Global Dairy Alternatives Market

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 News

  • 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.
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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).

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. ' ADM ', ' The Hain Celestial Group, Inc. ', ' Danone S.A. ', ' Blue Diamond Growers ', ' The Whitewave Foods Company (a subsidiary of Danone S.A.) ', ' Sunopta Inc. ', ' Earth's Own Food Company Inc. ', ' Freedom Foods Group Limited ', ' Sanitarium Health and Wellbeing Company ', ' Nutriops S.L. ', ' Vitasoy International Holdings Limited ', ' Eden Foods, Inc. ', ' Valsoia S.p.A. ', ' Good Karma Foods, Inc. ', ' Ripple Foods ', ' Califia Farms ', ' Oatly AB ', ' Coconut Dream ', ' Provamel (a subsidiary of Alpro) ', ' So Delicious Dairy Free (a subsidiary of Danone S.A.) '

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.

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.

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.

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