The dairy alternative market refers to the sector of the food industry that provides plant-based alternatives to traditional dairy products like milk, cheese, yogurt, and ice cream. These alternatives are typically made from sources such as nuts (e.g., almonds, cashews), soybeans, coconuts, oats, rice, and hemp.
The global dairy alternatives market is poised for remarkable growth, projected to double its value to US$ 46,832.6 million by 2034, according to a recent market analysis. The market, currently valued at US$ 23,082 million in 2024, is expected to rise at a robust CAGR of 7.3% from 2024 to 2034.
Tap into Market Opportunities and Stay Ahead of Competitors – Get Your Sample Report Now: https://www.futuremarketinsights.com/reports/sample/rep-gb-4852
Factors driving the growth of the dairy alternative market include:
- Rising awareness of lactose intolerance and dairy allergies: Many individuals are unable to consume dairy products due to lactose intolerance or allergies to dairy proteins. Dairy alternatives offer a solution for these consumers.
- Increasing demand for plant-based products: Growing concerns about health, environmental sustainability, and animal welfare have led to a rise in demand for plant-based food and beverages, including dairy alternatives.
- Changing dietary preferences: Consumers are increasingly seeking out vegetarian, vegan, and flexitarian diets, which involve reducing or eliminating animal products. Dairy alternatives provide options that align with these dietary preferences.
- Innovation and product development: Food manufacturers are continuously developing new and improved dairy alternative products, offering a wide variety of flavors, textures, and formulations to cater to different consumer preferences.
- Retail expansion and accessibility: Dairy alternatives are now widely available in grocery stores, supermarkets, health food stores, and online retailers, making them more accessible to consumers across various demographics.
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.
“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.
Embrace Smarter Choices With Our Methodology-Derived Insights: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-4852
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.
Conclusion:
The dairy alternatives market is undergoing significant transformation driven by shifting consumer preferences, health consciousness, and sustainability concerns. As the market continues to evolve, opportunities abound for innovative product development and strategic partnerships to meet the diverse needs of consumers worldwide.
For More Information: Get in touch with our analysts to discover more about growth opportunities in the Dairy Alternative Market. Customize your report by selecting specific countries or regions and save up to 30%.