USD 23.1 billion
Global Dairy Alternatives Market Size, Share, Growth Analysis, By Source(Soy, Almond), By Product(Food (Milk, Ice Cream), By Formulation(Flavored and Plain), By Distribution Channel(Supermarkets & Hypermarkets, Convenience Stores) - Industry Forecast 2024-2031
Report ID:
SQMIG30I2352 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
124 |
Figures:
77
Global Dairy Alternatives Market Insights
Dairy Alternatives Market size was valued at USD 23.1 billion in 2019 and is poised to grow from USD 26.01 billion in 2023 to USD 67.21 billion by 2031, growing at a CAGR of 12.6% in the forecast period (2024-2031).
Products that are mainly made from plant-based components, such as soy, pea, and almonds, among others, are referred to as dairy alternatives. These goods have many advantages, such as being devoid of cholesterol, sugar, lactose, GMOs, and gluten.
One of the primary factors driving the growth of the market is the increase in the prevalence of lactose intolerance globally. The market is growing quickly because of the high adoption of the goods due to their capacity to reduce the risk of diabetes, heart disease, and obesity, among other things, as well as change in consumer food patterns and diet trends. The market is further impacted by the increasing popularity of almond milk among consumers who prefer plant-based and other dairy substitutes due to its reduced calorie content, vitamin D enrichment, and ability to strengthen bones. Additionally, the market is positively impacted by the development in health consciousness, use of natural food items, increase in food spending, and media effect on consumer awareness. Additionally, the market players would benefit from profitable prospects during the forecast period due to the rise in demand for organic food products, as well as from effective marketing and positioning of dairy alternatives.
Over the forecast period, the industry is anticipated to benefit from initiatives manufacturers are taking to offer unique tastes, improved quality, and attractive packaging. These items' nutritional value can be increased by supplementing them with vitamin D, calcium, and DHA. Over the forecast period, it is anticipated the increasing consumer awareness of dairy replacement products will drive market growth.
US Dairy Alternatives Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Supermarkets & Hypermarkets
Fastest Growth
Supermarkets & Hypermarkets
Growth Rate
12.6% CAGR
Global Dairy Alternatives Market ($ Bn)
Country Share for North America Region (%)
Global Dairy Alternatives Market By Distribution Channel ($ Bn)
Global Dairy Alternatives Market By Distribution Channel (%)
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Global Dairy Alternatives Market Segmental Analysis
Global Dairy Alternatives market is segmented on the basis of Source, Product, Formulation, Distribution Channel, and region. By Source, the market is segmented into Soy, Almond, Coconut, Rice, Oats, and Others. By Product, the market is segmented into Food (Milk, Ice Cream, Yogurt, Cheese, Yogurt, Creamers, and Others), Beverages. By Formulation, the market is segmented into Flavored, and Plain. By Distribution Channel, the market is segmented into Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others. The market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America as according region.
Dairy Alternatives Market Analysis by Product
The dairy alternatives market is segmented into food (milk, ice cream, yoghurt, cheese, and others) and beverages based on the type of product. Although the yoghurt category is predicted to grow at the fastest rate during the projected period, the milk segment now has the most market share. Vegan yoghurt is a nutritious, creamy snack that enables lactose intolerant individuals and vegans to meet their nutritional demands independently of dairy products. It is filled with nutrients such vital vitamins, minerals, amino acids, and fats that promote metabolism and minimize inflammation. Due to the expanding vegan trend and the simple accessibility of yogurts in a different flavor, including vanilla, strawberry, raspberry, strawberry blend, and others, vegetarian foods are currently in high demand. Demand for dairy alternatives is expected to rise during the forecast period due to rising demand for cheese products created with dairy substitutes, such as soy and almond cream cheese, sour cream, and normal cheese. Almond and soy cheeses are dominating the market as a result of consumers who are lactose intolerant or allergic to dairy. The popularity of dairy-free beverages has been boosted by millennials' busy lifestyles, increased health and wellness consciousness, and growing demand for vegan products. To add texture and creaminess to beverages, dairy alternatives such almond milk, soy milk, oat milk, and others are frequently used.
Dairy Alternatives Market Analysis by Distribution Channel
The market is segmented into supermarkets and hypermarkets, online merchants, convenience stores, and others based on the distribution channel. The largest segment is that of supermarkets and super marches. Supermarkets and hypermarkets sell a large selection of household goods, groceries, beverages, and food items. These shops offer products from various brands at competitive prices, making it simple for customers to locate the ideal item. Additionally, supermarkets typically provide a wide range of payment options and substantial discounts. Due to the heavy traffic in these stores, producers of milks often prefer to offer their products here.
Additionally, as convenience stores primarily sell everyday commodities, they are unable to keep a substantial inventory of dairy substitutes due to the restricted number of shelf widths available. Customers primarily prefer alternative distribution channels because there are few milk substitute brands available in convenience stores, which is projected to restrain the expansion of this category during the projection period. However, because customers prefer raw milk for regular use, convenience stores have more luck selling it.
Global Dairy Alternatives Market By Distribution Channel, 2023 (%)
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Global Dairy Alternatives Market Regional Insights
One of the largest markets for dairy alternatives is North America, as ice cream and yogurt are only two of the replacements that are commonly consumed. More than two-thirds of the milk products sold in North American schools are varieties with flavors. The sector is anticipated to be significantly influenced by rising consumer demand for sweetened, flavored soy and almond milk. The market in the North American region is anticipated to grow at a rapid rate over the forecast period due to the widespread usage of milk-based dairy substitutes in the production of various foods and desserts. Despite having a lower demand than milk-based ice cream in North America, dairy alternative-based ice cream is nonetheless predicted to expand at a significantly faster rate during the forecast period.
