Press release
Dairy Alternatives Market Projected to Reach $79.55 Billion By 2032 | CAGR: 11.5%
The dairy alternatives market had a value of USD 29.89 billion in 2023. It is estimated to expand at a CAGR of 11.5% over the forecast period, from a value of USD 33.30 billion in 2024 to USD 79.55 billion by 2032.
Report Scope
The report highlights recent developments, key industry players, market share, revenue, and geographical analysis to offer a comprehensive overview of the dairy alternatives market.
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What Are Dairy Alternatives?
Dairy alternatives are plant-based beverages and food products designed to replace traditional dairy like milk, cheese, and yogurt, typically made from sources like nuts, seeds, grains, and legumes. They offer an option for people with lactose intolerance or those choosing a vegan diet. Common dairy alternatives include almond milk, oat milk, rice milk, soy milk, coconut milk, and cashew milk, each with varying nutritional profiles and textures depending on the plant source used. Many dairy alternatives are fortified with calcium and vitamin D to mimic the nutritional content of cow's milk. Different dairy alternatives have varying nutritional profiles, with some being higher in protein (like soy milk) while others may be lower in calories (like almond milk).
Growth Drivers and Opportunities
• The global market is experiencing increased demand due to changing consumer eating preferences and dietary trends.
• The growing prevalence of milk allergies in the population and a rise in lactose intolerance cases are also fueling market growth.
• The growing number of individuals adopting vegan diets and steering clear of animal-derived products is driving dairy alternatives market expansion.
• The health advantages linked to dairy substitutes are expected to boost the expansion of the market for dairy alternatives.
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Key Players in Market
Key global companies are allocating resources to research and development for creating new dairy substitutes that mimic the taste and characteristics of animal-derived dairy products to meet the rising demand from the growing vegan population globally. Some examples include:
• The Hain Celestial
• Blue Diamond Growers
• SunOpta
• Sanitarium Health and Wellbeing Company
• Danone
• Freedom Foods Group
• Earth's Own Food Company
• Triballat Noyal
• Valsoia S.p.A
• Panos Brands
• Melt Organic
• Oatly
• Living Harvest Foods
Regional Analysis
• Asia Pacific is anticipated to be the most significant region for the global market during the forecast period, driven by a rise in urbanization and heightened consumer knowledge regarding the health advantages of plant-based products in developing economies.
• North America is anticipated to play a major role in the dairy alternatives market growth throughout the forecast period due to the rising consumption of products like yogurt and ice cream in these nations.
• North America
o U.S.
o Canada
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Austria
o Netherlands
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Segmental Overview
Dairy Alternatives Market, Source Outlook (Revenue - USD Million, 2019 - 2032)
• Soy
• Almond
• Coconut
• Rice
• Oats
• Others
Dairy Alternatives Market, Product Outlook (Revenue - USD Million, 2019 - 2032)
• Milk
• Yogurt
• Cheese
• Ice cream
• Creamer
• Others
Dairy Alternatives Market, Distribution Channel Outlook (Revenue - USD Million, 2019 - 2032)
• Supermarkets & Hypermarkets
• Convenience Stores
• Online Retail
• Others
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