Dublin, May 24, 2024 (GLOBE NEWSWIRE) -- The "Dairy Alternatives Market Report by Product, Source, Distribution Channel, Country and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Dairy Alternative Market was US$ 29.07 billion in 2023 and will reach US$ 75.70 Billion by 2032. It is projected to increase at a CAGR of 11.22% from 2024 to 2032.
Soy milk, rice milk, and almond milk are some of the most popular alternatives to milk worldwide. Cheese, butter, ice cream, and yogurt can also be made from plant-based milk. Vegan consumers remain a core base for dairy alternative consumption. The vegan dietary preference is unchanged as a niche at 2% of the US population.
The vegan lifestyle is becoming more popular in China, particularly in larger cities such as Beijing, Shanghai, and Hong Kong. This shift is due to the influence of Western culture and growing concerns about animal welfare and sustainability. Non-dairy products, including butter, are increasingly being adopted, with nut-based butter being particularly popular due to its natural and healthy fats. Dairy foods still have a high penetration rate in first-tier cities, where online shopping is more prevalent.
Only 20% of Chinese households in lower-tier cities and rural areas regularly consume dairy products. However, cross-border commerce and purchasing dairy products via Daigous are becoming increasingly popular, particularly among young urbanites. In October 2022, Vitasoy International Holdings Ltd plans to acquire shares from its joint venture Bega Cheese subsidiary, National Food Holdings Ltd, to expand its dairy alternative business.
Global Dairy Alternatives Company News
- Feb 2024: Califia Farms has launched a new product called Califia Farms Complete. This plant-based milk is enriched with pea, fava bean, and chickpea protein, and has 50% less sugar than dairy milk.
- Jan 2024: Plenish, a plant-based beverage manufacturer, is launching a new campaign featuring all of its products and the tagline "It's all good."
- Jan 2024: Oatly Group AB has launched two new beverages in the US market, namely Super Basic Oatmilk and Unsweetened Oatmilk.
Dairy Alternative Market Survey
- According to a 2023 survey by BENEO, 10% of Americans identify as vegans, vegetarians, or pescatarians, while 21% identify as flexitarians.
- In 2022, around 8 million people followed a vegetarian diet and 1.58 million people followed a vegan diet, as reported by the U.S. Department of Agriculture.
- 10% of UK dairy producers may stop producing milk by 2025. A study by Deliveroo and YouGov in December 2022 found that 26% of French people are willing to try veganism for a month.
- In November 2023, the China Vegan Society, along with several other organizations, released the first China Vegan Lifestyle Market Survey. The survey found that China's Gen Z, who make up 264 million people, are very open to eating plant-based food.
- In January 2023, Vegewel.com surveyed 2,418 people aged 20-60 about their experience with plant-based food in Japan.
- In 2023, A survey conducted by ProVeg International and VeganaGal has revealed that in Spain, 79% of individuals who identify as vegans are female.
- In 2023, According to a recent survey conducted by YouGov and Veganuary, more than 3 million Germans have taken part in Veganuary.
- According to a combined study report by the Associated Chambers of Commerce and Industry of India and Vegan First published in 2023, the plant-based dairy industry will grow by about 20% from 2023 to 2027 in India.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $29.07 Billion |
| Forecasted Market Value (USD) by 2032 | $75.7 Billion |
| Compound Annual Growth Rate | 11.2% |
| Regions Covered | Global |
Key Players Analysis: Business Overview, Product Portfolio, Recent Developments, Revenue Analysis
- Danone S.A.
- SunOpta Inc.
- Blue Diamond Growers Inc.
- Noumi Limited
- Vitasoy International Holdings Limited
- Oatley Group AB
- The Hain Celestial Group Inc.
- Archer-Daniels-Midland Company
Product - Market breakup in 6 viewpoints:
- Milk
- Yogurt
- Cheese
- Ice Cream
- Creamer
- Others
Source - Market breakup in 6 viewpoints:
- Soy
- Almond
- Coconut
- Rice
- Oats
- Others
Distribution Channel - Market breakup in 4 viewpoints:
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Retail
- Others
Country - Market breakup of 25 Countries:
- North America
- United States
- Canada
- Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherland
- Turkey
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Indonesia
- Australia
- New Zealand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/jyubce
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