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The global dairy alternatives market size is expected to reach USD 53.97 billion by 2028. Fortune Business Insights™, in its report, titled, " Dairy Alternatives Market Size, Share & COVID-19 Impact Analysis, By Source (Soy, Almond, Coconut, Rice, Oats, and Others), Product Type (Non-dairy Milk, Butter, Cheeses, Yogurts, Ice Cream, and Others), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail, and Others), and Regional Forecasts, 2021-2028.", observes that the market stood at USD 19.66 billion in 2020 and is expected to exhibit a stellar CAGR of 13.30% during the 2021-2028 period.
COVID-19 Pandemic to Enhance Demand for Plant-Based Foods
Since the COVID-19 pandemic hit the world, there were several impacts observed. Declined labor availability, the constrained capacity of workers, hindered supply chain, and others are the primary causes for decreased market growth in 2020. According to the World Trade Association (WTA), in the year 2020, the worldwide trade picture has been damaged by 20% to 30% on account of the restrictions of pandemics and will need a few years to recover from the loss. However, there has been a significant rise in the demand for these alternatives for dairy products in the second half of the crisis. People switched to healthy foods to maintain a healthy balance between work and life.
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Starbucks Introduces a Variety of Dairy-Free Products Globally to Broaden its Reach
Giant corporations are making basic adjustments to their product list considering the lifestyle change adopted by people. For example, Starbucks in the U.S lately added an alternative dairy solution, oat milk-based beverage options, to their menu in 2021. They initially offered almond milk and coconut milk for non-dairy milk consumers. In January 2021, Starbucks in the U.K extended its food and beverage menu after launching Beyond Meat Breakfast Sandwich. In the same year, in January, Starbucks, based in UAE and Kuwait, launched a new plant-based menu that includes their signature wraps and ciabatta.
In the Asia Pacific region, they introduced vegan food choices, including essential markets such as Indonesia, Hong Kong, Philippines, Singapore, Thailand, New Zealand, Taiwan, and South Korea. Starbucks Corporation collaborated with Chinese plant-based developers, Beyond Meat and Oatly, and approximately all stores through the market present the new plant-based menu. This is expected to boost demand for dairy alternatives in the upcoming years.
Plant-Based Milk Products to Draw Attraction of Consumers and Boost Market Growth
Plant-based milk and other milk products and alternatives are likely to procure a noteworthy market share and high growth rates compared to the traditional dairy equivalents in the upcoming years as veganism is gaining high popularity. The sales for vegan and plant-based products are estimated to hike the rapidly rising trend and adopt flexitarian, veganism, and vegetarianism. Furthermore, the surging consciousness among people regarding the prevention of animal cruelty, maintaining a sustainable environment, and many other factors contribute to the growth of the market. Also, the consistent global dairy alternatives market growth depends on the nutritional content of the products and their aesthetic value. Moreover, these products should cover all crucial points that the conventional dairy products offer to be as accessible and cost-effective and must manage to maintain, if not prosper, the global economy.
Product Innovation by Major Companies to Intensify Industry Competition
The market is fragmented by the presence of major companies striving to maintain their dominance and further expand their product portfolio. These companies are developing innovative dairy alternatives to cater to the growing demand from consumers across the globe. Other key players are adopting proactive strategies such as partnership, collaboration, and merger and acquisition that are likely to favor the market's growth during the forecast period.
List of Key Players Covered in the Market Report
Table of Segmentation
Value (USD Billion)
By Product Type
By Distribution Channel