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.
Browse more than 30 market data Figures and 1 market Tables and spread through 83 Pages and an in-depth TOC on “India Dairy Alternative Market."
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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