Dairy Alternatives Market

GMI Research analysis indicates that the Dairy Alternatives Market size was estimated at USD 28.1 billion in 2023 and is slated to register a double digit CAGR of 10.5% over the period 2024-2031 and is projected to reach USD 62.5 billion in 2031.

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Major Dairy Alternatives Market Drivers

Dairy Alternatives Market is primarily driven by surge in the cases of milk allergies and lactose intolerance, growing demand for convenience food and increasing consumers inclination towards adopting healthy lifestyle. Consumers are becoming more concerned about their health, as a result they are adopting dairy-free products in their diets because it improves skin’s condition, promotes consistent digestion and are free from hormones and antibiotics, as compared to other products. Prevalence of obesity has significantly increased over the years, as a result people consumers have become more conscious about daily calorie intake and are looking for products which can help them in reducing weight such as almond or soy milk. According to WHO’s (World Health Organization) estimates, obesity has tripled worldwide since 1975, almost 39% of adults were categorized as adults aged 18 and above were categorized as adults and 13% as obese in 2016.

Additionally, consumers inclination towards veganism, has increased the sales of plant based dairy alternatives food products coupled with rising focus of manufacturers on using advanced technologies for developing these products, are propelling the Dairy Alternatives Market size. As per our research, plant-based foods market is projected to touch USD 180 billion by 2030, which will increase the demand for dairy alternative products in the upcoming years. New products launched by manufacturers with attractive packaging and strategic mergers and acquisitions between leading players, are driving the Alternative Dairy Market. However, high manufacturing cost of dairy alternatives is restricting the market growth.

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Soy is projected to dominate the dairy alternatives market attributed to increasing demand for low-fat varieties of dairy alternatives.

Soy milk is a rich source of Omega-3 fatty acids, which can reduce the risk of dementia Alzheimer’s disease. Soy milk is gaining traction in the market because it helps in supporting cardiovascular system, can reduce cholesterol levels and promotes muscle and organ’s growth. Furthermore, consumers with lactose intolerance or milk related allergies are preferring almond and soy milk-based chesses, which is contributing to the segment’s growth.

Based on Application, Milk dominated the dairy alternatives market.

Increasing consumers preference for almond and soy milk based dairy desserts and rising demand for plant-based dairy products, are some of the factors propelling the segment’s growth. In addition, almond milk is a rich source of vitamin E, which can help in combating inflammation and stress in the body. Almond milk is gaining popularity amongst youth who regularly follow vegan diets. Growing demand for low-calorie food products is projected to have a positive impact on segment’s growth.

Supermarkets/Hypermarkets segment is estimated to dominate the market.

Consumers are preferring to visit supermarkets/hypermarkets over convenience stores because these outlets offer more discount to customers as compared to convenience stores and provides multiple range of products under one roof, which are accelerating the segment’s growth.

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Based on Region, Asia-Pacific region is forecast to hold the largest market share

Dairy Alternatives Market in Asia Pacific is driven by increasing per capita incomes in countries such as India and China, rising cases of lactose intolerance in adults and growing awareness amongst consumers about the harmful chemicals used in dairy products. Moreover, increasing demand for dairy-free food products and rising prevalence of obesity are pushing consumers to adopt vegan diets, are some of the factors propelling the Dairy Alternatives Market in Asia-Pacific region.

Dairy Alternative Market in North America is driven by rising demand for sweetened flavoured soy and almond milk and increasing consumption of yogurt and ice cream products. More than one-third of milk products are sold across schools in North America. Dairy-alternatives are gaining attraction in Europe Dairy Alternatives Market due to increasing demand for plant based dairy alternatives. Additionally, increasing adoption of vegan diets, rising lactose intolerance in consumers, and innovative products launched by manufacturers such as juice blends and fresh soy drinks, are accelerating the market growth in Europe.