Asia Pacific dominated the market in 2021 and seemed to be responsible for more than 40% of all sales. Due to increased disposable incomes and growing populations in developing nations like India, China, and Japan, the demand for the product is expected to rise throughout the Asia Pacific region. Due to an increase in lactose intolerance instances and health problems associated with toxic compounds found in dairy products, the demand for non-dairy products like soy milk, almond milk, rice milk, and other dairy substitutes is anticipated to increase in the region.
Global Dairy Alternatives Market By Region, 2024-2031
- Largest
- Fastest
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Global Dairy Alternatives Market Dynamics
Dairy Alternatives Market Drivers
Growing Adverse Reactions to Processed Dairy Products to Drive Market Expansion
- Lactose intolerant consumers are the main market drivers for dairy substitutes. Additionally, the general public is beginning to believe that lactose-free alternatives to traditional dairy are healthier. Lack of the lactase enzyme, which breaks down lactose, is the cause of lactose intolerance. After infancy, the capacity of over 65% of people to digest lactose decreases.
Product Innovation and Wider Reach to Ensure Market Success as in Likely Future
- As veganism becomes more and more popular, it is anticipated that plant milk and milk products will outperform their traditional dairy equivalents in terms of market share and growth rates in the years to come. The popularity of flexitarian, vegetarian, and vegan diets will likely increase demand for plant-based dairy alternatives. This pattern, along with the ongoing concerns about human health, animal welfare, and the environment, could limit the dairy industry's ability to generate money. Value-added goods that meet consumers' aesthetic and nutritional needs are essential to the trajectory of sustainable product growth.
Dairy Alternatives Market Restraints
Low Consumer Awareness and Substandard Market Penetration Leads to Lower Sales
- The organoleptic profiles of such innovative goods are one of the major barriers to the market for plant-based milk and milk products. When creating non-dairy goods, processors frequently run into problems with solubility and flavor. Because these dairy-free items have much lower rates of repeat purchases than traditional dairy goods, their sensory profiles are still not on par with those of dairy milk and its derivatives. Additionally, certain plant-based milks and their derivatives contain relatively little in the way of macro- and micronutrients. As a result, they are nutritionally superior to conventional dairy products.
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Global Dairy Alternatives Market Competitive Landscape
The competitive landscape for the dairy alternative market breaks down information by competitor. The company's financials, revenue generated, market potential, investment in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance are among the details that are included. The information above only relates to the companies' market focus on dairy substitutes.
Dairy Alternatives Market Top Player’s Company Profiles
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Danone S.A.
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The Whitewave Foods Company (a subsidiary of Danone S.A.)
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Sunopta Inc.
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Earth's Own Food Company Inc.
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Freedom Foods Group Limited
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Sanitarium Health and Wellbeing Company
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Nutriops S.L.
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Vitasoy International Holdings Limited
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Eden Foods, Inc.
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Valsoia S.p.A.
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Good Karma Foods, Inc.
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Ripple Foods
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Califia Farms
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Oatly AB
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Coconut Dream
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Provamel (a subsidiary of Alpro)
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So Delicious Dairy Free (a subsidiary of Danone S.A.)
Dairy Alternatives Market Recent Developments
- In February 2022, A new strategy has been launched by Wilk, an Israeli food technology firm, to address the need for dairy products. The company is focusing on the creation of cell-cultured milk with the aim of undercutting the dairy sector by offering a substitute that tastes just like the real thing. The cultured dairy company is working to establish itself as a major force in the production of milk using cells, increasing accessibility of the incredibly sustainable good.
- In March 2022, Cargill Turkey announced the inauguration of a cutting-edge ingredient blending manufacturing plant and a cutting-edge technical application center in Bursa, Orhangazi, to assist dairy manufacturers in better meeting expanding customer expectations.
Global Dairy Alternatives Key Market Trends
- One of the major factors driving the market growth is the rising incidence of chronic medical conditions like diabetes, cardiovascular (CVD), and gastrointestinal disorders, as well as the rising number of people who are allergic to dairy. Increasing customer awareness of the advantages of using dairy alternatives is anticipated to fuel market growth. These alternatives are simpler to digest than the traditional dairy products and do not lead in unpleasant bloating or other stomach issues. Additionally, the global trend toward veganism and different technological developments in the techniques used to produce these products are driving market growth. For instance, manufacturers are using enzymatic liquefaction and ultra-high temperature (UHT) processing to increase the production and nutritional value of the goods. The availability of various sweetened, flavored, and unsweetened varieties, strong marketing campaigns by the manufacturers, and growing urbanization around the world are additional factors that are anticipated to boost the global dairy alternatives market in the years to future.
Global Dairy Alternatives Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global dairy alternatives market analysis, increasing intolerance for animal proteins, the nutritional benefits of plant-based dairy products, rising investments in dairy alternatives, and rise in vegans and vegetarians are the main factors influencing the growth of the market. Furthermore, it is expected that international markets will start opening profitable opportunities for market players. Most consumers may be seen switching from dairy to dairy-free products as they are constantly aware that dairy-free diets may help with a range of issues, including such as acne, irritable bowel syndrome, digestive distress, and difficulty losing weight. Over the course of the forecast period, the market will continue to be driven by the wider accessibility of dairy substitute goods and growing awareness of their benefits.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 23.1 billion |
| Market size value in 2031 | USD 67.21 billion |
| Growth Rate | 12.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Dairy Alternatives Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Dairy Alternatives Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Dairy Alternatives Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Dairy Alternatives Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Dairy Alternatives Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Dairy Alternatives Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Dairy Alternatives Market Report Snapshots
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