India dairy alternatives
market is anticipated to project a robust growth in the forecast period, FY2022-FY2027
with an impressive CAGR of 11.36% on the account of changing lifestyle, rising
health consciousness, increasing product innovation. Health campaigns
initiatives by the government and rising disposable income is also driving the
growth of the India dairy alternatives market in the upcoming five years.
Dairy alternatives are the
products that resemble a milk-based product. Dairy alternatives, as opposed to
animal-based products and are generally made out of plant-based ingredients.
They are high in protein, nutritious vitamins, minerals, etc. They include
products such as milk, butter, yogurt, cheese and others. Milk includes
products such as soy milk, coconut milk, almond milk, rice milk, oat milk, etc.
Butter includes peanut butter, almond butter, etc. Yogurt includes coconut milk
yogurt, cashew milk yogurt, almond milk yogurt, etc. Cheese includes treeline
cheese, cashew cheese, etc. The dairy alternatives market in India has expanded
rapidly in recent years and is expected to expand further in the coming years
as a result of rising urbanization and disposable income.
Over the forecast
period, rising consumer awareness about personal health and well-being is
expected to be a key factor driving the market for dairy alternatives in India.
Other major factors driving market growth include animal-based traditional
dairy products, which play a large role in causing food allergies. As a result,
dairy product consumers are opting for vegan protein-based dairy alternatives,
which is further fueling demand for dairy alternatives in India.
Although dairy alternatives are thought to be essential items, the strict
COVID-19 lockdown imposed in India had a minor impact on retail sales. During
the lockdown period, however, the online channel reported higher sales of dairy
alternatives because it was the only safe and available option for consumers.
The majority of businesses are selling their products through E-commerce
channels; additionally, some brands, such as Raw Pressery and Goodmylk, offer
subscription models.
Rising Lactose Intolerance Awareness Drives
the Market Growth
Lactose intolerance affects 60-65% of
the Indian population, which means they are unable to digest lactose due to
factors such as hereditary lactase deficiency, age-related lactase deficiency,
stress, poor eating habits, anxiety, and so on. Lactose intolerance is also
becoming more common. As a result, people's preferences are shifting toward
plant-based alternatives. Furthermore, several dairy industries are widely
misusing antibiotics in order to meet India's high demand for dairy products.
Antibiotics given to animals eventually affect consumers, paving the way for
bigger problems in the future.
Rising Disposable Income Fueling the Market
Growth
The rapid increase in family members'
combined earnings is resulting in higher disposable income for consumers,
significantly increasing their spending power. As a result, an increasing
number of consumers nowadays are unwilling to compromise product quality
regardless of cost and prefer to choose plant-based alternatives that are free
of side effects and do not harm animals. This type of consumer behavior is
positively influencing the dairy alternatives market in India.
Rising
Awareness of Health Benefits Aids
Market Growth
People are becoming increasingly
hesitant to consume animal-based diets, particularly in the aftermath of the
COVID-19 pandemic. They are becoming more aware of the benefits of plant-based
beverages in their hectic lifestyles, prompting them to seek low-calorie,
high-nutrient food alternatives. Furthermore, plant-based milk contains less
saturated fat, more protein, carbohydrates, fibers, calcium, potassium, salt,
and vitamins, as well as a healthy mix of mono- and polyunsaturated fats. It is
especially beneficial for people who suffer from lifestyle diseases such as
diabetes, hypertension, and so on. It is also beneficial to those who have a
slow digestive system. Such benefits are causing a shift in consumer tastes and
preferences and increasing inclination towards plant-based dairy alternatives.

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Market Segmentation
The India dairy alternatives market is
segmented based on type, formulation, source, distribution channel, region, and
competitional landscape. Based on type, the market is further fragmented into milk,
butter, yogurt, cheese, others (ice cream, cream, tofu, smoothies, etc.). On
the basis of formulation, market is bifurcated into unsweetened and sweetened. Also,
segmentation of the market on grounds of source is done into soy, coconut,
almond, others (rice, oats, hemp, walnut, hazelnut, cashew, etc.). Based on
distribution channel, the market is segmented into grocery/convenience store,
supermarket/hypermarket, online, others (specialty stores, pharmacies, direct
sales, etc.). The market analysis also studies the regional segmentation to
devise regional market segmentation, divided among north, south, west &
east.
Company Profiles
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. are among the major
market players in the India platform that lead the market growth of the India dairy
alternatives market.
Attribute
|
Details
|
Market Size
Value in FY2021
|
USD 94.92 Million
|
Revenue
Forecast in FY2027
|
USD 175.36 Million
|
Growth Rate
|
11.36%
|
Base Year
|
FY2021
|
Historical Years
|
FY2017 – FY2021
|
Estimated
Year
|
FY2022
|
Forecast
Period
|
FY2023 – FY2027
|
Quantitative
Units
|
Revenue in USD Million,
Volume in Million Liters and CAGR for FY2017-FY2021 and FY2022-FY2027
|
Report Coverage
|
Revenue
forecast, company share, competitive landscape, growth factors, and trends
|
Segments Covered | - Type
- Formulation
- Source
- Distribution Channel
- Region
- Company
|
Regional Scope
|
North, South,
West & East
|
Key Companies
Profiled
|
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.
|
Customization
Scope
|
10% free
report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
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Options
|
Avail customized
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|
Delivery
Format
|
PDF and Excel through Email (We can also provide the editable
version of the report in PPT/pdf format on special request)
|
Report Scope:
In this report, India dairy alternatives
market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
- India Dairy Alternatives Market, By Type:
- Milk
- Butter
- Yogurt
- Cheese
- Others
- India Dairy
Alternatives Market, By Formulation:
- India Dairy Alternatives Market, By Source:
- Soy
- Coconut
- Almond
- Others
- India Dairy Alternatives Market, By Distribution Channel:
- Grocery/Convenience
Store
- Supermarket/Hypermarket
- Online
- Others
- India Dairy Alternatives Market, By Region:
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in India dairy alternatives market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following customization
options are available for the report:
Company
Information
Detailed analysis and
profiling of additional market players (up to five).
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