Top Market Players

Various notable players operating in the market include The Whitewave Foods Company, Hain Celestial, Blue Diamond Growers, SunOpta, Sanitarium, Freedom Foods Group Limited, Eden Foods, Nutriops S.L., Earth’s Own Food Company, and Valsoia S.p.A. among others.

Key Developments:

• • In November 2021, Violife expanded into the vegan cream category, by launching Viocreme, which is 100% vegan and made from a blend of coconut and rapeseed, maize starch, natural flavour, lentil protein and rock salt.
  • In October 2021, Danone SA launched Silk Greek Style Coconutmilk Yogurt Alternatives. Its Flavors like Strawberry, Lemon, Vanilla, and Blueberry. Silk Greek is produced with a vitamin D2, live and active culture, and pea protein.
  • In August 2021, SunOpta Inc., announced its plans for opening a new plant-based beverage facility in the Dallas-Fort Worth, Texas, metropolitan area. Initially this production facility will be sized at 285,000 square feet and will be operational in late 2022.
  • In May 2021, Linda MacCartney’s announced its plans to enter into the dairy alternatives market with launch of its new range of plant-based milk drinks, which includes Barista Style Organic Coconut, Organic Soya, and Organic Rice, and Barista Style Organic Oat.
  • In May 2019, Blue Diamond Growers launched its new Almond Breeze Almondmilk Yogurt Alternative. The product is available in six topping options, including toasted almonds, honey roasted almonds and granola, chocolate chips, and many more.

Market Segmentation

The global Dairy Alternatives market has been segmented on the basis of Source, Application, Distribution Channel, Formulation, Nutrient and Region. Based on source, the market is segmented into Almond, Soy, Oats, Hemp, Coconut, Rice and Others. Based on application, the market is segmented into Cheese, Creamers, Yogurt, Ice Creams, Milk and Others. Based on Distribution Channel, the market is segmented into Supermarkets, Health Food stores, Pharmacies, Convenience Stores, Online and Others. Based on Formulation, the market is segmented into Plain and Flavored. Based on Nutrient, the market is segmented into Protein, Starch, Vitamin and Others.

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Market Segmentation:

Global Dairy Alternatives Market by Source

• • Almond
  • Soy
  • Oats
  • Hemp
  • Coconut
  • Rice
  • Others

Global Dairy Alternatives Market by Application

• • Cheese
  • Creamers
  • Yogurt
  • Ice Creams
  • Milk
  • Others

Global Dairy Alternatives Market by Distribution Channel

• • Supermarkets
  • Health Food Stores
  • Pharmacies
  • Convenience Stores
  • Online
  • Others

Global Dairy Alternatives Market by Formulation

• • Plain
  • Flavored

Global Dairy Alternatives Market by Nutrient

• • Protein
  • Starch
  • Vitamin
  • Others

Global Dairy Alternatives Market by Region

• • North America Dairy Alternatives Market (Option 1: As a part of the free 25% customization)

    • By Source
    • By Application
    • By Distribution Channel
    • By Formulation
    • By Nutrient
    • United States of America (US) Market All-Up
    • Canada Market All-Up

  • Europe Dairy Alternatives Market (Option 2: As a part of the free 25% customization)

• • • By Source
    • By Application
    • By Distribution Channel
    • By Formulation
    • By Nutrient
    • United Kingdom (UK) Market All-Up
    • Germany All-Up Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

• • Asia-Pacific Dairy Alternatives Market (Option 3: As a part of the free 25% customization)

    • By Source
    • By Application
    • By Distribution Channel
    • By Formulation
    • By Nutrient
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Dairy Alternatives Market (Option 4: As a part of the free 25% customization)

    • By Source
    • By Application
    • By Distribution Channel
    • By Formulation
    • By Nutrient
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up

  • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Dairy Alternatives Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • The Whitewave Foods Company
  • Hain Celestial
  • Blue Diamond Growers
  • SunOpta
  • Sanitarium
  • Freedom Foods Group Limited
  • Eden Foods
  • Nutriops S.L.
  • Earth’s Own Food Company
  • Valsoia S.p.A.