Non-Dairy Milk Market Expected to Hit US$ 37.47 Bn by 2031 - Persistence Market Research

The global non-dairy milk market is witnessing robust expansion, driven by a significant shift in consumer preferences toward healthier, sustainable, and plant-based dietary choices. As of 2024, the market is valued at approximately US$16.84 Bn and is projected to grow at a compelling CAGR of 12.1% through 2031, reaching an estimated US$37.47 Bn. The key drivers behind this growth include rising awareness of lactose intolerance, increasing veganism, heightened environmental consciousness, and a general preference for plant-based nutrition. Almond and oat milk currently dominate the market, with oat milk gaining rapid traction due to its creamy texture and sustainability profile.

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Geographically, the Asia Pacific region leads in terms of growth rate, registering a CAGR of about 15%, thanks to a growing middle-class population, increasing cases of lactose intolerance, and evolving dietary patterns favoring plant-based foods. Europe and North America remain mature yet highly innovative markets, emphasizing taste improvement and fortified options.

Key Highlights from the Report:

➤ The non-dairy milk market is set to grow from US$16.84 Bn in 2024 to US$37.47 Bn by 2031.
➤ Asia Pacific is the fastest-growing regional market, driven by health awareness and plant-based diets
➤ Almond milk holds the largest market share, while oat milk shows the highest growth rate.
➤ Online stores are expected to quadruple their share in the non-dairy milk market by 2030.
➤ Emerging markets like Southeast Asia and Latin America offer significant untapped potential.
➤ Nestlé and Perfect Day are spearheading product innovation with oat-based and animal-free dairy proteins.

Market Segmentation

The market is segmented by product type into almond milk, soy milk, coconut milk, oat milk, cashew milk, and others. Almond milk leads the category due to its wide availability and consumer acceptance, while oat milk is rising rapidly due to its texture, nutritional benefits, and minimal environmental footprint. Soy milk remains a staple due to its high protein content, particularly popular in Asian countries.

By distribution channel, supermarkets and hypermarkets dominate sales, offering a wide variety of non-dairy options. Online retail, however, is witnessing exponential growth due to convenience, wider selection, and increasing digital penetration, especially among younger, urban populations. Specialty and convenience stores continue to serve niche markets.

Regional Insights

Asia Pacific leads in market growth, fueled by the region's high prevalence of lactose intolerance, rising income levels, and increasing exposure to global food trends. Countries like China, India, and Thailand are key contributors. Europe follows closely, driven by regulatory support for plant-based foods and widespread vegan trends. North America, while a mature market, continues to innovate, particularly in oat milk and fortified beverages. Latin America and the Middle East & Africa are gradually catching up, spurred by urbanization and health awareness.

Market Drivers

The surge in health-conscious behavior is one of the most prominent drivers for the non-dairy milk market. Consumers are moving away from traditional dairy due to lactose intolerance, cholesterol concerns, and weight management goals. The association of non-dairy milk with lower fat content and high nutrient density adds to its appeal. Moreover, consumers are increasingly leaning towards plant-based lifestyles, further propelling the demand for non-dairy milk alternatives.

Market Restraints

High production and distribution costs pose a major challenge for the non-dairy milk market. Compared to dairy, plant-based milk often requires more resources and specialized processes, making it expensive. These costs are passed on to consumers, making non-dairy milk a premium product in many markets. Additionally, taste and texture inconsistencies across various brands and plant sources continue to hinder mass adoption. Many consumers still prefer the taste profile of traditional dairy, creating resistance to change.

Market Opportunities

Coffee shops and cafes present a substantial growth opportunity. As global coffee culture booms, plant-based milks are becoming popular alternatives for lattes and cappuccinos. Offering oat or almond milk upsells provides significant margin advantages. Furthermore, emerging markets such as Southeast Asia and Africa, with rising disposable incomes and increasing urbanization, offer untapped potential. Local production partnerships can accelerate market penetration in these regions.

Frequently Asked Questions (FAQs):

◆ How Big is the Non-Dairy Milk Market in 2024?
◆ Who are the Key Players in the Global Market for Non-Dairy Milk?
◆ What is the Projected Growth Rate of the Non-Dairy Milk Market?
◆ What is the Market Forecast for Non-Dairy Milk by 2032?
◆ Which Region is Estimated to Dominate the Non-Dairy Milk Industry through the Forecast Period?

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Company Insights

• Danone (Silk, So Delicious)
• Blue Diamond Growers
• Oatly Group
• Ripple Foods
• Califia Farms
• Elmhurst 1925
• Nestlé (Wunderoots)
• Perfect Day

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