Dairy Alternatives Market will be US$ 75.70 billion by 2032

Dairy Alternatives Market Analysis

Global Dairy Alternatives Market will reach US$75.70 billion by 2032, up from US$29.07 billion in 2023. It is projected to increase at a CAGR of 11.22% from 2024 to 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.

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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.

One of the primary drivers of the dairy alternatives market is the increasing demand for plant-based foods among consumers seeking healthier and more sustainable dietary options. Plant-based dairy alternatives are often perceived as lower in calories, cholesterol-free, and easier to digest than traditional dairy products, making them appealing to health-conscious individuals and those with dietary restrictions or lactose intolerance.

Environmental sustainability is another key factor driving the adoption of dairy alternatives. The dairy industry has significant environmental impacts, including greenhouse gas emissions, water usage, and deforestation. Plant-based options have a lower carbon footprint and require fewer natural resources to produce, making them a more environmentally friendly choice for consumers concerned about sustainability and animal welfare.

Technological advancements and product innovation have played a crucial role in the growth of the dairy alternatives market. Manufacturers have developed a variety of plant-based ingredients, such as soy, almond, coconut, oat, and pea protein, to replicate the taste, texture, and nutritional profile of dairy products. These innovations have led to a proliferation of dairy alternative products in the market, ranging from milk alternatives for coffee and cereal to plant-based cheese and yogurt alternatives for cooking and snacking.

Changing consumer lifestyles and preferences, including the rise of veganism and flexitarianism, have also contributed to expanding the dairy alternative market. As more consumers adopt plant-based diets for health, ethical, or environmental reasons, the demand for dairy alternatives grows, creating opportunities for new product development and market expansion.

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 present in the global dairy alternatives industry include 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 intended to have the same nutritional profile as dairy milk.

Jan 2024: Plenish, a leading manufacturer of plant-based beverages, is launching its first comprehensive campaign, featuring the entire array of goods and a new tagline: "It's all good."

Jan 2024: Oatly Group AB introduced the US market with two new beverage innovations: Super Basic Oatmilk and Unsweetened Oatmilk.

Product – Market breakup in 6 viewpoints:

Milk
Yogurt
Cheese
Ice Cream
Creamer
Others

Source – Market breakup in 6 viewpoints:

Soy
Almond
Coconut
Rice
Oats
Others

Distribution Channel – Market breakup in 4 viewpoints:

Supermarkets and Hypermarkets
Convenience Stores
Online Retail
Others

Country – Market breakup of 25 Countries:

North America

1.1 United States

1.2 Canada

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

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

Latin America

4.1 Brazil

4.2 Mexico

4.3 Argentina

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:

Danone S.A.
SunOpta Inc.
Blue Diamond Growers Inc.
Noumi Limited
Vitasoy International Holdings Limited
Oatley Group AB
The Hain Celestial Group Inc.
Archer-Daniels-Midland Company

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India Snacks Market

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