Market Overview:
Dairy Alternatives Market was valued at USD 28.55 billion in 2023 and is expected to reach USD 72.32 billion by the year 2030, at a CAGR of 14.2 %.
Dairy alternatives are food and beverage products that serve as substitutes for milk and milk-based products derived from animals. These alternatives are made from plant-based sources like grains and seeds, offering a rich supply of essential nutrients such as vitamins, minerals, iron, potassium, calcium, and magnesium. Commonly available dairy alternatives include rice, oat, wheat, barley, coconut, cashew, almond, and soy milk. These alternatives can provide various health benefits, including weight management, support for a healthy nervous system, maintenance of red blood cell levels, and proper brain functioning which helps to lead the dairy alternative market growth during the forecast period.
Top Key Players Covered in The Dairy Alternatives Market:
- Earth's Own Food Company Inc. (Canada)
- Freedom Foods Group Ltd. (Australia)
- The Hain Celestial Group, Inc. (the US)
- Living Harvest Foods Inc. (US)
- SunOpta Inc. (Canada)
- CP Kelco (Georgia)
- Organic Valley Family of Farms (US)
- Danone (France)
- Oatly (Sweden)
- Vitasoy International Holdings Limited (Hong Kong)
- DAIYA FOODS INC. (Canada)
- Melt Organic (Idaho)
- Ripple Foods (US)
- ADM (US)
- The Whitewave Foods Company (US)
- Eden Foods
- Inc. (US)
- Blue Diamond Growers (US) and other Major Players.
Market Dynamics and Factors:
Plant milk and plant milk products are projected to capture the largest market share in the coming years, particularly in developed economies. This shift is primarily driven by the growing trend of food lifestyle choices, including flexitarian, vegetarian, and vegan diets. Many individuals are choosing dairy alternatives as a way to reduce calorie intake since dairy products are often calorie-dense. This trend is expected to fuel market growth, especially as health-conscious consumers continue to rise worldwide.
The organic food and beverages segment has the potential to significantly impact the overall dairy alternatives market. Consumer preferences have shifted towards healthier food and beverages, driven by increased awareness of the functional health benefits associated with consuming organic products. Consumer interest in vegan products is rapidly growing, supported by marketing campaigns that highlight their usage and health benefits. This demand is driven by a rising preference for vegan foods among consumers.
The Dairy Alternatives Market Report Highlight:
- By type, the non-dairy milk product segment is anticipated to lead the growth of the Dairy Alternatives market in the forecasted timeframe. The increasing elderly population in Europe has led to a higher preference for non-dairy milk alternatives among individuals.
- By Source, the Soy segment is anticipated to lead the growth of the Dairy Alternatives market in the forecasted timeframe. During the projected period, the segment of soy milk is expected to gain prominence due to its nutrient-rich composition and high protein content compared to other dairy substitutes.
- By distribution channel, the supermarkets and hypermarkets are anticipated to lead the growth of the Dairy Alternatives market in the forecasted timeframe. Supermarkets and hypermarkets are expansive retail establishments that typically offer a wide range of retail products from various segments or brands in a single location.
- By Application, the dairy-free probiotic drinks segment is anticipated to lead the growth of the Dairy Alternatives market in the forecasted timeframe. Due to increasing health concerns regarding lactose intolerance and the busy lifestyles of consumers, the market has been primarily dominated by the dairy-free probiotic drinks segment.
- The Asia Pacific region is expected to have the highest share of the Dairy Alternatives market over the projected period. The Asia Pacific region is anticipated to witness a surge in demand for the product due to the growing population and rising disposable incomes in developing economies like India, China, and Japan.
Key Industry Developments of Dairy Alternatives Market:
In November 2020, A Canadian-based company SunOpta declared its investment of USD 26 million into its Minnesota-based oat processing unit. This will allow the company to meet the growing demand for oat milk in the US. The Minnesota facility would manufacture an oat base, which is utilized for plant-based ice creams and yogurts, and also milk substitutes.
In March 2020, An Idaho-based company Melt Organic introduced Butter Sticks Unsalted. The product is prepared from a perfect blend of fruit- and plant-based oils featuring certified organic, non-GMO coconut oil. This product was introduced to accomplish the consumer demand for an unsalted product for baking and cooking needs.
Dairy Alternatives Market Segmentation:
By Product Type
- Non-Dairy Milk
- Ice-Creams
- Cheese
- Creamers
- Others
By Source
- Coconut
- Soy
- Almond
- Hemp Seeds
- Rice
- Other
By Distribution Channels
- Specialty Stores
- Supermarket/Hypermarket
- Health Food Stores
- Pharmaceuticals
- Retails
By Application
- Food and Beverages
- Dairy-Free Probiotics Drinks
- Others
For this report, Introspective Market Research has segmented the Dairy Alternatives Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
