the Study: Historical Years – 2017 & 2018; Base Year – 2019; Forecasted Years – 2020 to 2030
- Currency Used
- RESEARCH METHODOLOGY
- Research Framework
- Data Collection Technique
- Data Sources
- Market Estimation Methodology
- Data Validation and Triangulation
- ABSTRACT OF THE STUDY
- MARKET DYNAMICS ASSESSMENT
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