Plant Based Dairy Products Market Size Worth $28 Billion By 2030: IndustryA
Research Reports
Oct 07, 2023
Plant Based Dairy Products Market size is predicted to reach $28 billion by 2030, growing at a CAGR of 8.7% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. Consumer preferences are evolving towards healthier and more environmentally friendly food options, driving the market. Consumers are switching to plant-based solutions due to growing awareness of animal welfare issues and moral concerns regarding the exploitation of animals in the dairy industry. finds IndustryARC in its recent report, titled “Plant Based Dairy Products Market Size, Share & Trends Analysis Report By Product Type (Milk, Cheese, Butter, Yogurt, Creamers, and Others), By Source (Fruits, Vegetables, Seeds and Nuts, and Others), By Nature (Organic, Conventional), By End Use (Bakery & Confectionery, Snacks & Savouries, Ready Meals, Dietary Supplements, HoReCa, and Other Food Products), By Sales Channel (Supermarket/Hypermarket, Convenience Stores, Specialty Stores, Ecommerce, and Others) Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030”
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Asia-Pacific to Register Highest Growth:
Geographically, in the global Plant Based Dairy Products market share, Asia-Pacific is analysed to grow with the highest CAGR of 10.4% during the forecast period 2023-2030. Rising health consciousness, coupled with a growing awareness of environmental sustainability, has driven consumer demand for plant-based alternatives. Additionally, increasing lactose intolerance cases and a desire for diverse dietary options have boosted the market’s growth. The region’s expanding middle class, urbanization, and a surge in vegan and flexitarian lifestyles further contribute to this trend. As a result, businesses in the plant-based dairy sector are capitalizing on these opportunities by introducing innovative products and expanding their presence in the Asia-Pacific market to meet the surging demand.
Plant Based Dairy Products Market 2023-2030: Segmentation
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Plant Based Dairy Products Market Report – Key Takeaways:
Consumers Convenience to Buy Plant Based Dairy Products by Ecommerce
The Ecommerce segment had more than one third of the market share in 2022. This dominance can be attributed to the convenience and accessibility it offers to consumers. Ecommerce platforms allow customers to browse and purchase a wide range of plant-based dairy products from the comfort of their homes, providing a broader selection compared to physical stores. Additionally, the ease of online ordering, home delivery options, and the growing trend of online grocery shopping have all contributed to the significant market share of the Ecommerce segment. As consumers increasingly seek convenience, this channel is expected to maintain its dominance in the market. According to Ecommerce Tips there are 32.7 million ecommerce stores globally, 39% in the U.S. There are 218.8 million online shoppers in the U.S., 2.4 billion globally.
Ready Meals to Register Highest Growth
Ready meals are analysed to grow with the highest CAGR of 9.5% during the forecast period. This accelerated expansion can be attributed to changing consumer lifestyles, increased demand for convenient and healthier meal options, and the rising popularity of plant-based diets. Ready meal manufacturers are incorporating plant-based dairy alternatives into their product offerings, catering to the growing demand for quick and nutritious plant-based options. Additionally, the expansion of vegetarian and vegan menu options in restaurants and fast-food chains (HoReCa) is further fuelling the growth of this segment. As consumer preferences continue to shift toward plant-based choices, the Ready Meals segment is poised for sustained rapid growth.
North America is Leading the Market
North America region held a major market share of 32% in 2022. This dominance is primarily driven by several factors. Firstly, increasing health consciousness and a growing population of lactose-intolerant individuals in the region have fueled demand for dairy alternatives. Secondly, well-established plant-based dairy product brands and a robust distribution network have made these products readily available to consumers. Moreover, the region has witnessed significant investments in plant-based startups and innovation, further propelling market growth. Finally, supportive government policies and initiatives promoting sustainability and plant-based diets have contributed to the strong market position of North America in the Plant-Based Dairy sector.
Rising incidence of lactose intolerance creating opportunistic growth
The escalating incidence of lactose intolerance presents a lucrative growth opportunity for the Plant-Based Dairy Products market. With a substantial portion of the global population unable to digest lactose, there is a growing demand for dairy alternatives that offer the taste and nutrition of traditional dairy without the digestive discomfort. This trend is driving consumers towards plant-based options, such as almond, soy, and oat milk, as well as dairy-free cheeses, yogurts, and ice creams. As health-conscious consumers seek these alternatives, the market for plant-based dairy products is poised for robust expansion, making it an attractive prospect for businesses in the food industry.
