NEWARK, Del, July 22, 2024 (GLOBE NEWSWIRE) -- The Sales of dairy alternative is estimated to be worth USD 23,082 million in 2024. The market is expected to rise at a CAGR of 7.3% and reach a valuation of USD 46,832.6 million by 2034.
The market growth is attributed to the rising health consciousness among individuals and the growing trend of adopting plant-based diets. The increase in lactose-intolerant people is also driving the demand for dairy alternatives. Dairy alternatives are rich in nutrients such as vitamins and minerals, which attract health-conscious people.
Request Sample Report and Drive Impactful Decisions: https://www.futuremarketinsights.com/reports/sample/rep-gb-4852
Rising concerns related to the environment, animals, sustainability, etc., are also responsible for surging sales of dairy alternatives. The increasing trend of veganism in European countries drives the market forward. Consumers prefer soy, rice, and almond milk, rich in zinc, magnesium, iron, phosphorus, copper, etc., which act as dairy alternatives and help boost the immune system.
Some factors restrict the growth of the market. Soy and nuts can cause allergies in individuals, inhibiting their demand. The limited availability of raw materials to produce dairy alternatives is expected to create challenges for market players.
Lifestyle Change is Driving Growth in the Dairy Alternatives Market
Vegan or flexitarian diets are becoming increasingly popular around the world and are projected to generate attractive prospects for the dairy substitutes market to flourish, along with cruelty to animals being widely condemned around the world. According to FAO and Global Dairy Platform Inc., the dairy sector's greenhouse gas emissions have grown drastically in recent times, which is affecting the dairy industry negatively.
This has prompted concerns about the long-term viability of animal agriculture. As a result, the demand for dairy alternatives has increased in both developed and developing countries. The diversification of vegan food choices has been aided by an increase in the number of developing players in the dairy alternatives sector. There are dairy substitutes that taste exactly like dairy products while also providing additional nutrition.
“Consumers are inclined toward the adoption of nutrient-rich dairy alternatives due to rising concerns related to the environment and sustainability. The market is expected to grow over the forecast period as awareness about plant-based food products is rising,” - Nandini Roy Choudhury, Client Partner at Future Market Insights
Key Takeaways from the Market Study
- The dairy alternative market is projected to rise at a CAGR of 7.3% from 2024 to 2034.
- The demand for dairy alternatives is expected to reach USD 46,832.6 million by 2034.
- The market grew at a CAGR of 7.0% during the historical period.
- The soy segment is set to lead the market, holding a share of 48.2% in 2024.
- The B2C segment commands a share of 90.8% of the market by distribution channel in 2024.
- The market in Germany is projected to grow rapidly at a CAGR of 8.8% over the forecast period.
- The market in the United States is expected to rise at a CAGR of 4.3% through 2034.
- The market in India is expected to record a CAGR of 6.8% through 2034.
- The market in China is anticipated to increase at a CAGR of 3.5% over the forecast period.
Dairy Alternatives Market Opportunity
Dairy Substances Have a Lot of Health Benefits
Patients suffering from heart disease love the medication since it reduces cholesterol levels. Soy milk has fewer calories than whole and skim milk and the same protein content as cow's milk. Furthermore, the National Institutes of Health reports that more than 80% of Southeast Asians are lactose intolerant, a figure that is rising as the region's population expands. Lactose-free goods such as soymilk, almond, coconut, oat, and rice milk are just a few examples of those whose demand is expected to rise over the forecast period.
As coconut milk is high in vitamins and minerals, it can be used to cure arthritis. It helps to keep blood pressure in check and is a major source of magnesium. The market for dairy substitutes is expected to develop in the coming years as millennials' desire for coconut creams and yogurt grows. When it comes to milk, folks who are overweight prefer nuts. It has fewer calories than cow's milk and is useful for weight control. Because, unlike cow's milk, it prevents the growth of breast and prostate cancer cells, the product is expected to gain popularity as a dietary supplement over the projected period.
Dairy Alternatives Market Trends
One of the primary drivers for market expansion is the increasing prevalence of chronic medical disorders such as diabetes, cardiovascular diseases (CVD), and gastrointestinal diseases, as well as the growing number of people with lactose intolerance. Rising consumer awareness of the benefits of consuming dairy alternatives is expected to propel the dairy alternatives market even further. These alternatives are easier to digest than regular dairy products and do not cause uncomfortable bloating or other gastrointestinal problems.
The growing trend of veganism around the world, as well as different technological development works in the manufacturing procedures of these products, are driving market expansion. Manufacturers, for example, are using ultra-high temperature (UHT) processing and enzymatic liquefaction procedures to increase product production and nutritional content. Other factors, such as the availability of numerous sweetened, flavored, and unsweetened variations, strong marketing by producers, and rising urbanization around the world, are projected to drive the worldwide dairy alternatives market in the coming years.
Competitive Landscape
The dairy alternative market is characterized by well-known players competing for a higher profit share. Manufacturers focus on the development of new products and alternatives for milk-based goods, contributing to market expansion.
New players can easily enter the market as the processes involved in dairy alternative production do not require complex technologies. Key players can capitalize on this aspect to increase their market position. This is expected to enhance market competition during the forecast period.
Notable Developments
- In June 2023, Oatly Group AB introduced two flavors of oat-based cream cheese for vegans in the United States.
- In November 2021, Blue Diamond introduced an extra creamy textured almond milk made from quality California-grown Blue Diamond almonds.
