Soaring Demand Set to Propel Dairy Alternatives Market to $23.25 Billion by 2029

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What Will the Dairy Alternatives Industry Market Size Be by 2025?
In recent times, a significant growth has been observed in the market size of dairy alternatives. It is projected to rise from $15.23 billion in 2024 to $16.75 billion in 2025, indicating a compound annual growth rate (CAGR) of 10.0%. The quantum leap in the historic period could be due to the growth in global population, an increase in disposable income, a surge in health-aware consumers, a shift towards veganism, and a favorable low interest rate environment.

What's the Long-Term Growth Forecast for the Dairy Alternatives Market Size Through 2029?
The market for dairy alternatives is projected to experience significant expansion in the coming years, reaching a market size of $23.25 billion in 2029, with an 8.5% Compound Annual Growth Rate (CAGR). The predicted growth during this period is linked to factors like the impact of digital media advertising and social media, governmental efforts to promote milk substitutes, the rise in lactose intolerance cases, enhanced penetration of structured retail, and betterment in cold chain infrastructure. Major trends for this period encompass the introduction of novel and creative products, increased focus on R&D lab investment, investing in advanced separation technologies, strategizing and executing marketing efforts, and broadening product range to include dairy-free alternatives in collaboration with other milk-alternative producers.

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What Are the Key Growth Drivers Fueling the Dairy Alternatives Market Expansion?
The expansion of the dairy alternatives market is anticipated due to a rise in lactose intolerance and milk allergies. Lactose intolerance, also known as congenital lactase deficiency, is a condition in which the small intestine fails to produce the lactase enzyme that is required to digest lactose. This results in undigested lactose progressing to the large intestine, leading to symptoms such as gas, bloating, and diarrhea. The Cleveland Clinic has reported that over 30 million individuals in America suffer from lactose intolerance. This situation is expected to drive an increased demand for dairy substitutes, subsequently enhancing the market's revenue throughout the predicted period.

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What Are the Key Trends Driving Dairy Alternatives Market Growth?
Principal companies in the dairy alternative sector are introducing novel products akin to NOT M'LK to serve consumers with specific dietary requirements. NOT M'LK is an oat-based non-dairy milk substitute. For example, in October 2023, Velike, an organic oat beverage manufacturer based in Germany launched NOT M'LK, a milk substitute which is devoid of dairy, gluten, and nuts and caters to lactose intolerant individuals or those preferring a plant-oriented diet. NOT M'LK utilizes oats procured solely from farms located in the Black Forest and other areas in Baden-Württemberg. The employment of locally sourced oats not only bolsters the regional economy but also minimizes the product's carbon footprint.

How Is the Dairy Alternatives Market Segmented?
The dairy alternatives market covered in this report is segmented -

1) By Product Type: Non-Dairy Milk, Butter, Cheese, Yogurts, Ice Cream, Others
2) By Source: Almond, Soy, Oats, Hemp, Coconut, Rice, Other Sources
3) By Distribution Channel: Supermarkets, Health Food Stores, Pharmacies, Convenience Stores, Online Stores, Other Distribution Channels

Subsegments:
1) By Non-Dairy Milk: Almond Milk, Soy Milk, Oat Milk, Coconut Milk, Rice Milk, Cashew Milk, Hemp Milk, Pea Protein Milk
2) By Butter: Vegan Butter, Coconut Oil-Based Spreads, Olive Oil-Based Spreads, Almond Butter
3) By Cheese: Vegan Cheese Slices, Shredded Vegan Cheese, Cream Cheese Alternatives, Cheese Spreads
4) By Yogurts: Almond Milk Yogurt, Coconut Milk Yogurt, Soy Milk Yogurt, Cashew Milk Yogurt, Oat Milk Yogurt
5) By Ice Cream: Almond Milk Ice Cream, Coconut Milk Ice Cream, Soy Milk Ice Cream, Oat Milk Ice Cream, Cashew Milk Ice Cream
6) By Others: Dairy-Free Creamers, Dairy-Free Sour Cream, Dairy-Free Whipped Toppings, Other Specialty Products

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Which Companies Are Leading the Charge in Dairy Alternatives Market Innovation?
Major companies operating in the dairy alternatives market include Danone S.A., Blue Diamond Growers, The Hain Celestial Group, Inc., Oatly Group AB, Vitasoy International Holdings, SunOpta Inc., Unilever PLC, Freedom Foods Group Limited, Nestlé S.A., Daiya Foods Inc., Life Health Foods Private Limited, Rakyan Beverages Private Limited, Dabur Ltd, Sahmyook Foods, Bonsoy, Hebei Yangyuan Zhihui Beverage Co. (Yang yuan walnut milk), Coconut palm, Yinglu (peanut milk), Dali foods (soy milk), Lulu (almond milk), Follow Your Heart, Sanitarium Health and Wellbeing Company, Axiom Foods, Inc., Conagra Brands, Earth's Own Food Company, Inc., Agrana, Efko Group, Jogurty Magda, Albalact, First Choice Ingredients, Organic Valley, Zahini, Archer Daniels Midland Company, Nutriops S. L., Alpro, Arla, Soyfresh, Koita, Diamond River General Trading Llc, Bartech International Llc, Synergs General Trading Fzc, Soy Afric Limited, Panos Brands Llc, Eden Foods Inc.

Which Regions Are Leading the Global Dairy Alternatives Market in Revenue?
Asia-Pacific was the largest region in the dairy alternatives market in 2024. Western Europe was the second-largest region in the global dairy alternatives market. The regions covered in the dairy alternatives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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