Dairy Alternatives Market Size & Share Value to Reach USD 50.15 Billion By 2028, at 12.3% CAGR: Polaris Market Research

According to the research report, the global dairy alternatives market was valued at USD 20.54 billion in 2020 and is expected to reach USD 50.15 Billion By 2028, growing at a CAGR of 12.3% during the forecast period.

Increasing people with lactose intolerance and a growing vegan population will mainly contribute to the alternative industry growth. People becoming more health-conscious to avoid foods associated with obesity and heart diseases will also propel the growth of the industry. Lactose intolerance is increasingly prevalent among people globally, and around 65% of people suffer from some kind of food intolerance. Hence, these people must avoid dairy products and look for substitutes that will provide similar protein and vitamins.

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Top Market Players Are:

Industry participants such as SunOpta Inc., Oatly, Danone, The Hain Celestial Group, Inc., DAIYA FOODS INC., Living Harvest Foods Inc., Melt Organic, Vitasoy International Holdings Limited, Earth's Own Food Company Inc., The Whitewave Foods Company, ADM, Ripple Foods, Nutriops, S.L., Blue Diamond Growers, Freedom Foods Group Ltd., Eden Foods, Inc., Organic Valley Family of Farms and CP Kelco are some of the key players operating in the global alternatives industry.

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Plant-based products such as almond milk and soy milk have lower calories compared to cow or buffalo milk. Hence, people prefer plant-based products to overcome obesity which is highly prevalent in developed economies. People are also concerned about antibiotics, pesticides, and hormones present in the dairy product, an important cause for cancer, such as breast and endometrial cancer. Hence, they are avoiding milk products, which will help the products grow over the coming years.

COVID-19 pandemic is expected to positively influence the growth of the industry during the forecast period, as there is great demand for packaged items. Products such as packaged plant-based milk and beverages have more shelf life, and people are storing these products so that they don't have to go out of their residencies frequently.

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Polaris Market Research has segmented the dairy alternatives market report on the basis of source, product, distribution channel, and region:

Dairy Alternatives, Source Outlook (Revenue - USD Million, 2016 - 2028)

Soy
Almond
Coconut
Rice
Oats
Others

Dairy Alternatives, Product Outlook (Revenue - USD Million, 2016 - 2028)

Milk
Yogurt
Cheese
Ice cream
Creamer
Others

Dairy Alternatives, Distribution Channel Outlook (Revenue - USD Million, 2016 - 2028)

Supermarkets & Hypermarkets
Convenience Stores
Online Retail
Others

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