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Key Opportunity Analysis:
Effective Marketing Campaigns and Consumer Education
Effective marketing campaigns and consumer education are pivotal for driving demand in the plant-based dairy market. Well-crafted marketing strategies can highlight the numerous advantages of these products, including their health benefits, ethical and environmental considerations, and delicious taste. By leveraging persuasive advertising, engaging social media presence, and partnerships with influencers, brands can raise awareness and entice consumers to make the switch. Additionally, educating consumers about the nutritional value and versatility of plant-based dairy through informative content, cooking demonstrations, and product samplings can dispel myths and encourage trial. Combined, these efforts not only increase market share but also foster long-term consumer loyalty in this rapidly growing industry.
Plant Based Dairy Products Market Growth.
Offering Customizable Options
Customization presents a compelling opportunity in the plant-based dairy market. Tailoring products to meet specific dietary needs, such as gluten-free or allergen-free variants, can tap into lucrative niche markets. By addressing the needs of individuals with dietary restrictions or sensitivities, companies can not only expand their customer base but also foster brand loyalty. In a market where consumers seek inclusivity and personalized choices, offering customizable options demonstrates responsiveness to diverse preferences, ultimately strengthening market presence and profitability. This strategy not only aligns with consumer demands for health and wellness but also highlights a commitment to inclusivity and innovation, positioning businesses for sustained success in the plant-based dairy sector.
Retail and Foodservice Channels
Companies that provide convenient, ready-to-use plant-based products for both the retail and foodservice sectors are poised for substantial growth. This strategic approach taps into the burgeoning demand for healthier, sustainable options in both consumer and business settings. By catering to these channels, businesses can diversify their customer base and revenue streams while capitalizing on the global shift towards plant-based diets. Moreover, offering ease-of-use products simplifies menu planning for foodservice operators and enhances accessibility for retail consumers, making it a win-win strategy that positions companies at the forefront of the thriving plant-based market.
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The Report also Covers the Following Areas:
Plant Based Dairy Products Market Size and Forecast
Plant Based Dairy Products Market Trends
Plant Based Dairy Products Market Analysis by Product Type
Plant Based Dairy Products Market 2023-2030: Key Highlights
CAGR of the market during the forecast period 2023-2030
Value Chain analysis of key stake holders
Detailed analysis of market drivers and opportunities during the forecast period
Plant Based Dairy Products Market size estimation and forecast
Analysis and predictions on end users’ behavior and upcoming trends
Competitive landscape and Vendor market analysis including offerings, developments, and financials
Comprehensive analysis of challenges and constraints in the Plant Based Dairy Products Market
Covid and Ukrainian Crisis Impact:
The pandemic disrupted global supply chains, affecting the availability of ingredients and packaging materials. This has temporarily hampered the production and distribution of plant-based dairy products. The pandemic prompted many consumers to prioritize health and wellness. Plant-based dairy products, often perceived as healthier alternatives, saw increased demand as consumers sought products with perceived health benefits.
Trade tensions and restrictions affected the export and import of plant-based dairy products, potentially limiting market access in affected regions. In regions affected by geopolitical conflicts, consumer behaviour shifted due to economic uncertainties. This impact consumer spending on premium or specialty products like plant-based dairy.
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List of Key Market Players in Plant Based Dairy Products Market:
The Global Plant Based Dairy Products Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
Arla Foods
Daiya Foods Inc.
Danone S.A
General Mills
Saputo
Chobani
Earth’s Own Food Company Inc.
Unilever
Bel Group
Kraft Heinz
Nestle
Muller
Axiom Foods Inc.
Sanitarium Health and wellbeing Company
Lactalis
Related Reports:
Plant-Based Beverages Market – Plant-Based Beverages Market was estimated at $13.2 billion in 2020, projected to grow at a CAGR of 9.7% during the forecast period 2023 to 2030. Market growth is being accelerated by increasing product releases with novel ideas and tastes and Increasing Demand for Plant-Based Protein Supplements.
Meat Alternates Market – Meat Alternates Market is estimated to reach $8.7 billion by 2027 and it is expected to grow at a CAGR of 12.3% over the forecast period of 2023 – 2030. Growing demand for plant-based food and increasing the number of vegan populations are major driving factors.
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Mr. Venkat Reddy IndustryARC Email: sales@industryarc.com USA: (+1) 518-282-4727
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