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Milk Substitutes (Non dairy milk) Market Forecast Report | Analysis, Insights, Size And Opportunities 2024 - 2033
Milk Substitutes (Non dairy milk) Market Forecast
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According to The Business Research Company's, The milk substitutes (non dairy milk) market size has grown rapidly in recent years. It will grow from $34.24 billion in 2023 to $39.15 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The growth in the historic period can be attributed to health and wellness trends, lactose intolerance awareness, vegan and plant-based lifestyle, diversity of product offerings, environmental and ethical concerns.
The milk substitutes (non dairy milk) market size is expected to see rapid growth in the next few years. It will grow to $68.34 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The growth in the forecast period can be attributed to rising demand for plant-based protein, innovations in product formulations, expansion of distribution channels, culinary applications and food trends, governmental support and regulations. Major trends in the forecast period include rise of blended and functional varieties, customization and personalization, expansion of distribution channels, health and wellness positioning, rising demand for barista-grade varieties.
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Market Drivers and Trends:
The increasing consumer's preference for vegan food is driving the milk substitute market. Consumers are increasingly becoming aware of animal abuse at dairy farms and are avoiding animal-based products. Vegan milk is cholesterol-free, rich in vitamin D and proteins and provides more calcium than animal milk. According to a report by Mintel, sales of non-dairy milk in the USA grew 61% over the last five years. The rising shift towards veganism and health consciousness is driving the milk substitute market.
Non-dairy milk manufacturers are placing an increasing emphasis on enhancing the longevity of their products. They are actively working on reducing bacterial growth in non-dairy milk through a method known as bacterial clarification, which involves the use of separators designed to eliminate bacterial spores. One effective technique in this regard is ultra-pasteurization, where the milk is subjected to temperatures exceeding 280°F for at least 2 seconds, effectively eradicating harmful bacteria and extending the product's shelf life to approximately 120 days. For example, SunOpta employs ultra-pasteurization for their soymilk, resulting in a remarkably extended shelf life of 12 months. Likewise, Pacific Foods utilizes ultra-pasteurization for their almond milk, providing it with a shelf life of around one year.
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Major Key Players of the Market:
Archer Daniels Midland Company, Nutriops S.L., WhiteWave Foods Company, Hain Celestial Group Inc., Blue Diamond Growers Inc., CP Kelco ApS, Organic Valley Cooperative, SunOpta Inc., Chobani LLC, Vitasoy International Holdings Limited, Oatly AB, Freedom Foods Group Limited, Sanitarium Health and Wellbeing Company, Valsoia S.p.A., Califia Farms LLC, Eden Foods Inc., Earth's Own Food Company, Daiya Foods Inc., Ripple Foods Inc., Miyoko's Creamery, Mariani Nut Co. Inc., Dohler GmbH, Panos Brands LLC, NadaMoo! LLC, Triballat Noyal SAS, Malk Organics Inc., Violife Foods Inc., Good Karma Foods LLC, Yofix Probiotics Inc., Elmhurst 1920 Inc., Pacific Foods of Oregon LLC, Silk North America LLC, So Delicious Dairy Free, Alpro (UK) Limited, Coconut Dream Inc., Dream Products LLC, Forager Project LLC, Happy Planet Foods Inc., Kite Hill Foods LLC, Milkadamia Inc., Mooala Brands LLC, Nutpods LLC, Rude Health Inc., Sproud Limited
Milk Substitutes (Non dairy milk) Market 2024 Key Insights:
• The milk substitutes (non dairy milk) market size is expected to see rapid growth in the next few years. It will grow to $68.34 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%.
• Growing Consumer Demand For Vegan Milk Substitutes Shapes Market Growth
• Enhanced Shelf-Life Strategies Revolutionize Non-Dairy Milk Production
• North America was the largest region in the milk substitutes (nondairy milk) market in 2023
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