The dairy alternatives market size in Asia-Pacific was valued at USD 6.83 billion in 2023. The Asia-Pacific market is estimated to expand at a CAGR of 16.3% from 2024 to 2029 and be worth USD 16.9 billion by 2029 from USD 7.94 billion in 2024.
Dairy alternatives are substitutes for the products that are produced by using mammalian milk (cow milk/buffalo milk/sheep milk). Mammalian milk consists of a sugar called lactose, which might cause an allergic reaction in a few people, so there has to be an alternative source of milk in order to get the required proteins and advantages.
The primary drivers of the Asia-Pacific dairy alternatives market are the increase in the lactose intolerance population in the region, along with the growth of veganism moments in the area. The Asia-Pacific dairy alternatives market is also driven by the region's urbanization and emerging economies.
The considerable popularity of dairy products in the region is a significant restraint to the Asia-Pacific Dairy Alternatives market.
This research report on the Asia-Pacific dairy alternatives market has been segmented and sub-segmented based on the following categories.
Asia-Pacific Dairy Alternatives Market – By Application:
Asia-Pacific Dairy Alternatives Market – By Distribution Channel:
Based on the distribution channel, the supermarkets/hypermarkets segment is anticipated to account for the majority of the Asia-Pacific market share in 2023 and is expected to continue to dominate the regional market during the forecast period due to the full range of products that these stores offer. The availability of hundreds of products under one roof so that customers can compare and contrast before making the final decision is a significant factor in driving the growth of the supermarket/hypermarket segment in the Asia-Pacific market. The overall increase in the number of Supermarkets and Hypermarkets in the region and the discounts that they offer are also contributing to such a huge market share of the segment.
On the other hand, the online segment is expected to be the fastest-growing segment with a CAGR of 15.8% during the forecast period owing to the convenience and flexibility that online channels offer. With the penetration of smartphones, many customers are now tending to shop on their phones rather than to go to the stores physically. This flexibility, combined with the discounts, offers enormous growth potential for online business.
Asia-Pacific Dairy Alternatives Market – By Country:
The Asia-Pacific is anticipated to be the fastest-growing regional segment in the global market during the forecast period. Among the countries of the Asia-Pacific region, India held the major share of the Asia-Pacific market in 2023 and is expected to be the fastest growing country in the Asia-Pacific during the forecast period, registering a CAGR of 17.2% during the forecast period due to the vast vegetarian population in the region. India is the second most populated country in the world; combining this with the cultural veganism practiced by the people of the country led to the extensive usage of dairy alternatives.
KEY MARKET PARTICIPANTS:
Companies playing a significant role in the Asia-Pacific dairy alternatives market include The Hain Celestial Group Inc., The WhiteWave Foods Company, Nutriops S.L., Freedom Foods Group Limited, Blue Diamond Growers, Archer Daniels Midland Company, Sanitarium Health & Wellbeing Company, Daiya Foods Inc., SunOpta Inc., Earth’s Own Food Company and Eden Foods, Inc.
RECENT HAPPENINGS IN THIS MARKET:
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