Report : Middle East & Africa 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 11.7% CAGR, the MEA Dairy Alternatives Market is speculated to be worth US$ 1,730.50 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the MEA dairy alternatives market was valued at US$ 890.54 million in 2022 and is expected to reach US$ 1,730.50 million by 2028, registering an annual growth rate of 11.7% from 2022 to 2028. Surging demand for functional dairy alternatives and product innovation are the critical factors attributed to the market expansion.
Nowadays, consumers are increasingly seeking functional benefits from the products they consume. They are looking for products with high nutrient content to fulfill their daily nutritional requirements. Consumers are rapidly switching to plant-based food. However, some consumers are concerned about the lack of protein content in plant-based foods. The manufacturers of dairy alternatives are developing that product to meet the requirements of potential consumers. Further, the dairy alternatives manufacturers also include functional ingredients, such as antioxidants, collagens, adaptogens, and nootropics, in their products to meet the rising demand for functional dairy alternatives. A manufacturer of plant-based lattes launched a new line of functional oat milk lattes with added ingredients such as collagen, adaptogen, and antioxidants. The oats milk latte is cold brew and is certified organic. The addition of functional ingredients enhances the popularity of the products and boosts their adoption among consumers. Thus, the surging demand for functional dairy alternatives is expected to drive the growth of the dairy alternatives market over the forecast period across the region.
On the contrary, high product price hurdles the growth of MEA dairy alternatives market.
Based on product type, the MEA dairy alternatives market is segmented into milk, ice cream, yogurt, cheese, and others. The milk segment held 68.2% market share in 2022, amassing US$ 607.77 million. It is projected to garner US$ 1,173.55 million by 2028 to expand at 11.6% CAGR during 2022–2028.
Based on source, the MEA dairy alternatives market is segmented into soy, almond, coconut, oats, and others. The soy segment held 62.6% market share in 2022, amassing US$ 557.44 million. It is projected to garner US$ 1,071.26 million by 2028 to expand at 11.5% CAGR during 2022–2028.
Based on distribution channel, the the MEA dairy alternatives market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment held 64.6% market share in 2022, amassing US$ 575.10 million. It is projected to garner US$ 1,108.02 million by 2028 to expand at 11.5% CAGR during 2022–2028.
Based on country, the MEA dairy alternatives market has been categorised into the UAE, Saudi Arabia, South Africa, and rest of MEA. Our regional analysis states that rest of MEA captured 75.0% market share in 2022. It was assessed at US$ 667.55 million in 2022 and is likely to hit US$ 1,286.28 million by 2028, exhibiting a CAGR of 11.6% during the forecast period.
Key players dominating the MEA dairy alternatives market are Blue Diamond Growers; Califia Farms, LLC; Danone S.A.; Nestlé SA; Oatly Inc.; and Valio Ltd 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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