Dairy Alternatives Market Report by Product (Milk, Yogurt, Cheese, Ice Cream, Creamer, Others), Source (Soy, Almond, Coconut, Rice, Oats, Others), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, Others), Country and Company Analysis 2024-2032

Dairy Alternatives Market Outlook

The Global Dairy Alternatives Market size was valued at US$ 29.07 Billion in 2023. It is projected to increase at a CAGR of 11.22% from 2024 to 2032. Renub Research forecasted the value to be US$ 75.70 Billion by 2032.

Dairy alternatives are foods and drinks that can be substituted for dairy products. They are made from plants and are regarded as healthy dairy substitutes. Soy, rice, and almond milk are the most often used dairy substitutes worldwide. Because dairy substitutes contain many essential vitamins and minerals, they are regarded as healthful. They are lactose-free and deficient in fat and cholesterol.

Growing demand for dairy substitutes has resulted in a substantial shift in consumer preferences, affecting the worldwide food and beverage business in recent years. This pattern reflects shifting consumer perceptions of sustainability, ethical issues, and health. The demand for dairy substitutes is increasing as more consumers look for alternatives to cut back on or avoid dairy products from their diets altogether.

Global Dairy Alternatives Market Trends

Rise in Lactose Intolerant Population

Growing lactose intolerance and milk allergy rates are expected to substantially impact the dairy substitutes market. Customers who are intolerant to lactose prefer plant-based, lactose-free alternatives to get more calcium and micronutrients. Due to rising consumer health concerns and disposable income, the market for dairy-free alternatives is predicted to grow in both developed and developing nations. Increased demand for lower-fat and cholesterol goods and increasing consumer knowledge of the benefits of a healthy diet will present new chances for rivals in the dairy alternatives market.

An estimated 2% to 6% of persons globally are allergic to milk proteins, according to estimates from the UN FAO (Food and Agriculture Organisation). Further, as per the National Institute of Diabetes and Digestive and Kidney Diseases, experts estimate that lactose malabsorption affects roughly 68% of people worldwide.

The rise of the vegan lifestyle and the adoption of a diet high in nutrients

The market is experiencing growth as a result of changing consumer lifestyle preferences. The growing popularity of plant-based diets is increasing demand for dairy alternatives, driving demand for dairy substitutes. The market is expanding because many are strongly inclined to eat foods abundant in proteins, minerals, and vitamins. Furthermore, the growing popularity of these dietary choices has been impacted by several causes, including personal health, environmental concerns, and animal welfare concerns. As per the World Animal Foundation, around 88 million people worldwide are classified as vegans.

Expanding Product Offering and Expanding Market Share to Guarantee Market Success in the long run

As veganism becomes increasingly popular, plant-based milk and milk products will likely achieve more market share and faster growth rates than their equivalents made from dairy in the years to come. Leading companies are introducing a range of dairy substitutes made from soy, coconut, almond, and other sources. In addition, vegan foods—which include dairy substitutes—are being promoted by celebrities, which is expected to drive the industry in the upcoming years.

For instance, the plant-based milk company Silk launched a print and out-of-home campaign on February 2023, which pays homage to MilkPEP's famous 1993 advertisement, "Got Milk?" The campaign ran for more than 20 years. The children of celebrities from the original MilkPEP ad, such as Ella Bleu Travolta, Sailor Brinkley Cook, and Brooklyn Peltz Beckham, have been portrayed in Silk's plant-based tribute to Got Milk? which features milk mustaches free of dairy. 

Asia Pacific Dairy Alternatives Market

Asia-Pacific is one of the largest consumers of dairy alternatives, driven by the region's enduring custom of plant-based diets, especially in nations like China and India, with a significant vegetarian and vegan population. As per the World Animal Foundation, 13% of the people in India are vegans. Because of the prevailing plant-based food preferences in the region, there is a significant demand for dairy substitutes, propelling market expansion. Furthermore, by enacting laws and policies that encourage the manufacturing and use of plant-based goods, the region's governments have helped shape the market for dairy substitutes.

Global Dairy Alternatives Market News

Some major companies are present in the global dairy alternatives industry. These are Danone S.A., SunOpta Inc., Blue Diamond Growers Inc., Noumi Limited, Vitasoy International Holdings Limited, Oatley Group AB, The Hain Celestial Group Inc., and Archer-Daniels-Midland Company.

• Feb 2024: California-based premium plant-based beverage company Califia Farms has announced the launch of its newest product, Califia Farms Complete, a nutritionally enriched blend of pea, fava bean, and chickpea protein. California Farms Complete is a plant-based milk with 50% less sugar and is intended to have the same nutritional profile as dairy milk.
• Jan 2024: Leading manufacturer of plant-based beverages, Plenish, is launching its first comprehensive campaign that features the entire array of goods and a new tagline, "It's all good."
• Jan 2024: Super Basic Oatmilk and Unsweetened Oatmilk are two new beverage innovations that Oatly Group AB introduced to the US market.
• Feb 2023: Leading international sauce manufacturer Kagome USA has introduced savory and sweet vegan butter blends to the United States market.
• June 2022: The manufacturer of plant-based beverages, Strive Nutrition Corp., partnered with Perfect Day to introduce a new range of dairy substitutes. Perfect Day's vegan whey protein enhances this new line of items.
• April 2022: Wicked Food Inc. introduced a first-to-market offering in the United States: an innovative line of plant-based ice creams and novelties created with the lupini bean.

Product – Market breakup in 6 viewpoints:

1.    Milk 
2.    Yogurt
3.    Cheese
4.    Ice Cream
5.    Creamer
6.    Others

Source – Market breakup in 6 viewpoints:

1.    Soy
2.    Almond
3.    Coconut
4.    Rice
5.    Oats
6.    Others

Distribution Channel – Market breakup in 4 viewpoints:

1.    Supermarkets and Hypermarkets
2.    Convenience Stores
3.    Online Retail
4.    Others

Country – Market breakup of 25 Countries:

1.    North America

1.1    United States
1.2    Canada

2.    Europe

2.1    France
2.2    Germany
2.3    Italy
2.4    Spain
2.5    United Kingdom
2.6    Belgium
2.7    Netherland
2.8    Turkey

3.    Asia Pacific

3.1    China
3.2    Japan
3.3    India
3.4    South Korea
3.5    Thailand
3.6    Malaysia
3.7    Indonesia
3.8    Australia
3.9    New Zealand

4.    Latin America

4.1    Brazil
4.2    Mexico
4.3    Argentina

5.    Middle East & Africa

5.1    Saudi Arabia
5.2    UAE
5.3    South Africa

All the key players have been covered from 4 Viewpoints:

•    Business Overview
•    Product Portfolio
•    Recent Development
•    Revenue Analysis

Key Players Analysis:

1.    Danone S.A.
2.    SunOpta Inc.
3.    Blue Diamond Growers Inc.
4.    Noumi Limited
5.    Vitasoy International Holdings Limited
6.    Oatley Group AB
7.    The Hain Celestial Group Inc.
8.    Archer-Daniels-Midland Company

Report Details: