Dairy Alternatives Market

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.

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.

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.

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: 

• 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: 

• 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:

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.