India Dairy Alternatives Market to Surpass USD175.36 Million by FY2027
Rising health consciousness, increasing product innovation,
health campaigns initiatives by the government to fuel the India dairy
alternatives market through FY2027.
According to TechSci Research report “India Dairy Alternatives Market By Type (Milk, Butter, Yogurt, Cheese, Others (Ice
Cream, Cream, Tofu, Smoothies, etc.)), By Formulation (Unsweetened and
Sweetened), By Source (Soy, Coconut, Almond, Others (Rice, Oats, Hemp, Walnut,
Hazelnut, Cashew, etc.)), By Distribution Channel (Grocery/Convenience Store,
Supermarket/Hypermarket, Online, Others (Specialty Stores, Pharmacies, Direct
Sales, etc.)), By Region, Competition, Forecast & Opportunities, FY2027”,
the India dairy alternatives market was valued at USD94.92 million in
FY2021 and is projected to advance with a CAGR of 11.36% in the forecast period
to reach USD175.36 million in FY2027.
Dairy alternatives
market in the country is advancing at an impressive rate on account of
increasing consumer base with lactose intolerance and milk allergies.
Increasing consumer inclination towards low fat milk beverages and participation
of the young population in sports and fitness activities is expected to drive
the dairy alternatives market in the country.
The rapid increase in
the combined earning of family members is resulting in higher disposable income
of the consumers, which is significantly boosting their spending power. Thus,
an increasing number of consumers nowadays are not compromising with the
product quality irrespective of the cost and prefer to choose plant-based
alternatives that are free of side effects and do not cause any harm to
animals. Such consumer behavior is positively influencing the India dairy
alternatives market.
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India dairy alternatives market can be segmented
based on type, formulation, source, distribution channel, company and region.
In terms of source, the market can be segregated into soy, coconut, almond and
others. Soy segment accounted for approximately 60% share of the dairy
alternatives market in India. High awareness and easy availability of soymilk
due to a large number of players in this segment when compared to other
segments is expected to drive the growth of the segment in the next five years.
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Some
of the major players operating in the India dairy alternatives market are Hershey
India Private Ltd. (Sofit), Dr. Oetker India Pvt Ltd., Agro Tech Foods Limited
(Sundrop), Life Health Foods India Private Limited (So Good), Rakyan Beverages
Private Limited (RAW Pressery), DABUR INDIA LIMITED (Hommade), Veganarke
Enterprises Pvt Ltd (GoodMylk), Naturise Consumer Products Pvt Ltd (Only
Earth), Drums Food International Private Limited (Epigamia), ISTORE DIRECT
TRADING PVT LTD (Urban Platter), Jus Amazin Food and Beverages Pvt. Ltd., etc.
Companies operating in the market
are using organic and inorganic strategies to advance their market share. For
instance, Sofit was acquired by the Hersey Company as part of a joint venture
with Godrej Beverages and Foods Ltd. The Hershey Company entered India’s
drinking segments in the year 2007 with a 51% controlling stake in a joint
venture with Godrej Beverages and Foods Ltd.
“North
region accounted for 35.32% share in the dairy alternatives market of India as
of FY2021 and will continue to dominate the market owing to the increasing
disposable income and rising health awareness among people, thereby increasing
the demand for dairy alternatives which will create lucrative opportunities for
the growth of dairy alternatives in the region.
Moreover,
reasons such as growing middle and upper-class population base in this region
holds the potential of becoming a major demand generator for dairy alternatives
in India. However, middle-class consumers are highly price-sensitive in nature
thus, companies are recommended to adopt innovative pricing schemes such as
offers and discounts and other promotional strategies to attract more
customers. Moreover, the rising purchasing power and growing per capita income
in the region is further leading to the higher demand for dairy alternatives in
the country. Additionally, factors such as improving dietary lifestyles, and
consumer inclination towards low-fat milk beverages are further fueling the
growth of this market.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“India Dairy Alternatives Market By Type (Milk, Butter, Yogurt,
Cheese, Others (Ice Cream, Cream, Tofu, Smoothies, etc.)), By Formulation
(Unsweetened and Sweetened), By Source (Soy, Coconut, Almond, Others (Rice,
Oats, Hemp, Walnut, Hazelnut, Cashew, etc.)), By Distribution Channel
(Grocery/Convenience Store, Supermarket/Hypermarket, Online, Others (Specialty
Stores, Pharmacies, Direct Sales, etc.)), By Region, Competition, Forecast
& Opportunities, FY2027”, has evaluated the future growth
potential of India dairy alternatives market and provides statistics & information
on market size, structure, and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
India dairy alternatives market.
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