Dairy Alternatives Market Insights & Analysis on Source (Soy, Almond, Coconut, Rice, Oats) Forecast by 2033

The dairy alternatives market was worth US$ 21.2 billion in 2023 and is expected to grow to US$ 47.1 billion by 2033, with an 8.3% CAGR from 2023 to 2033.

Plant-based dairy alternatives’ high nutritional value and functionality profile are expected to be a primary growth driver for the industry forecast. Non-dairy beverages are thought to have higher nutritional qualities than regular milk and milk products. It not only helps lactose intolerant people meet their daily nutritional requirements, but it also helps them fight cholesterol by avoiding animal-based products.

The dairy alternatives market consists of product sales as well as related services. Dairy substitutes are foods and beverages that are used in place of dairy products. These items are derived from plants such as cereals (rice, oats), legumes (soy), seeds (hemp, flax), nuts (peanuts, almonds), and other grains (teff, quinoa).

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Soy milk, rice milk, oat milk, coconut milk, and flaxseed milk are dairy milk replacements; soft cheese and hard cheese are cheese substitutes; and butter substitutes include nut butter, coconut butter, vegetable oil blends, and cultured vegan butter.

Non-dairy milk, butter, cheese, yoghurts, ice cream, and other product categories are the most common product types. Butter is a solid emulsion of fat globules, water, and inorganic salts created by churning cow’s milk cream. Almond, soy, oats, hemp, coconut, rice, and other product types are some dairy replacements. Supermarkets, health food stores, pharmacies, convenience stores, and online businesses sell dairy replacements.

The lack of consumer understanding about the nutritional benefits of dairy replacement products is projected to stymie industry expansion. Many dairy users believe that dairy replacements have less nutrition than cow’s milk and other dairy products. According to the Cargill Study, around 90% of American households utilize dairy products as part of their daily meals, whereas only 4% of the population consumes entirely non-dairy products. As a result, a lack of public understanding about the nutritional benefits of dairy alternatives will stymie industry expansion in the future years.

Key Points

  • The Dairy Alternatives Market is expected to develop at an 8.3% CAGR between 2023 and 2033.
  • More than 80% of Southeast Asians are lactose intolerant, according to the National Institutes of Health.
  • In the dairy substitutes market, the soy category held the biggest share.

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Recent Developments

  • In July 2017, SunOpta sold equipment on one of two Lehigh Valley production lines.
  • April 2017 – Danone S.A. (France) was created by WhiteWave Foods Company, an industry entrepreneur. This acquisition will assist Danone S.A in focusing on increasing sales of factory-based products.
  • In December 2019, Nestle’s iconic health-drink brand Nesquik announced the debut of GoodNes, the company’s first plant-based health drink created from a blend of pea protein and oat milk. Nestle claims that its new dairy alternative health beverages have the same nutritional content as regular milk, including 2g of dietary fibre and 6g of protein per cup.
  • April 2022 – Wicked foods, Inc., an American plant-based food manufacturer, revealed its new line of plant-based ice creams and novelty goods.
  • January 2022 – Chobani LLC introduced a new range of four plant-based coffee creamers that are free of GMOs, artificial flavors, and sweeteners.

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By Source:

  • Soy
  • Almond
  • Rice
  • Coconut
  • Oats
  • Others

By Product:

  • Regular/ Unflavored
    • Soy Milk
    • Almond Milk
    • Coconut Milk
    • Oat Milk
    • Others (Hemp, Flax, etc.)
  • Flavored
    • Soy Milk
    • Almond Milk
    • Coconut Milk
    • Oat Milk
    • Others (Hemp, Flax, etc.)

By Nature:

  • Organic
  • Conventional

By Distribution Channel:

  • Direct Sales/ B2B
  • Indirect Sales/ B2C
    • Hypermarkets/ Supermarkets
    • Convenience Stores
    • Mass Grocery Retailers
    • Specialty Stores
    • Online Retail

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.

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