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Plant-based Dairy Market

Plant Based Dairy Market to Expand nearly 3x by 2031 End: Fact.MR Study

Published : 09 Aug 2021 Industry: Food & Beverage

Global sales of plant based dairy products are expected to grow 11% until 2031 with an estimated market value of US$ 32 Bn, according to a recently published report by Fact.MR. Increased preference for naturally sourced food products is majorly spurring demand.

With the growing adopting of vegan diet, dairy alternatives market has witnessed a significant growth in recent years. Historically, from 2016 to 2020, consumption of plant based dairy flourished at a CAGR of around 9%, reaching a valuation of US$ 11 Bn. Furthermore, rising awareness about the health benefits associated with plant based foods has boosted the demand for dairy alternative products worldwide.

Developed regions such as North America and Europe will dominate the global plant-based dairy market share, with a combined figure of 53% in 2021. The importance of plant based dairy was further highlighted with the onset of COVID-19, as consumers increasingly shifted towards consumption of non-animal based food products.  

Key Takeaways from the Market Study:

  • The global plant based dairy market is anticipated to add almost 3x value by 2031
  • Almond milk remained the top selling category in 2020, clocking a value of US$ 6.5 Bn
  • 2 out of 5 sales of plant based dairy products occur via online retail platforms
  • By nature, organic plant based dairy products sales to surge at 13% CAGR
  • Sales across the U.S market to compound at a CAGR of over 10% until 2031
  • Organic dairy sales in China topped US$ 1 Bn in 2020, forecast to expand at nearly 14% CAGR

“Cheese alternatives are predicted to be the “next frontier” in plant-based innovation, advancements in ingredient technology are estimated to fire dairy-alternatives market,” comments a Fact.MR analyst

Competitive Landscape

Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers, and acquisitions.   

  • In 2016, Key manufacturer Danone SA, the French dairy giant made a move into dairy-free by acquiring WhiteWave Foods, the US manufacturer of the Alpro and Silk plant-based dairy-alternative ranges, for US$ 12.5Bn.
  • In February 2019, Danone announced it was opening a new building at its facility in DuBois, Pennsylvania, dedicated to plant-based food products including yogurt.
  • In December 2019, Danone’s French dairy peer Lactalis announced it was taking its Siggi’s yogurt brand into the plant-based market.
  • In March 2020, Arla announced the launch of a range of chilled, oat-based drinks, to be marketed under a new brand, Jörd, and initially available in Denmark, Sweden and the UK.

More Insights Available:

Fact.MR, in its new offering, presents an unbiased analysis of the plant based dairy market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.

The study divulges essential insights on the market based on product (milk, frozen desserts, butter, creamers, yogurt and cheese), nature (organic and conventional), end use (B2B and B2C) and sales channel (direct and retail sales) across seven major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and MEA)

Fact.MR’s Domain Knowledge in Food & Beverages

Our food and beverages consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the food and beverages sector. Our expertise in recognizing the challenges and trends impacting the global food and beverage industry  provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.

For more information, refer to our market research report or contact the PR author.

Santosh Kumar

Fact.MR food and beverages industry

Sr. Consultant – Food and Beverages

E-mail: santosh@factmr.com

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Plant-based Dairy Market Trend Analysis By Plant Based Product (Milk, Frozen Desserts, Butter, Creamers, Yogurt, Cheese), By Nature (Organic, Conventional), By End Use (B2B Consumers, B2C Consumers), By Sales Channel (Direct Channels, Retail Channels) - Global Forecast 2021-2031