Dairy Alternatives Market Growth 2024-2033 | Insights, Demand, Outlook

The dairy alternatives market size has grown rapidly in recent years. It will grow from $13.87 billion in 2023 to $15.26 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to global population growth, rise in disposable income, growing number of health-conscious consumers, shift towards vegan eating and low interest rate environment.

The dairy alternatives market size is expected to see strong growth in the next few years. It will grow to $21.34 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to the influence of digital media marketing and social media, government initiatives towards milk alternatives, increase in lactose intolerance, rising penetration of organized retail and improvement in cold chains. Major trends in the forecast period include offering new and innovative products to increase their competitive strengths and revenue, focus on investing in r&d labs and initiatives that will drive innovation and cater to wider consumer base, invest in modern separation technologies to increase liquid yield and improve efficiency, consider planning and implementing marketing campaigns to promote their products, expanding their product portfolio to dairy-free alternative products and consider acquiring and partnering with other milk-alternative producers and other businesses to expand their product portfolios.

Market Overview -

Dairy alternatives are foods that are used as substitutes for dairy products. These products are extracted from plants including cereals (rice, oats), legumes (soy), seeds (hemp, flax), nuts (peanuts, almond), and other grains (teff, quinoa).

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Rising Cases Of Lactose Intolerance And Milk Allergies Drive The Dairy Alternatives Market

Increasing cases of lactose intolerance and milk allergies are projected to contribute to the dairy alternatives market's growth. Lactose intolerance or congenital lactase deficiency is a situation wherein the small intestine is incapable of making the enzyme lactase to break down or digest lactose, moving undigested lactose to the large intestine, causing symptoms such as diarrhoea, gas, and bloating. According to the Cleveland Clinic, more than 30 million people in America are lactose intolerant. This scenario is likely to generate higher demand for dairy alternatives, which in turn, is anticipated to boost the market's revenue over the forecast period.

Competitive Landscape -

Major companies operating in the dairy alternatives market report are Danone S.A., Blue Diamond Growers, The Hain Celestial Group, Inc., Oatly Group AB, Vitasoy International Holdings, SunOpta Inc., Unilever PLC, Freedom Foods Group Limited, Nestlé S.A., Daiya Foods Inc., Hershey Private Limited, Life Health Foods Private Limited, Rakyan Beverages Private Limited, Dabur Ltd, Sahmyook Foods, Bonsoy, Hebei Yangyuan Zhihui Beverage Co. (Yang yuan walnut milk), Coconut palm, Yinglu (peanut milk), Dali foods (soy milk), Lulu (almond milk), Follow Your Heart, Sanitarium Health and Wellbeing Company, Axiom Foods, Inc., Conagra Brands, Earth's Own Food Company, Inc., Agrana, Efko Group, Jogurty Magda, Albalact, First Choice Ingredients, Organic Valley, Zahini, Archer Daniels Midland Company, Nutriops S. L., Alpro, Arla, Soyfresh, Koita, Diamond River General Trading Llc, Almustaqbal-Santa Corperation, Bartech International Llc, Synergs General Trading Fzc, Soy Afric Limited, Panos Brands Llc, Eden Foods Inc.

Not M'Lk Expands Choices For Consumers With Dietary Restrictions
Major companies operating in the dairy alternative market are developing innovative products such as NOT M'LK to meet the needs of consumers with dietary restrictions. NOT M'LK is a plant-based milk alternative made from oats. For instance, in October 2023, Velike, a Germany-based organic oat drink producer launched NOT M'LK, a dairy-free, gluten-free, and nut-free vegan milk that is suitable for people who are lactose intolerant or who choose to follow a plant-based diet. NOT M'LK is made from oats sourced exclusively from farms in the Black Forest and other regions of Baden-Württemberg. The use of locally sourced oats also supports the local economy and reduces the carbon footprint of the product.

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Key Segments -

The dairy alternatives market covered in this report is segmented -

1) By Product Type: Non-Dairy Milk, Butter, Cheese, Yogurts, Ice Cream, Others
2) By Source: Almond, Soy, Oats, Hemp, Coconut, Rice, Other Sources
3) By Distribution Channel: Supermarkets, Health Food Stores, Pharmacies, Convenience Stores, Online Stores, Other Distribution Channels

Key highlights covered in the report -

1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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