Press release
Dairy Alternatives Market to Surpass USD 61.49 Billion by 2030
Dairy Alternatives Market
The global dairy alternatives market is experiencing significant growth, projected to expand from USD 26.76 billion in 2023 to USD 61.49 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 12.62%. This surge is fueled by increasing consumer awareness of lactose intolerance, rising veganism, and environmental concerns associated with traditional dairy production.
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◉ Global Dairy Alternatives Market Competitive Landscape
The dairy alternatives market is characterized by intense competition, with key players focusing on innovation and strategic partnerships to enhance their market presence. Prominent companies include Danone S.A., Blue Diamond Growers, SunOpta Inc., Vitasoy International Holdings Ltd., The Hain Celestial Group, Inc., Califia Farms, Ripple Foods, Daiya Foods Inc., Eden Foods, Inc., and Valsoia S.p.A.
◉ Global Dairy Alternatives Market Regional Demand Highlights
The Asia-Pacific region leads the global dairy alternatives market, with countries like India, China, Japan, and South Korea collectively holding over 70% of the market share. This dominance is attributed to high lactose intolerance rates, a significant vegetarian population, and growing health consciousness.
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◉ Global Dairy Alternatives Market Country-Specific Developments
Growth Opportunities in Vietnam
Vietnam is witnessing a gradual shift towards plant-based diets, driven by increasing health awareness and urbanization. The country's young population is more open to trying dairy alternatives, presenting opportunities for market expansion.
Trends in Thailand
Thailand's dairy alternatives market is growing, supported by government initiatives promoting healthy eating and sustainability. The rise in lactose intolerance cases and environmental concerns are influencing consumers to opt for plant-based options.
Consolidation in Japan
Japan is experiencing consolidation in the dairy alternatives sector, with companies like Kikkoman Corporation and Marusan-Ai Co., Ltd. expanding their product portfolios through mergers and acquisitions to cater to the increasing demand for plant-based products.
Updation in South Korea
South Korea's market is evolving, with a surge in innovative dairy alternative products. Companies are investing in research and development to introduce unique flavors and nutritionally enhanced options to meet consumer preferences.
Opportunity in Singapore
Singapore presents significant opportunities for dairy alternatives, driven by its diverse population and high disposable income. The government's support for sustainable food sources further encourages the adoption of plant-based dairy products.
Growth in the United States
The United States remains a key market, with a growing number of consumers adopting plant-based diets. Innovations in taste and texture, along with increased availability in retail outlets, are propelling market growth.
Trends in China
China's dairy alternatives market is expanding rapidly, influenced by rising health consciousness and government campaigns promoting plant-based diets. Domestic companies are launching new products to meet the diverse tastes of consumers.
Consolidation in Europe
Europe is witnessing consolidation in the dairy alternatives market, with major players acquiring smaller companies to strengthen their market position. The region's stringent regulations on dairy labeling are also shaping market dynamics.
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Dairy Alternatives Market Segment Analysis:
By Source
Soy
Almond
Coconut
Rice
Oats
Others
the Soy segment held the maximum market share of more than 40% in 2023 and dominated the global dairy alternatives market. The segment is expected to grow at a CAGR of 9.42% and offer lucrative growth opportunities for the dairy alternatives manufacturers during the forecast period. The key factors boosting soy milk demand are shifting consumer preferences toward vegan meals and an increase in incidences of lactose intolerance.
By Application
Milk
Ice Cream
Yogurt
Cheese
Creamers
Butter
Other
By Distribution Channel
Supermarket & Hypermarkets
Convenience Stores
Online retail
Others
◉ Key Recent Developments
In February 2023, Milo introduced "Milo Soy," blending soybeans with barley malt to offer a unique dairy alternative beverage.
In May 2023, Rude Health, a UK-based brand, launched organic almond milk without added sugars, catering to health-conscious consumers.
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◉About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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