Westford, USA, Aug. 27, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Dairy Alternatives Market will attain a value of USD 66.88 Billion by 2031, with a CAGR of 12.5% over the forecast period (2024-2031). Dairy substitutes have gained a lot of traction in both established and developing markets. This is explained by the increase in the number of dairy allergy sufferers. Furthermore, the market for dairy substitutes has grown because of rising disposable income and health consciousness. The addition of new, healthful components by various market participants is another aspect that propels the industry's expansion.
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Browse in-depth TOC on the " Dairy Alternatives Market "
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Dairy Alternatives Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $25.99 Billion |
| Estimated Value by 2031 | $66.88 Billion |
| Growth Rate | Poised to grow at a CAGR of 12.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Source, Application, Formulation, Distribution Channel and Nutrient |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Rising veganism and technological innovations are driving the market |
| Key Market Opportunities | Shifts towards veganism lifestyles by consumers |
| Key Market Drivers | Growing adverse reactions to processed dairy products |
Milk Product Section to Hold Highest Market Share Owing to Enhance Nutritional Value and Appealing Dairy Alternatives
Due to their extensive acceptance and familiarity among consumers, milk products dominate the global dairy alternatives market. Increased rates of lactose intolerance, growing health consciousness, and the global trend towards veganism all contribute to this domination. Innovations in production technology, such as ultra-high temperature processing, also contribute to the market success of these alternatives by improving their nutritional content and attractiveness.
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Broad Accessibility and Consumer Reach, Owing to High Focus on Retail Distribution Channel Dominance
Due to its availability and broad customer base, retail distribution channel tops in global dairy alternatives market. Such supremacy is attributed to the ease of in store shopping which is supplemented by good brand awareness emanating from strategic positioning as well as effective advertising campaigns. Moreover, the increasing number of health-conscious customers visiting supermarkets and specialty shops also strengthens this channel’s strength in terms of market share.
Rising Consumer Demand for Sweetened and Flavored Soy, Resulted in North America’s Market Dominance
Given that ice cream and yoghurt are just two of the most popular dairy substitutes, North America is one of the biggest marketplaces for these products. Flavoured milk products make up more than two thirds of the items supplied in North American schools. Growing consumer demand for flavoured and sweetened soy and almond milk is expected to have a major impact on the industry.
Dairy Alternatives Market Insight
Drivers:
- Growing Adverse Reactions to Processed Dairy Products
- Product Innovation and Wider Reach to Ensure Market Success
- Growing Trend Among Consumers to Favour Vegan Cuisine Options
Restraints:
- Low Consumer Awareness and Substandard Market Penetration Leads to Lower Sales
- Issue of Allergies Among Soy Food Consumers
- Limited Availability of Raw Materials
Prominent Players in Dairy Alternatives Market
The following are the Top Dairy Alternatives Companies
- The Hain Celestial Group, Inc. (US)
- Blue Diamond Growers (US)
- Freedom Foods Group Limited (Australia)
- Valsoia S.p.A (Italy)
- SunOpta (Canada)
- Qatly Group AB (Sweden)
- Sanitarium (New Zealand)
- Eden Foods, Inc. (US)
- Triballat Noyal (France)
- Earth’s Own Food Company Inc. (Canada)
- Elmhurst Milked Direct LLC (New York)
- Nutriops, S.L. (Spain)
- Green Spot Co., Ltd. (Thailand)
- Hiland Dairy (US)
- Ripple Foods (US)
Key Questions Answered in Global Dairy Alternatives Market Report
- What is the anticipated market size for dairy alternatives globally by 2031, and what is the anticipated compound annual growth rate (CAGR) for the 2024–2031 projection period?
- In the global market for dairy substitutes, which product category is anticipated to have the largest market share, and what factors support its dominance?
- In the global dairy alternatives market, what is one of the main factors contributing to the retail distribution channel's dominance?
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This report provides the following insights:
- Analysis of key drivers (Global shift towards vegetarian, flexitarian diets, concerns about animal welfare, personal health motives and Veganism as a lifestyle choice), restraints (Issue of allergen cross-contamination, non-proactive measures throughout the industry and adverse immune responses), opportunities (Less stress on the food supply, less water needed for the dairy alternatives and nutritious & healthier food options), and challenges (Increasing rates of deforestation and scarcity of agricultural raw materials) influencing the growth of dairy alternatives market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the dairy alternatives market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the dairy alternatives market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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