Dairy Alternatives Market Analysis, Growth, Share, Trends, and Forecast - 2023

The report "Dairy Alternatives Market by Source (Soy, Almond, Coconut, Rice, Oats, Hemp), Application (Milk, Cheese, Yogurt, Ice Creams, Creamers), Distribution Channel (Supermarkets, Health Stores, Pharmacies), Formulation and Region – Global Forecast to 2023" The market is projected to grow from USD 17.3 billion in 2018 to USD 29.6 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period. The major factors driving the dairy alternatives market include consumers perceiving a vegan diet to be healthy. These consumers prefer consuming dairy alternatives such as soy milk, almond milk, rice milk, and other plant-based milk as a substitute for dairy milk. Further, increasing cases of lactose intolerance and milk allergies among individuals promote the consumption of dairy alternatives globally and is expected to drive the market.

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The milk segment is projected to account for the largest market share during the forecast period.

By application, the market was dominated by the milk segment in 2018. Health and convenience are prioritized by consumers while making a choice for beverages. Companies have diversified their beverage offerings with products containing almond milk, coconut milk, and soymilk, along with other non-dairy ingredients and alternatives derived from hemp, oats, or flax. Factors supporting the popularity of dairy-free milk are health concerns related to lactose intolerance and the hectic lifestyles of the working middle-class population. These factors encourage them to use convenience products for on-the-go consumption to save time.

By distributing channel, the online stores segment is projected to be the fastest-growing segment in the dairy alternatives market during the forecast period.

The fastest-growing market of online stores is attributed to a variety of options for a particular dairy-free food product at discounted rates as compared to traditional retail prices, to attract more customers. The usage of online services has also increased in developed as well as developing markets due to factors such as faster accessibility and cost-effectiveness. The increased frequency of online shopping has created opportunities for enhancing the product sales of leading online players and regional domestic e-retailers, such as Amazon, Vegan Online, and Goodness Direct.

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Asia Pacific is projected to hold the largest market share during the forecast period.

Asia Pacific is estimated to account for the largest share of the market in 2018. The market in the region is driven by higher economic power among consumers and increase in the consumption of soymilk, which is cheap and abundant in this region. Food manufacturers have been launching varied soymilk forms to meet the increasing consumer demand for healthy beverages and pasteurized soymilk as dairy alternatives and provide unique flavors of soy drinks.

Furthermore, with busy lifestyles and increase in disposable incomes, the demand for fortified nutritional food & beverage products is growing in the region. The application of dairy alternatives is estimated to grow faster due to consumer demand.

Major vendors in the dairy alternatives market include The Whitewaves Food Company (US), The Hain Celestial Group (US), Blue Diamond Growers (US), Sunopta (Canada), Sanitarium Health and Wellbeing Company (Australia), Freedom Foods Group (Australia), Eden Foods (US), Nutriops S.L. (Spain), Earths Own Food Company (Canada), Triballat Noyal (France), Valsoia S.P.A (Italy), Dohler GmBh (Germany),Organic Valley (US), and Panos Brands LLC (US).

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