Dairy Alternatives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Dairy Alternatives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A1958
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Market Overview 2023-2028:

The global dairy alternatives market size reached US$ 28.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 52.7 Billion by 2028, exhibiting a growth rate (CAGR) of 11% during 2023-2028. The easy availability of dairy alternatives through offline and online organized distribution channels, growing health consciousness among the masses and continuous product innovations and development represent some of the key factors driving the market.

Report Attribute                                                            
 Key Statistics                   
Base Year
2022                            
Forecast Years
2023-2028
Historical Years
2017-2022
Dairy Alternatives Market Size in 2022
US$ 28.0 Billion
Dairy Alternatives Market Forecast in 2028
US$ 52.7 Billion
Dairy Alternatives Market Growth Rate (2023-2028)
11%                          


Dairy alternatives refer to plant-based food products that are mainly consumed as a substitute for dairy products, such as milk, cheese, and yogurt. These alternatives are gaining popularity among consumers who are lactose intolerant, vegan, or have a preference for plant-based diets. They also have several health benefits, such as low in calories, fat, and cholesterol compared to traditional dairy products. They are also a good source of several essential nutrients, such as calcium, vitamin D, and protein that aid in healthy weight management among individuals. Some of the most commonly preferred dairy alternatives among the masses include soy milk, almond milk, rice milk, coconut milk, oat milk, and cashew milk. These plant-based products are often fortified with vitamins and minerals to provide similar nutritional value as dairy products. Besides this, dairy alternatives are widely utilized as an ingredient in the preparation of various products in the food industry, such as baked goods, ice cream, and cheese substitutes. Due to the rising consumer awareness regarding its easy availability, there has been a considerable increase in the demand for dairy alternatives across the globe.

Global Dairy Alternatives Market

Dairy Alternatives Market Trends:

The global market is majorly driven by the growing health consciousness among the masses. Coupled with the rising preference for leading a healthy routine, changing dietary patterns of individuals and the increasing vegan population, this is providing a boost to the market. In line with this, the escalating rate of lactose intolerance and allergies among the masses is creating a positive market outlook. Along with this, numerous leading players are heavily investing in continuous product innovations and development to meet the evolving needs of consumers while strengthening their position in the market, further impacting the market favorably. Moreover, easy availability of dairy alternatives through offline and online organized distribution channels and the advent of home delivery models are significantly supporting the demand for dairy alternatives across the globe. Furthermore, continual technological advancements in the production processes are acting as growth-inducing factors. The market is further driven by growing spending on aggressive marketing strategies, celebrity endorsements, innovative packaging solutions and promotional campaigns. Other factors, including rapid urbanization, the proliferation of chain restaurants and quick service restaurants and inflating disposable income levels of individuals, are also positively influencing the market.

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global dairy alternatives market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on source, formulation, nutrient, distribution channel and product type.

Source Insights: 

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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

The report has provided a detailed breakup and analysis of the dairy alternatives market based on the source. This includes almond, soy, oats, hemp, coconut, rice and others. According to the report, soy represented the largest segment.

Formulation Type Insights: 

  • Plain
    • Sweetened
    • Unsweetened
  • Flavored
    • Sweetened
    • Unsweetened
       

A detailed breakup and analysis of the dairy alternatives market based on the formulation has also been provided in the report. This includes plain (sweetened and unsweetened) and flavored (sweetened and unsweetened). According to the report, plain formulation accounted for the largest market share.

Nutrient Insights: 

  • Protein
  • Starch
  • Vitamin
  • Others
     

The report has provided a detailed breakup and analysis of the dairy alternatives market based on the nutrient. This includes protein, starch, vitamin and others. According to the report, protein exhibits a clear dominance in the market.

Distribution Channel Insights: 

  • Supermarkets and Hypermarkets
  • Convenience Stores
  • Online Stores
  • Others
     

A detailed breakup and analysis of the dairy alternatives market based on the distribution channel has also been provided in the report. This includes supermarkets and hypermarkets, convenience stores, online stores and others. According to the report, supermarkets and hypermarkets hold the leading position in the market.

Product Type Insights: 

  • Cheese
  • Creamers
  • Yogurt
  • Ice Creams
  • Milk
  • Others
     

The report has provided a detailed breakup and analysis of the dairy alternatives market based on the product type. This includes cheese, creamers, yogurt, ice creams, milk and others. According to the report, milk represented the largest segment. 

Regional Insights: 

 

 
 

 

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  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for dairy alternatives. Some of the factors driving the Asia Pacific dairy alternatives market included the growing consumption of dairy alternatives among the masses, the emerging food and beverage industry, the advent of home delivery models, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global dairy alternatives market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Blue Diamond Growers, Döhler GmbH, Earth’s Own Food Company Inc., Eden Foods, Inc., Freedom Foods Group, Nutriops S.L., Organic Valley, Panos Brands, Sanitarium, SunOpta Inc., Hain Celestial Group, Inc., The Whitewave Foods Company (Danone North America), Triballat Noyal , Valsoia SpA, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report. 

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Source, Formulation, Nutrient, Distribution Channel, Product Type, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Blue Diamond Growers, Döhler GmbH, Earth’s Own Food Company Inc., Eden Foods, Inc., Freedom Foods Group, Nutriops S.L, Organic Valley, PANOS brands, Sanitarium, SunOpta Inc., Hain Celestial Group, Inc., The Whitewave Foods Company (Danone North America), Triballat Noyal, and Valsoia S.p.A
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Benefits for Stakeholders:  

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the dairy alternatives market from 2017-2028.  
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global dairy alternatives market.  
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region. 
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the dairy alternatives industry and its attractiveness. 
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global dairy alternatives market was valued at US$ 28.0 Billion in 2022.

We expect the global dairy alternatives market to exhibit a CAGR of 11% during 2023-2028.

The sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of dairy alternatives.

The expanding lactose-intolerance and vegan population, along with the increasing awareness towards numerous health benefits of consuming dairy alternatives, such as weight management, maintaining a healthy nervous system, RBC levels, etc., is primarily driving the global dairy alternatives market.

Based on the source, the global dairy alternatives market can be categorized into almond, soy, oats, hemp, coconut, rice, and others. Currently, soy holds the majority of the total market share.

Based on the formulation, the global dairy alternatives market has been segregated into plain and flavored, where plain accounts for the largest market share.

Based on the nutrient, the global dairy alternatives market can be divided into protein, starch, vitamin, and others. Among these, protein currently exhibits a clear dominance in the market.

Based on the distribution channel, the global dairy alternatives market has been bifurcated into supermarkets and hypermarkets, convenience stores, online stores, and others. Currently, supermarkets and hypermarkets hold the majority of the global market share.

Based on the product type, the global dairy alternatives market can be segmented into cheese, creamers, yogurt, ice creams, milk, and others. Among these, milk exhibits a clear dominance in the market.

On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market in the global market.

Some of the major players in the global dairy alternatives market include Blue Diamond Growers, Döhler GmbH, Earth’s Own Food Company Inc., Eden Foods, Inc., Freedom Foods Group, Nutriops S.L, Organic Valley, PANOS brands, Sanitarium, SunOpta Inc., Hain Celestial Group, Inc., The Whitewave Foods Company (Danone North America), Triballat Noyal, and Valsoia S.p.A.

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Dairy Alternatives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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