Report : Asia-Pacific Dairy Alternatives Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Source (Soy, Almond, Coconut, Oats, and Others), Product Type (Milk, Ice Cream, Yogurt, Cheese, and Others), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)
At 10.9% CAGR, the APAC Dairy Alternatives Market is speculated to be worth US$ 26,938.91 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC dairy alternatives market was valued at US$ 14,443.15 million in 2022 and is expected to reach US$ 26,938.91 million by 2028, registering an annual growth rate of 10.9% from 2022 to 2028. Product innovation and surging demand for functional dairy alternatives are the critical factors attributed to the market expansion.
Dairy alternatives manufacturers are making a significant investment in product innovation to appeal to a large group of consumers. Product innovation strategy offers a competitive edge to the players operating in the market, boosting their profitability. The manufacturers of dairy alternatives offer certified organic, non-GMO, gluten-free, clean-label, and allergen-free products to cater to the emerging customer requirements. Moreover, as consumers have become health-conscious, they prefer low-calorie and low-fat products. Therefore, manufacturers of plant-based dairy offer unsweetened and low-sugar products. Further, manufacturers are also experimenting with different sources of plant-based milk, such as barley, peas, hemp, chia seeds, bananas, and cashews. Generally, the manufacturers of plant-based ice-creams use almond milk, coconut milk, or oat milk. Several innovations open new opportunities in the dairy alternatives market. Further, leading manufacturers of dairy alternatives are developing products that resemble the taste and texture of conventional dairy milk to attract many consumers. Several product developments are further expected to provide potential growth opportunities to the manufacturers of dairy alternatives in the coming years across the region.
On the contrary, high product price hurdles the growth of APAC dairy alternatives market.
Based on product type, the APAC dairy alternatives market is segmented into milk, ice cream, yogurt, cheese, and others. The milk segment held 68.4% market share in 2022, amassing US$ 9,872.87 million. It is projected to garner US$ 18,303.66 million by 2028 to expand at 10.8% CAGR during 2022–2028.
Based on source, the APAC dairy alternatives market is segmented into soy, almond, coconut, oats, and others. The soy segment held 55.9% market share in 2022, amassing US$ 8,068.51 million. It is projected to garner US$ 14,806.78 million by 2028 to expand at 10.6% CAGR during 2022–2028.
Based on distribution channel, the the APAC dairy alternatives market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment held 59.5% market share in 2022, amassing US$ 8,589.28 million. It is projected to garner US$ 15,830.96 million by 2028 to expand at 10.7% CAGR during 2022–2028.
Based on country, the APAC dairy alternatives market has been categorised into China, India, Japan, South Korea, Australia, and rest of APAC. Our regional analysis states that China captured 75.1% market share in 2022. It was assessed at US$ 10,842.47 million in 2022 and is likely to hit US$ 20,104.51 million by 2028, exhibiting a CAGR of 10.8% during the forecast period.
Key players dominating the APAC dairy alternatives market are Blue Diamond Growers; Califia Farms, LLC; Danone S.A.; Lactasoy co.th; Nestlé SA; Oatly Inc.; Sanitarium; Valio Ltd; and Valsoia S.p.A. among others.
- In 2021, Blue Diamond Growers introduces new, delicious ‘Almond Breeze’ extra creamy almondmilk for a perfect plant-based swap for whole dairy milk.
- In 2021, Danone S.A. launched new milk alternative platform.
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