Report : Europe 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 10.5% CAGR, the Europe Dairy Alternatives Market is speculated to be worth US$ 9,597.79 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe dairy alternatives market was valued at US$ 5,264.35 million in 2022 and is expected to reach US$ 9,597.79 million by 2028, registering an annual growth rate of 10.5% from 2022 to 2028. Increasing prevalence of lactose intolerance and rising trend of veganism are the critical factors attributed to the market expansion.
Lactose intolerance is defined as the reduced ability of the human body to digest lactose. The prevalence of lactose intolerance or lactose malabsorption is high across the region due to a lack of genetic mutation for digesting lactose. People with lactose intolerance are recommended to have a lactose-free diet to avoid allergies and digestive problems such as diarrhea, abdominal bloating, and nausea. Moreover, people who are allergic to milk are also recommended to consume plant-based dairy products. Therefore, such people are searching for alternatives that are easy to digest and fulfill their daily nutritional needs. Dairy alternatives or dairy-free products are made from almond milk, soymilk, and coconut milk, which are free from lactose. Moreover, plant-based dairy products have similar texture, creaminess, and consistency to conventional dairy products. Moreover, plant-based dairy products are fortified with nutrients, such as protein and calcium, that meet the daily nutrient requirements of consumers. Thus, the increasing prevalence of lactose intolerance and milk allergies among consumers is driving the dairy alternatives market across the region.
On the contrary, high product price hurdles the growth of Europe dairy alternatives market.
Based on product type, the Europe dairy alternatives market is segmented into milk, ice cream, yogurt, cheese, and others. The milk segment held 54.2% market share in 2022, amassing US$ 2,854.99 million. It is projected to garner US$ 5,129.63 million by 2028 to expand at 10.3% CAGR during 2022–2028.
Based on source, the Europe dairy alternatives market is segmented into soy, almond, coconut, oats, and others. The soy segment held 27.0% market share in 2022, amassing US$ 1,421.07 million. It is projected to garner US$ 2,510.93 million by 2028 to expand at 10.0% CAGR during 2022–2028.
Based on distribution channel, the the Europe dairy alternatives market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment held 54.3% market share in 2022, amassing US$ 2,859.84 million. It is projected to garner US$ 5,157.70 million by 2028 to expand at 10.3% CAGR during 2022–2028.
Based on country, the Europe dairy alternatives market has been categorised into the UK, Germany, France, Italy, Spain, and rest of Europe. Our regional analysis states that rest of Europe captured 49.4% market share in 2022. It was assessed at US$ 2,600.92 million in 2022 and is likely to hit US$ 4,714.44 million by 2028, exhibiting a CAGR of 10.4% during the forecast period.
Key players dominating the Europe dairy alternatives market are Blue Diamond Growers; Califia Farms, LLC; Danone S.A.; Nestlé SA; Oatly Inc.; 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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