New York, United States , Sept. 06, 2024 (GLOBE NEWSWIRE) -- The Global Dairy Alternatives Market Size is to Grow from USD 27.1 Billion in 2023 to USD 78.7 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 11.2% during the projected period.
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Dairy alternatives are plant-based substitutes for traditional dairy products such as milk, cheese, yogurt, and butter. These plant-based alternatives, derived from almonds, soy, oats, coconut, rice, and cashews, taste and feel similar to dairy products. Dairy alternatives are becoming increasingly popular among people who are lactose intolerant, allergic to dairy, vegan or wish to reduce their consumption of animal products. Dairy alternatives are high in nutrients and frequently fortified with vitamins and minerals like calcium, vitamin D, and B12 to mimic dairy products' nutritional profile. The global trend toward vegetarian and flexitarian diets is propelling growth in the dairy alternatives market. These dietary preferences have grown in popularity for a variety of reasons, including concerns about animal welfare, environmental issues, and personal health. Veganism has emerged as a lifestyle choice that avoids eating animal-derived products, such as dairy. The growing global condemnation of animal cruelty has increased the demand for dairy alternatives. Many people consider a vegan diet a healthy choice, preferring dairy alternatives like soy milk, almond milk, rice milk, and other plant-based options over traditional dairy milk. However, the dairy alternatives market faces significant challenges due to allergen cross-contamination, particularly with common allergens such as nuts and soy, which can cause severe allergic reactions that endanger consumers and complicate manufacturing processes.
Browse key industry insights spread across 276 pages with 110 Market data tables and figures & charts from the report on the "Global Dairy Alternatives Market Size, Share, and COVID-19 Impact Analysis, By Source (Soy, Almond, Coconut, Rice, Oats, and Others), By Product (Milk, Yogurt, Cheese, Ice cream, Creamer, and Others), By Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online retail, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The soy segment dominates the market with the highest market share of the global dairy alternatives market during the projected period.
Based on the source, the global dairy alternatives market is divided into soy, almond, coconut, rice, oats, and others. Among these, the soy segment dominates the market with the highest market share of the dairy alternatives market during the projected period. It contains Vitamin B, which boosts the body's metabolic rate, making fats and calories burn more efficiently. This nutritional benefit may contribute to market growth.
The milk segment is expected to grow at the fastest CAGR during the forecast period.
Based on the product, the global dairy alternatives market is categorized into milk, yogurt, cheese, ice cream, creamer, and others. Among these, the milk segment is expected to grow at the fastest CAGR during the forecast period. Beverage manufacturers are introducing new products to boost market capitalization. Growing consumer demand for diverse beverage options has resulted in a diverse range of flavored beverages containing dairy alternatives. These flavored beverages appeal to lactose-intolerant customers looking for a variety of milk-based dairy alternatives.
The supermarkets & hypermarkets segment is expected to grow at the fastest CAGR during the forecast period.
Based on the distribution channel, the global dairy alternatives market is categorized into supermarkets & hypermarkets, convenience stores, online retail, and others. Among these, the supermarkets & hypermarkets segment is expected to grow at the fastest CAGR during the forecast period. These are large retail stores that sell a wide variety of items. Supermarkets are typically located near residential areas to provide easy access. Because of land scarcity, many chains are establishing new locations outside of cities. Supermarkets and hypermarkets are more prevalent in developed regions like Europe and North America than in developing countries.
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Asia Pacific is expected to hold the largest share of the global dairy alternatives market over the forecast period.
Asia Pacific is expected to hold the largest share of the global dairy alternatives market over the forecast period. Health-conscious consumers and rising vegetarianism are two of the factors driving demand for dairy alternatives in the region. Dairy substitutes are low in fat, calories, and cholesterol, making them popular among health-conscious, vegan, and lactose-intolerant consumers. Lactose intolerance is widespread across Asia, with rates ranging from 58% in Pakistan to 100% in Korea. Lactose-intolerant people should avoid dairy products and instead consume plant-based dairy products. This factor is significantly driving the milk substitutes market in Asia-Pacific.
North America is predicted to grow at the fastest pace in the global dairy alternatives market during the projected period. North America is one of the most important markets for milk alternatives, as dairy products like ice cream and yogurt are widely consumed. Flavored milk accounts for more than two-thirds of dairy products sold in North American schools. The growing consumer demand for sweetened soy and almond milk is expected to propel the alternative milk industry. In addition, the demand for milk substitutes by ice cream manufacturers is expected to rise significantly in North America.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global dairy alternatives market are Ripple Foods, The Whitewave Foods Company, The Hain Celestial Group, Inc., Daiya Foods Inc., Eden Foods, Inc., Nutriops, S.L., Earth’s Own Food Company, SunOpta Inc., Freedom Foods Group Ltd., Oatly Inc., Blue Diamond Growers, CP Kelco, Vitasoy International Holdings Limited, Organic Valley Family of Farms, Living Harvest Foods Inc., and Others.
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Recent Developments
- In July 2023, Ripple Foods introduced Ripple Kids Unsweetened Original Milk, a sugar-free version of their Kids Original Milk. The updated formula contains 8 grams of plant-based pea protein, 50 mg of omega-3 fatty acids, prebiotics, choline, and more calcium per serving than conventional milk.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global dairy alternatives market based on the below-mentioned segments:
Global Dairy Alternatives Market, By Source
- Soy
- Almond
- Coconut
- Rice
- Oats
- Others
Global Dairy Alternatives Market, By Product
- Milk
- Yogurt
- Cheese
- Ice cream
- Creamer
- Others
Global Dairy Alternatives Market, By Distribution Channel
- Supermarkets & Hypermarkets
- Convenience Stores
- Online retail
- Others
Global Dairy Alternatives Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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