Dairy Alternatives Market Growth Driven by Health Consciousness and Vegan Consumer Trends Across the Globe

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Dairy Alternatives Market- (By Source (Soy, Almond, Coconut, Rice, Oats, Hemp, Other Sources), By Application (Milk, Yogurt, Ice Creams, Cheese, Creamers, Butter, Other Applications), By Formulation (Flavored, Plain), By Nutrient (Qualitative) (Protein, Starch, Vitamins, Other Nutrients), By Distribution Channel (Retail (Supermarkets/Hypermarkets, Health Food Stores, Pharmacies, Convenience Stores, Other Retail Channels, Online Stores, Food services)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Dairy Alternatives Market is valued at US$ 26.59 Bn in 2023, and it is expected to reach US$ 59.07 Bn by 2031, with a CAGR of 10.70% during a forecast period of 2024-2031.

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Dairy alternatives refer to food and beverage products that can replace traditional dairy ingredients in recipes. These plant-based substitutes-such as soy milk, almond milk, and rice milk-have gained significant popularity due to their perceived health benefits. Growing consumer awareness of health and wellness, coupled with increased discretionary spending in both developed and emerging markets, has fueled the demand for dairy alternatives.

The market's expansion is further supported by industry players actively developing innovative, health-oriented formulations. To achieve broader market penetration and ensure price competitiveness, these products must scale efficiently and secure widespread retail distribution comparable to conventional dairy products.

Nevertheless, the sector faces challenges, particularly related to raw material price volatility and relatively high production costs. Despite these constraints, the industry outlook remains positive, driven by increasing consumer demand from the growing vegan population and the continuous introduction of new flavors and product varieties in the dairy alternatives segment.

List of Prominent Players in the Dairy Alternatives Market:
• Danone North America Public Benefit Corporation (U.S.)
• The Hain Celestial Group, Inc. (U.S.)
• Blue Diamond Growers (US)
• SunOpta (Canada)
• Freedom Food Group Limited
• Valsoia S.P.A
• Oatly GROUP AB
• Sanitarium
• EDEN Foods Inc
• NUTRIOPS S.L.,
• Earth's OWN
• Triballat noyal
• Green Spot Co., LTD
• Hiland dairy
• Elmhurst Milked Direct LLC
• Panos brands, Pureharvest
• One good VLY
• Miyoko's Creamery
• Daiya Foods INC.

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Market Dynamics
Drivers:
The increasing demand for dairy alternatives is driven by a combination of ethical, environmental, and health-related factors. The rise of veganism-a lifestyle and dietary choice that excludes all animal-derived products-has significantly influenced consumer preferences. Heightened awareness regarding animal welfare and the environmental impact of traditional dairy farming has accelerated the shift toward plant-based alternatives. Products such as soy milk, almond milk, and rice milk are gaining traction among health-conscious consumers who perceive plant-based options as healthier and more sustainable compared to animal-derived dairy.

Challenges:
The growth of the dairy alternatives market is hindered by several challenges, including limited consumer awareness, a shortage of skilled professionals, and the absence of standardized regulations and protocols, particularly in developing markets. These challenges have been exacerbated by the disruptions caused by lockdowns and social distancing measures. A critical concern in the industry is the potential for cross-contamination with allergens, which poses a significant health risk to individuals with food allergies or sensitivities-especially when common allergens like soy or nuts are involved. As the popularity of plant-based dairy alternatives continues to rise, it is imperative for both large and small manufacturers to implement stringent allergen management practices and adopt proactive safety measures.

Impact of COVID-19:
While the COVID-19 pandemic caused disruptions in the supply chain-affecting the sourcing of raw materials and impeding production processes-the dairy alternatives market experienced a lesser impact than initially anticipated. The pandemic contributed to a global increase in consumer interest in vegan and plant-based diets, resulting in a surge in demand for dairy substitute products. This trend is expected to support the market's continued growth in the post-pandemic period.

Regional Trends:
The Asia Pacific, dairy alternatives market is anticipated to record a major market share in the revenue. It is projected to grow at a high CAGR in the near future mainly because people have less free time and more money than ever. The demand for non-dairy alternatives to dairy products is projected to accelerate this trend. Because of the region's growing prosperity, soymilk is readily available, and its use is expected to increase. Besides, Europe had a considerable share in the market because of the region's growing interest in eating and drinking healthily. Many people drink beverages made from dairy alternatives to avoid the lactose in milk. Manufacturers in the area are putting a lot of effort into creating innovative new products, such as soy juice blends and fresh soy drinks.

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Recent Developments:
• In Aug 2023, Oatly Group AB and Deutsche Bahn (DB) have jointly declared the commencement of an expanded partnership that enables the provision of Oatly soft serve in all sixteen DB terminals throughout Germany for the first time. Last summer, all DB lounge visitors were granted access to Oatly branded self-service stations where they could purchase Vanilla Soft Serve, a plant-based beverage.
• In June 2023, Brightseed, a bioactives company, collaborated with Blue Diamond to increase knowledge regarding the health benefits of Californian almonds. Brightseed employed Forager, a proprietary artificial intelligence technology, to discern bioactives, plant-derived molecules that elicit particular health advantages.

Segmentation of Dairy Alternatives Market-
By Source-
• Soy
• Almond
• Coconut
• Rice
• Oats
• Hemp
• Other Sources
By Application-
• Milk
• Yogurt
• Ice Creams
• Cheese
• Creamers
• Butter
• Other Applications
By Formulation
• Flavored
• Plain
By Nutrient (Qualitative)
• Protein
• Starch
• Vitamins
• Other Nutrients
By Distribution Channel-
• Retail
o Supermarkets/Hypermarkets
o Health Food Stores
o Pharmacies
o Convenience Stores
o Other Retail Channels
• Online Stores
• Food services
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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InsightAce Analytic Pvt. Ltd.
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This release was published on openPR.