Dairy Alternatives Market to Garner US$ 51,656.58 million, Globally, by 2028 at 10.6% CAGR: The Insight Partners

In accordance with our most recent market research, "Dairy Alternatives Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Source (Soy, Almond, Coconut, Oats, and Others), Product Type (Milk, Ice Cream, Yogurt, Cheese, and Others), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)," the market is projected to reach US$ 51,656.58 million by 2028 from US$ 28,181.76 million in 2022; it is expected to grow at a CAGR of 10.6% from 2022 to 2028.

Non-dairy, dairy-free, or plant-based dairy products, such as milk, ice cream, yoghurt, cheese, butter, and cream, are referred to as dairy alternatives. Plant-based milks like soy milk, almond milk, coconut milk, and pea milk are used to make dairy substitutes. The population who is lactose intolerant can eat dairy substitutes because they are lactose-free. Dairy substitutes are also more calorie and fat efficient than regular dairy milk, which is another reason why dieters and athletes favour them. The market for dairy substitutes is expanding primarily due to rising consumer health consciousness and the growing acceptance of plant-based diets.

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The vegan trend has advanced more quickly during the last few years. According to Veganuary, a nonprofit that promotes going vegan for the entire month of January, more than 620,000 people signed up for the campaign in 2022, with registrations rising by 200% over the previous three years. A growing number of people are adopting a vegan diet due to growing worries about their health and the environment. People are being compelled to alter their dietary habits by the rising health consciousness among the population as a result of the rising prevalence of obesity, diabetes, and other diseases. In general, people believe that plant-based foods are healthier than traditional ones. The market for dairy substitutes is expanding significantly as a result of this factor.

The key players operating in the global dairy alternatives market include SunOpta; Blue Diamond Growers; Nestle SA; Danone S.A.; Oatly Inc.; Califia Farms, LLC; Valsoia S.p.A.; Lactasoy co.th.; Sanitarium; and Valio Ltd. These companies are making significant investments in R&D to develop innovative products such as gluten-free, organic, clean-label, genetically modified organisms-free (GMO-free), allergen-free, and high-protein products, to expand dairy alternatives market size.

Impact of COVID-19 Pandemic on Dairy Alternatives Market
The COVID-19 epidemic presented unheard-of difficulties for a number of industries, notably the food and beverage sector. Manufacturing companies' activities were disrupted by lockdowns, border restrictions, travel bans, factory closures, and other government-led safety protocols. Due to labour and raw material shortages brought on by the COVID-19 pandemic, market shares of both small- and large-scale food and beverage producers in various regions were negatively impacted. However, following the COVID-19 outbreak, there was a huge change in consumer dietary choices, which greatly raised the market for dairy substitutes. The pandemic caused substantial changes in health and wellness trends, which helped the market for dairy alternatives expand since consumers now view plant-based dairy products as being healthier than traditional dairy products.

However, the market for dairy substitutes only saw modest development as a result of the economic crisis brought on by the COVID-19 outbreak and the high cost of plant-based dairy products. Additionally, the global market experienced tremendous growth in 2021 as a result of governments announcing a relaxation of regulations and allowing firms to operate at full capacity. The market was also bolstered by this reason as the supply networks and manufacturing levels improved. The COVID-19 epidemic raised consumer awareness of health issues. They are gravitating toward plant-based diets more and more because they think they provide better health benefits. The market for dairy substitutes is expanding as a result of this aspect.

Depending on the source, the market for dairy substitutes is divided into soy, almond, coconut, oat, and other categories. The market is divided into segments for milk, ice cream, yoghurt, cheese, and other products based on product type. The market is divided into supermarkets and hypermarkets, convenience stores, online retail, and others based on the distribution channel. The market is divided geographically into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM)

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