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Prapti Hinge October 7

Dairy Alternatives Market Analysis By Future Demand, Top Players, Size, Share, Opportunities, Revenue and Growth Rate Through 2027



The global dairy alternatives market size is expected to experience considerable growth by reaching USD 53.97 billion by 2028 while exhibiting a CAGR of 13.30% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled, "Dairy Alternatives Market, 2021-2028." The report further mentions that the market stood at USD 19.66 billion in 2020. The growth is owing to the emerging veganism trend and the rising inclination of consumers towards a plant-based diet. According to an environmental view, the dairy and meat sectors are the major contributors to the emission of greenhouse gases. The awareness regarding a sustainable environment has resulted in a major switch among people regarding their diet. For example, according to a survey conducted by Food Standards Agency (FSA), there are about 720,000 vegans in the U.K, which is around 1.2% of the country's total population. Whereas in India, only 1 % of Indians strictly follow veganism, therefore the total population of vegans in India is around 5 million.

British Population Adopted Veganism during COVID-19 Pandemic

The rising trend of switching to dairy alternatives was further accelerated during the outbreak of COVID-19. People were forced to stay indoors as the government imposed stringent restrictions regarding social distancing and even announced lockdowns. This resulted in people making healthy living and food choices. Many people switched to vegan and vegetarian diets during the COVID-19 outbreak. For instance, according to an article published by IFT in June 2020, 25% of the British population aged between 21-30 years stated that the COVID-19 pandemic has turned vegan diets to be more tempting. Around 37% of the British population responded that the COVID-19 outbreak has encouraged them to add more nutrients and supplements to their diet that support the immune system. Therefore, this is anticipated to boost this market even during the pandemic.

Segmentation

Based on the source, the market is divided into soy, almond, coconut, rice, and oats. By distribution channel, the market is categorized into supermarkets or hypermarkets, convenience stores and online retail, among others. In terms of region, it is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa.

On the basis of product type, the market is further classified into non-dairy milk, butter, cheeses, yogurts, and ice-creams. Among these, the non-dairy milk segment dominated the market by earning the largest market share in 2020.

Report Coverage

The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions, or driving factors is also mentioned in the report. Step by step, a thorough regional analysis is offered. The COVID-19 impacts have been added to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the market growth are shared in the report.

Drivers and Restraints

Gained Consciousness Regarding Environmental Issues to Drive Market Growth

The lactose intolerant population is growing globally, and therefore the market is propelling on this basis. Besides the intolerant part, the perception among people that lactose-free items are better for human health is driving the demand for dairy alternatives. For example, according to the National Institutes of Health, around 68% of the total world population has inherited lactose mal-absorption. Furthermore, 70%-100% of East Asian adults are lactose intolerant, and most of this condition is found among adults overall. Additionally, the production of certain dairy products has substantial environmental bearings, which lead to harmful results such as soil impurity, air pollution, water infiltration, and extensive damage to biodiversity. This is anticipated to boost the dairy alternatives market growth in the foreseeable future.

Regional Insights

Asia Pacific to Ace the Market Backed by Rising Lactose-Intolerant Cases

The dairy alternatives market share in the Asia Pacific region was held at USD 10.13 billion in 2020. The market is primarily driven by the maximum reported cases regarding lactose intolerance. Moreover, the rising awareness among people for making the right food choices and healthy lifestyle choices has resulted in a major shift from dairy to non-dairy milk-based items. As several nations in the Asia Pacific region are yet developing, these dairy alternatives are cost-effective for daily utilization in several households.

North America holds the second largest market share globally. The people in this region are well informed about the negative traits of using dairy products and are aware of environmental depletion. Moreover, people are sensitive to animal cruelty and therefore are shifting towards veganism rapidly. However, only 1 million North American people, i.e., 0.5% of the total population, follow a purely vegan-based lifestyle.

Competitive Landscape

New Product Launches by Leading Players to Spur the Market Growth

Key players are adopting numerous strategies to ensconce their position in the market. One such strategy is to launch products featuring the latest trends around the market. For example, in September 2020, Nestlé launched Nesquik, a new dairy alternative and plant-based drink in Europe. The drink obtains protein from peas and oats and is an excellent option for diabetic people as it contains lower sugar levels. The product is estimated to be launched initially in Spain, Hungary, and Portugal in the European region.

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Prapti Hinge October 7

Meat Substitutes Market Growth, Analysis, Size, Trends, Demands, Key Players, and Potential of Industry Till 2027



The global meat substitutes market is set to gain traction from the surging shift of people towards vegan diets, especially in North America and Western Europe. The Vegan Society, for instance, declared that if the world went vegan, it could reduce greenhouse gas emissions by two-thirds, save around 8 million human lives, and save healthcare expenditure by 2050. This information is given by Fortune Business Insights™ in a report, titled, “Meat Substitutes Market, 2021 – 2028.” As per the report, the market size was USD 4.98 billion in 2020. It is projected to grow from USD 5.37 billion in 2021 to USD 10.80 billion by 2028, exhibiting a CAGR of 10.48% during the forecast period.

Unavailability of Fresh Meat amid COVID-19 Pandemic to Bolster Growth of Market

The COVID-19 pandemic has accelerated the demand for meat substitutes across the globe because of disruptions in the supply chain, the absence of employees in meat-processing plants, and the unavailability of fresh meat. At the same time, several types of research conducted amid the pandemic, such as one from the Food and Agriculture Organization, stated that multiple diseases are directly associated with animal-based food items.

