Market Size:
The global dairy alternatives market size was valued at USD 28.55 billion in 2023 and is projected to grow from USD 32.38 billion in 2024 to USD 91.15 billion by 2032, exhibiting a CAGR of 13.81% during the forecast period. (2024-2032)
Rise in the plant-based food substitutes has led to the demand for non-dairy products or dairy alternatives. Such alternative products are made from essentially legumes, nuts, or cereals. As per the report, the market is projected to grow during the projected period due to increasing veganism and rising inclination of consumers toward plant-based foods. Fortune Business Insights™ publishes this information in a report titled, "Dairy Alternatives Market, 2024-2032".
Segments:
Soy Segment to Lead the Market Due to High Availability
By source, the market is categorized into soy, almond, coconut, rice, oats, and others. The soy segment is anticipated to hold a dominating market position during the forecast period owing to increasing availability and rising demand for soy milk.
Non-dairy Milk Segment to Dominate Owing to Increasing Demand
Based on product type, the market is segregated into non-dairy milk, butter, cheeses, yogurts, ice cream, and others. The non-dairy milk segment is anticipated to lead the market share due to increasing demand from the vegan population.
Supermarket/Hypermarkets to Hold Highest Share Due to Their Affordability
On the basis of distribution channel, the market is divided into supermarkets/hypermarkets, convenience stores, online retail, and others. The supermarkets/hypermarkets segment is expected to dominate the market owing to its accessibility, affordability, and proximity.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Source: https://www.fortunebusinessinsights.com/industry-reports/dairy-alternatives-market-100221
Report Coverage:
This report analyzes recent industry trends and current market conditions using both qualitative and quantitative data. It explores key developments, advancements, drivers, and restraints that will influence market growth in the coming years. The report also examines the impact of COVID-19 and provides insights into regional markets and leading industry players.
Drivers & Restraints:
Increasing Veganism and Inclination Towards Plant-Based Foods to Bolster Market Growth
The market for plant-based food and vegan products is booming, driven by the growing popularity of dairy alternatives, plant-based ingredients, and meat and dairy substitutes. Consumers are increasingly drawn to these options due to their environmental benefits, as plant-based products typically have a lower water and carbon footprint compared to traditional dairy products.
However, low consumer awareness and sub-optimal market penetration may hamper market growth.
Regional Insights:
Asia Pacific Dominates Global Market Share Due to Rising Cases of Lactose Intolerance
Asia Pacific held a dominating part in the global dairy alternatives market share owing to rising cases of cow milk allergy and lactose intolerance among the population. Calorie concerns and higher prevalence of hypercholesterolemia and obesity are the major reasons for regional market growth.
North America is anticipated to hold the second-leading position due to the increasing demand for plant-based food products and surging veganism. Also, consumers intend to adopt a highly nutritional diet and develop their immunity.
Growth in South America is influenced by the rising shifts toward reduction in the consumption of animal-based products due to improving health, animal, and environmental welfare concerns.
Competitive Landscape:
New Product Launch Allow Companies to Improve their Business Performance
The leading companies focus on introducing products to attract customers and enhance their product portfolio. Rising adoption of the latest technologies and integration of emerging consumer demand allow companies to build their business performance. Key market players have also been trying to create more products. For instance, Danone S.A. acquired several leading plant-based brands recently to strengthen its vegan products portfolio. Products includes Silk, Vega, and Alpro.
Key Industry Development:
February 2023: Kagome USA launched sweet and savory vegan butter blends in the U.S. market. Kagome USA a leading global sauce producing company.
List of Key Players Profiled in the Market:
• Danone S.A. (France)
• Archer-Daniels-Midland Company (U.S.)
• Blue Diamond Growers (U.S.)
• SunOpta, Inc. (Canada)
• Vitasoy International Holdings Ltd (Hong Kong)
• Daiya Food, Inc. (Canada)
• Goya Foods, Inc. (U.S.)
• Living Harvest Foods, Inc. (India)
• Organic Valley (U.S.)
• Eden Foods, Inc. (U.S.)