Plant-based Dairy Market Insights
The plant-based dairy market is expected to skyrocket in the coming years, attributed to numerous health-related benefits that these products offer. The vitamins & minerals, phytochemicals, and antioxidants in plants support the immune system of human beings.
Also, plant-based food & beverages reduce inflammation in the human body, which helps reducing the risk of heart diseases, stroke, diabetes, etc. Awareness of these benefits is observed to be increasing over time, which is causing significant upsurge in the adoption of plant-based foods & beverages, globally.
Therefore, in the near future, plant-based food & beverages such as dairy products are poised to witness major upswing in demand. According to a January 2019 survey conducted by the Food and Drug Administration (FDA) of the U.S., over 35% U.S. citizens purposefully consume plant-based milk, and this number is increasing rapidly. For instance, between 2014 & 2017, the number of vegan product consumers increased 6 times in the U.S.
Plant-based Dairy Market Analysis by Product
Increasing consumer preference towards gluten- & fat-free dairy alternatives has led to higher consumption of plant-based dairy products. Plant-based milk is observed to be the most preferred among all plant-based dairy products. Plant-based milk alternatives are extracted from various sources such as almonds, cashews, coconuts, hazelnuts, oats, etc., which have high protein value. Therefore, plant-based milk is poised to create an absolute $ opportunity of US$ 5.7 billion in the global plant-based dairy market during the forecast period.
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Plant-based Dairy Market Analysis by Nature
Due to the outbreak of diseases such as COVID-19, there has been substantial growth in awareness about the impact of food & beverages on human health. Consumers are shifting towards organic products that offer various health benefits.
Though the number of organic plant-based dairy consumers is increasing at significant speed, conventional plant-based dairy products are expected to dominate the global plant-based market with around 65% market share throughout the forecast period. However, organic plant-based dairy products are projected to witness growth at a CAGR of 13% during the forecast period.
Regional Outlook of Plant-based Dairy Market
Developed regions such as North America and Europe dominate the global plant-based dairy market share (combined market share of around 53% in 2020). High level of product awareness in these regions has led to maximum consumption of plant-based dairy products. Also, rapidly increasing number of plant-based businesses in North America and Europe has given consumers a wide range of options.
For instance, in 2019, around 11,655 new plant-based food & beverage businesses were launched across Europe. However, developing regions such as South Asia, ASEAN & Oceania, and East Asia have shown positive outlooks, and are expected to expand at CAGRs of around 12 during the forecast period.
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Plant-based Dairy Market Competitive Analysis: Key Players Focus on Geographical Expansion and Product Launches
The global plant-based dairy market is fragmented in nature. Leading animal-based dairy and food FNCG companies are entering the market as it is flourishing day by day. Companies are also expanding their geographical reach by introducing plant-based dairy products in new territories. For instance, in March 2020, Nestlé launched its plant-based milk powder Milo in Australia. While in the same month, global dairy company Arla announced its entry into the plant-based dairy market with a new brand - JÖR?.
COVID-19 Impact on Plant-based Dairy Market
Unprecedented impact of the COVID-19 pandemic on human health is burgeoning as the virus continues to spread globally. As no vaccine is ready to ready the virus as of now, doctors and medical experts have suggested to consume food that strengthens the immune system.
As a result, there has been exceptional rise in the demand for plant-based dairy products; this is attributed to the ability of plant-based dairy products to strengthen and support the human immune system. However, on the other hand, though demand has grown substantially, nationwide lockdowns have hampered production and supply chains in most regions.
Retail avenues such as supermarkets and hypermarkets are temporarily closed, which has damaged the supply-demand ecosystem. Nevertheless, in the long run, when lockdowns ease and regions are back to normal, sales of plant-based dairy products are expected to surge significantly.
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The Analyst’s Viewpoint
The global plant-based dairy market will create enormous opportunity in the future, as demand for fat-free dairy solutions rises due to growing health concerns amid alarming health emergencies such as COVID-19.
Global Plant-based Dairy Market: Scope of the Report
Fact.MR published an exclusive forecast report on the plant-based dairy market for the period of 2020-2030. The foremost objective of the plant-based dairy market report is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the plant-based dairy market. This market study addresses key dynamics that are expected to diversify the adoption and future prominence of the plant-based dairy market.
The report on the plant-based dairy market begins with an executive overview, in which product definition has been provided. The report further proceeds with the taxonomy of the plant-based dairy market, elaborating on key segments. The report also outlines visionary insights on the dynamics of the plant-based dairy market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with key buying factors.
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Plant-based Dairy Market - Scope of the Report
Fact.MR recently published a market study on the global plant-based dairy market. The study provides a detailed assessment on key market dynamics, including the drivers, trends, opportunities, restraints, and detailed information about the plant-based dairy market structure. The market study presents exclusive information about how the plant-based dairy market will grow during the forecast period of 2020-2030.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in Fact.MR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the plant-based dairy market during the forecast period.
The study is relevant for stakeholders in the plant-based dairy market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the plant-based dairy market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.
The study also includes statistics as well as facts related to the macro- as well as micro-economic factors that are impacting developments in the plant-based dairy market. It also offers actionable insights based on the future trends in the plant-based dairy market. Furthermore, small businesses and new entrants in the plant-based dairy market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Questions Answered in Fact.MR’s Plant-based Dairy Market Report
- Which regions will continue to remain the most profitable regional markets for plant-based dairy market players?
- Which factors will induce a change in the demand for plant-based dairy during the assessment period?
- How will changing trends impact the plant-based dairy market?
- How can market players capture the low-hanging opportunities in the plant-based dairy market in developed regions?
- Which companies are leading the plant-based dairy market?
- What are the winning strategies of stakeholders in the plant-based dairy market to upscale their position in this landscape?
Plant-based Dairy Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the plant-based dairy market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the preparation of the plant-based dairy market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
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Yes, the report on the radiation proctitis treatment industry has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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