The dairy alternative market is is moving on up, with a projected valuation of USD 46.8 billion by 2034. This translates to a compelling Compound Annual Growth Rate (CAGR) of 7.3%, signaling a lucrative opportunity for B2B investors seeking to capitalize on the rising consumer preference for plant-based alternatives. As health consciousness and ethical concerns take center stage, dairy alternatives are poised for significant growth in the coming decade.
Several key factors are driving the demand for dairy alternatives in the B2B market:
- Health and Wellness Focus: Consumers are increasingly prioritizing health and wellness, seeking plant-based options perceived as lower in cholesterol and saturated fats. This focus on preventive health creates a demand for fortified dairy alternatives that contribute to a balanced diet.
- Lactose Intolerance on the Rise: A growing number of people struggle with lactose intolerance, creating a demand for readily available lactose-free alternatives like soy milk, almond milk, and rice milk.
- The Vegan Revolution: Veganism and plant-based diets are gaining traction worldwide. Dairy alternatives are viewed as a healthy and ethical substitute for traditional dairy products, further propelling market growth.
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The B2B dairy alternative market is flourishing due to several key growth factors:
- Product Innovation: Leading manufacturers are constantly innovating, developing new plant-based milk formulations and exploring alternative sources like oat and pea milk. This caters to a wider range of dietary needs and taste preferences.
- Clean Label Movement: The clean label movement, emphasizing natural and recognizable ingredients, is influencing the dairy alternative industry. Manufacturers are responding by creating products with minimal processing and clear labeling of plant-based sources.
- Expansion Beyond Milk: The market is no longer limited to milk alternatives. Today, a diverse range of plant-based yogurts, cheeses, ice creams, and creamers are flooding the market, creating a more comprehensive dairy-free experience.
A Plant-Based Future Beyond Milk:
While plant-based milk alternatives remain a significant segment, the future holds exciting possibilities:
- Functional Dairy Alternatives: Formulations are being developed to address specific health concerns, such as gut health, bone health, and protein intake. This trend caters to a growing demand for personalized nutrition.
- Targeting Specific Demographics: Manufacturers are developing plant-based dairy alternatives targeted towards specific demographics, such as children, athletes, and aging populations.
- Emerging Markets on the Rise: The demand for dairy alternatives is rising in developing countries, fueled by growing disposable incomes, urbanization, and increasing awareness of lactose intolerance.
Key Market Highlights
- The growing health consciousness among consumers drives demand for dairy alternatives with lower cholesterol and lesser saturated fats.
- The rising cases of lactose intolerance stimulate sales of dairy alternatives such as soy milk, almond milk, rice milk, etc.
- The trend toward veganism and adopting plant-based diets is fueling growth in the market. Dairy alternatives are considered a healthier option as they are rich in essential vitamins and minerals.
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Some factors restrict the growth of the market. Soy and nuts can cause allergies in individuals, inhibiting their demand. The limited availability of raw materials to produce dairy alternatives is expected to create challenges for market players.
“Consumers are inclined toward the adoption of nutrient-rich dairy alternatives due to rising concerns related to the environment and sustainability. The market is expected to grow over the forecast period as awareness about plant-based food products is rising,” – Nandini Roy Choudhury, Client Partner at Future Market Insights
Key Takeaways from the Market Study
- The dairy alternative market is projected to rise at a CAGR of 7.3% from 2024 to 2034.
- The demand for dairy alternatives is expected to reach US$ 46,832.6 million by 2034.
- The market grew at a CAGR of 7.0% during the historical period.
- The soy segment is set to lead the market, holding a share of 48.2% in 2024.
- The B2C segment commands a share of 90.8% of the market by distribution channel in 2024.
- The market in Germany is projected to grow rapidly at a CAGR of 8.8% over the forecast period.
- The market in the United States is expected to rise at a CAGR of 4.3% through 2034.
- The market in India is expected to record a CAGR of 6.8% through 2034.
- The market in China is anticipated to increase at a CAGR of 3.5% over the forecast period.
Competition Analysis
The dairy alternative market is highly competitive. Several players are vying for a larger market share. Key companies are focusing on the development of lactose-free, low-fat dairy alternatives, which attract health-conscious customers. They are emphasizing innovation to expand their market reach.
New players can easily enter the market as complex technologies are not involved in the production of dairy alternatives. They can capitalize on this opportunity to enhance their market presence. Kat players in the market include The Hain Celestial Group, Inc., SunOpta Inc., Danone, Oatly, Vitasoy International Holdings Limited, Daiya Foods Inc., Melt Organic, Living Harvest Foods Inc., Ripple Foods, Earth’s Own Food Company Inc., etc.
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Key Segments Covered in the Dairy Alternative Market
By Source:
- Soy
- Almond
- Rice
- Coconut
- Oats
- Others
By Product:
- Regular/ Unflavoured
- 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
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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