The dairy alternatives market is expected to reach $44.9 billion by 2027, at a CAGR of 11.2% during the forecast period of 2020 to 2027.
The growth of dairy alternatives market is mainly attributed to the increasing incidence of intolerance for animal proteins, nutritional benefits offered by plant-based food, increasing vegan population, and venture investments in plant-based food. Moreover, emerging economies provide significant opportunities for players operating in the global dairy alternatives. However, a significant preference for animal-based products and consumer preference for soy and gluten-free products are the factors expected to hinder this market’s growth. The dairy alternatives market is segmented based on type, source, distribution channel, and region.
Here are the top 10 companies operating in dairy alternatives market –
Danone is engaged in developing, manufacturing, and selling food products and beverages. The company operates through three business segments—Essential Dairy & Plant-based food, Specialized Nutrition, and Waters. The company’s brand portfolio includes both international brands (Activia, Actimel, Alpro, Danette, Danonino, Danio, Evian, Volvic, Nutrilon/Aptamil, and Nutricia) and local brands (Aqua, Blédina, Cow & Gate, Bonafont, Horizon Organic, Mizone, Oikos, Prostokvashino, Silk, and Vega). The company offers plant-based dairy and meat alternatives through its Essential Dairy and Plant-based food segment.
Through its network of 530 research & innovation specialists in 40 countries, the company sells its products in over 120 countries
Founded in 1970 and headquartered in Canoga Park, US, Follow Your Heart is engaged in producing and selling vegan and vegetarian food. In the space of dairy alternatives, the company provides vegan cheese and yogurts. The company also owns and operates a restaurant. It markets and sells its products through grocery stores, restaurants, and online portals in 23 countries.
Hain Celestial Group is engaged in manufacturing, marketing, distributing, and selling foodstuffs, personal care products, and alternative meat products. The company operates through four business segments: Grocery, Snacks, Personal Care, and Tea. The company offers soy, rice, oat, almond, and coconut-based beverages; and frozen desserts. The company offers plant-based food through various brands— The Lima, Natumi, Dream, Joya, WestSoy, and Formatio. The company sells its products through specialty and natural food distributors, supermarkets; natural food stores; mass-market and e-commerce retailers; and foodservice channels and clubs.
With several manufacturing facilities in Europe and North America, the company has its geographic presence in more than 70 countries.
Founded in 1978 and headquartered in Cheonan, South Korea, Sahmyook Foods is engaged in producing and marketing vegetarian and vegan products. The company’s product portfolio includes soy milk, and drinks. The company has its geographic presence in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.
Founded in 1898 and headquartered in Melbourne, Australia, Sanitarium Health and Wellbeing is engaged in producing and marketing plant-based breakfast cereals and vegetarian products. The company offers its products through various brands— weet-bix, up & go, so good, sanitarium PB, and spreads. The company offers milk alternatives through its So Good brand. With its manufacturing facilities in Australia and New Zealand, the company sells its products in Asia-Pacific.
A report into the projected growth of the current dairy alternatives market by Meticulous Research® has produced some incredible forecasts for the industry. By 2027, it’s expected to have grown at a CAGR of 11.2%, reaching over $44.9 billion.
Founded in 2005 and headquartered in Los Angeles, US, Axiom Foods is involved in manufacturing and distributing protein solutions, beverage solutions, dairy alternatives, and sugars & syrups. In the plant-based food space, the company provides plant-based dairy ingredients. These ingredients are further used in baked goods, beverages—oat alternative, nutritional drinks, smoothies, dairy alternatives & replacements, and nutritional products.
The company has its geographic presence throughout North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Founded in 2008 and headquartered in Vancouver, Canada, Daiya Foods is engaged in producing and supplying plant-based food products. The company’s portfolio includes cheese alternative products, yogurt alternatives, dressings, and desserts. To enhance its presence in the market, the company also partnered with other companies. Daiya Foods has its geographic presence in North America, Latin America, Europe, and Asia-Pacific.
Founded in 1996 and headquartered in Vancouver, Canada, Earth’s Own Food Company is engaged in manufacturing and selling nutritional F&B products. The company’s product portfolio includes non-dairy beverages, soy beverages, non-dairy puddings, and organic rice beverages. Earth’s Own Food offers its products through health and grocery stores. Moreover, the company also produces & distributes brands like So Good, So Nice, and Almond Fresh within Canada.
Founded in 1993 and headquartered in the UK, VBites is engaged in manufacturing and selling plant-based food products. The company’s products are segmented into dairy-free, fish-free, meal kits, and meat-free products. In the space of dairy alternatives, the company offers plant-based cheese and cream. With its manufacturing facilities in the UK, the company has a presence in over 25 countries worldwide.
Founded in 1973 and headquartered in Ontario, Canada, Sunopta is engaged in sourcing, processing, and distributing plant-based foods & beverages, organic ingredients, and organic foods & beverages. The company offers dairy alternatives, primarily oatmilk, soymilk, almondmilk, coconutmilk, and hempmilk in the space of dairy alternatives.
The company has its geographic presence in the Americas, Europe, Africa, and Asia.
Popular Mentions: Valsoia SpA, and Freedom Foods Group Ltd
Authoritative Research on the dairy alternatives market – Global Opportunity Analysis and Industry Forecast (2020-2027)
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