Segments:

Soy-based Ingredients Segment Held 63.65% Share in 2020: Fortune Business Insights™

Based on the source, the soy-based ingredients segment generated 63.65% in terms of the meat substitutes market share in 2020. It is expected to remain dominant in the near future because of the presence of essential amino acids and high-quality protein. Also, the emergence of soy protein isolates that have a close resemblance with the organoleptic properties of meat and animal products would propel the segment’s growth.

Report Coverage

The research report offers a comprehensive analysis of organizations that can affect the outlook throughout the forthcoming years. Besides, it provides an authentic assessment by highlighting information on several aspects that may include growth drivers, opportunities, trends, and hindrances. It also represents the size of the meat analogs industry from a global perspective by analyzing qualitative insights and historical data.

Drivers & Restraints

Increasing Demand for Allergen-free Alternatives to Propel Growth

Plant-based meat made from peas and soy has high protein content. Hence, people are choosing them over chicken, beef, and pork. They also have a meat-like texture. Besides, the rising vegetarian populations and surging trend of health and fitness worldwide would propel the market in the upcoming years. People are nowadays looking for allergen-free alternatives, especially chickpeas because of rising health consciousness. Therefore, various companies are striving to come up with products infused with pea protein. However, meat substitutes are very expensive and it may hamper growth.

Regional Insights

Presence of Flexitarian Consumers to Help Europe Grow in Future

Geographically, Europe procured USD 1.62 billion in terms of revenue in 2020. The surging ethical focus of consumers, high demand from millenials, and the presence of flexitarian consumers would drive growth in this region. Asia Pacific, on the other hand, is expected to be the fastest-growing region on account of the high popularity of unique diet patterns and demand for soy-based meat analogs.

Competitive Landscape

Key Players Focus on Introducing Novel Products to Meet Consumers’ Demand

The global market for meat substitutes houses a large number of companies that are currently striving to keep up with the high consumer demand. To do so, they are launching innovative products or are collaborating with government agencies for setting up R&D centers.

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Prapti Hinge October 6

Instant Noodles Market Growth, Size, Demand, Trends, Insights and Forecast 2027

The global instant noodles market share is expected to reach USD 72.69 billion by 2027 while exhibiting a CAGR of 5.9% between 2020 and 2027. This is attributable to the increasing middle-class population that is propelling the demand for affordable noodles products globally. This information is published by Fortune Business Insights, in its latest report, titled, “Instant Noodles Market Size, Share & COVID-19 Impact Analysis, By Type (Chicken, Vegetable, Sea Food, and Others), Raw Material (Oats, Rice, Wheat, and Others), Distribution Channel (Supermarkets/ Hypermarkets, Specialty Stores, Convenience Stores, and Online Retail), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 44.11 billion in 2019 and is projected to showcase significant growth during the forecast period.

Demand for Instant Noodles Sky-rockets amid COVID-19

The lockdown imposed by the government agencies globally to contain the widespread effect of the novel coronavirus has impacted several economies. With people confined to their home spaces and maintain social distancing, the demand for packaged food products is experiencing a significant growth. This is expected to bode well for the growth of the market in the near future.

Instant noodles are generally made using wheat flour, palm oil, and salt, along with seasoning flavors. They are usually dried and precooked block that are soaked and cooked in boiling water before consuming using seasonings and condiments. They can be consumed in several types that include ready-to-serve soups. Additionally, they are relished globally by people irrespective of age groups.

What does the Report Include?

The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.

DRIVING FACTORS

Increasing Middle-Class Population to Aid Growth

According to the Global Economy and Development Program at the Brookings Institution, there were about 3.2 billion people in the middle-class bracket in 2016, 500 million more than the previous year, and it is expected to increase exponentially by the year 2020 globally. The rising middle-class population is propelling the these noodles manufacturers to produce affordable food products, while offering different flavors to cater to the consumer demand. This is expected to boost the growth of the global instant noodles market during the forecast period.

SEGMENTATION

Chicken Segment Held a Market Share of 28.71% in China Owing to Increasing Focus on Innovation by Major Companies

The chicken segment, based on type, held a market share of 28.71% in China and is likely to dominate in the forthcoming years. The dominance is attributable to the increasing focus on innovation for launching novel instant noodles and the increasing investment by major companies to leverage opportunities in the country.

REGIONAL INSIGHTS

Increasing Demand for Convenience Food Products in Asia-Pacific to Promote Growth

Geographically, the global instant noodles market is segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa. Among all the regions, Asia-Pacific is expected to experience exponential growth in the forthcoming years. The growth is attributable to the increasing demand for convenience food products by the working population in countries such as China and India. The market in Europe is anticipated to showcase a significant growth owing to the increasing demand for packaged and processed food products such as these noodles and the availability of various ethnic flavors in the region between 2020 and 2027.

COMPETITIVE LANDSCAPE

Increasing Investments by Major Companies to Consolidate Their Market Positions

The global instant noodles market is fragmented by the presence of major companies such as Nissin Food Holdings that are focusing on introducing new instant noodles products to strengthen their positions. Moreover, the companies are focusing on investing in developing novel products to cater to the increasing consumer demand globally. The other key players are adopting strategies such as merger and acquisition, partnership, and collaboration that are expected to favor the market growth in the forthcoming years.

Industry Development:

June 2020 – Nissin Foods Products, a Japan-based consumer goods provider, introduced its new crab curry-flavored noodles amidst the increasing demand for convenient food products. The company aims to leverage the opportunities presented in the aftermath of the COVID-19 pandemic that is propelling people to consume processed food at home rather than outside.
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