Global Dairy Alternatives Market

Dairy Alternatives Market Size, Share, Growth Analysis, By Source (Soy, Almond), By Application (Milk, Yogurt), By Formulation (Flavored and Plain), By Distribution Channel (Retail, Online), By Region - Industry Forecast 2024-2031


Report ID: SQMIG30I2352 | Region: Global | Published Date: July, 2024
Pages: 157 | Tables: 124 | Figures: 77

Dairy Alternatives Market Insights

Dairy alternatives market size was valued at USD 23.1 billion in 2022 and is poised to grow from USD 25.99 billion in 2023 to USD 66.88 billion by 2031, growing at a CAGR of 12.5% 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.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Dairy alternatives market size was valued at USD 23.1 billion in 2022 and is poised to grow from USD 25.99 billion in 2023 to USD 66.88 billion by 2031, growing at a CAGR of 12.5% 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.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global Dairy Alternatives Market

Report ID: SQMIG30I2352

$5,300
BUY NOW GET FREE SAMPLE