Key Market Players
- The Hain Celestial Group, Inc.
- SunOpta Inc.
- Danone
- Oatly
- Vitasoy International Holdings Limited
- DAIYA FOODS INC.
- Melt Organic
- Living Harvest Foods Inc.
- Ripple Foods
- Earth’s Own Food Company Inc.
- ADM
- The Whitewave Foods Company
- Eden Foods, Inc.
- Nutriops, S.L.
- Freedom Foods Group Ltd.
- Blue Diamond Growers
- CP Kelco
- Organic Valley Family of Farms
- Others
Large Vegetarian Population of India Driving the Dairy Alternatives Market
Due to an increasing number of vegans and health concerns about antibiotics and growth hormones commonly found in cow's milk, the consumption of milk alternatives has steadily increased. In a primarily vegetarian country like India, vegetarian-friendly plant-based milk alternatives are positioned to put pressure on the traditional dairy business.
In India, soy milk is undoubtedly the most popular and easiest-to-find kind of non-dairy milk. Fortified soy milk, made from soya beans, has the same amount of protein as cow's milk and is a very good source of vitamin D and calcium. Vegan milk has a considerable presence in the Indian market, with brands like Sofit and Staeta's almond and soy milk, which are heaped high on shop shelves.
Demand for Flavored Milk and Ice Cream Driving the Market in the United States
The United States is the prominent market for dairy substitutes, as a wide range of yogurt and ice cream are consumed daily with ingredients containing dairy alternatives. Rising consumer demand for sweetened flavored soy and almond milk is predicted to drive the dairy substitutes market in the country as well. Various food items and sweets are made with dairy alternatives, which are milk-based, and are projected to drive sales forward in the United States.
Rise in Plant-based Diets in the United Kingdom Driving Dairy Alternatives Market
Vegan diets are becoming very popular in the United Kingdom as consumer demand shifts away from animal protein to plant protein. This preference for plant-based diets is linked to a variety of factors, such as ethical or religious beliefs, including sustainability concerns, health awareness, and environmental and animal rights concerns.
Plant-based beverages made from dairy alternatives have a large market potential due to rising consumer demand for vegan-friendly cuisine. Sainsbury's has doubled the amount of dairy-free milk brands it supplies in response to consumer demand, and approximately 300 stores have begun to roll out separate non-dairy bays with milk, yogurt, and other drinks.
Health Benefits of Dairy Alternatives Driving the Market in Brazil
Brazil has the key market share for dairy alternatives in the Latin America region, owing to a shift in traditional purchasing patterns brought on by the growing middle class and millennials. Because of such a high percentage of lactose-intolerant people in Brazil, vegan or plant-based choices are creating a lot of interest.
Sugar reduction, nutritious eating, and increased protein and fiber content in food are three significant trends affecting the Brazilian industry. These trends have an impact on the market for plant-based products. As more people examine healthier living options, new lactose-free, dairy-free, and plant-based/vegan options are becoming more popular.
Get Full Access of this Report: https://www.futuremarketinsights.com/checkout/4852
Key Segments Covered in the Dairy Alternative Market
By Source:
- Soy
- Almond
- Rice
- Coconut
- Oats
- Others
By Product:
- Regular/ Unflavoured
- Soy Milk
- Almond Milk
- Coconut Milk
- Oat Milk
- Others (Hemp, Flax, etc.)
- Flavored
- Soy Milk
- Almond Milk
- Coconut Milk
- Oat Milk
- Others (Hemp, Flax, etc.)
By Nature:
- Organic
- Conventional
By Distribution Channel:
- Direct Sales/ B2B
- Indirect Sales/ B2C
- Hypermarkets/ Supermarkets
- Convenience Stores
- Mass Grocery Retailers
- Specialty Stores
- Online Retail
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- Others
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Explore FMI’s related ongoing Coverage in Food and Beverage Domain:
The sales of lactose free dairy products increase at a 5.6% CAGR, is expected to generate market revenue of USD 23,983.50 million by 2034.
The Global Fortified Dairy Products Market size was estimated at USD 109,485 million in 2021 and expected to reach USD 223,441 million in 2032
The dairy blends market share is anticipated to thrive at a steady CAGR of 7.7% during the forecast period.
The dairy enzymes market size is projected to be valued at USD 877.5 million in 2023 and is expected to rise to USD 1,812.8 million by 2033.
The global dairy Testing Services market size is valued at USD 4.04 Billion in 2022 and it is expected to grow at a compound annual growth rate (CAGR) of 8.1% from 2022 to 2032.
The global fermented dairy products market value is expected to accumulate USD 4,920.5 Million in value by 2022 with a CAGR worth 8.5% by 2032.
The global reduced-fat dairy market demand is projected to have an average-paced CAGR of 4.7% with current valuation of the market is USD 75.75 Billion in 2023 and market value is anticipated to surpass valuation of USD 119.91 Billion by 2033.
The global Dairy-free cream market revenue is expected to be valued at USD 413.9 million in 2023 and to reach a valuation of USD 777 million by 2033.
The global Dairy-Free Spreads Market Share is expected to reach a market valuation of USD 13.52 Billion in 2023, accelerating with a CAGR 3.3% by 2033.
The demand for Spicy Dairy products is anticipated to expand at a CAGR of 3.4% over the forecasted period and to reach a valuation of USD 966.4 Million by 2032.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
