Global Dairy Alternatives Market to Reach US$ 73.3 Billion by 2032, Facilitated by Increasing Lactose Intolerance Population

July 06, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled “Dairy Alternatives Market Report by Source (Almond, Soy, Oats, Hemp, Coconut, Rice, and Others), Formulation Type (Plain, Flavored), Nutrient (Protein, Starch, Vitamin, and Others), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Stores, and Others), Product Type (Cheese, Creamers, Yogurt, Ice Creams, Milk, and Others), and Region 2024-2032,” the global dairy alternatives market size reached US$ 31.1 Billion in 2023. Dairy alternatives are products that are used as substitutes for traditional dairy products, such as milk, cheese, yogurt, and butter. They can be made from plan- based ingredients or non-dairy animal sources like milk of goat or sheep. They are designed to mimic the taste, texture, and nutritional profile of dairy products, which makes them suitable for individuals who are lactose intolerant, follow a vegan or vegetarian diet or prefer to avoid dairy for health and environmental reasons.

Global Dairy Alternatives Market Trends:

With the increasing number of lactose intolerant individuals and the growing adoption of veganism, there is a rise in the demand for dairy alternative products. This represents one of the major factors augmenting the market growth around the world. Moreover, the increasing consumer awareness about the benefits of consuming plant-based food products is favoring the growth of the market. In addition, product manufacturers are financing advertising campaigns through social media endorsements for improving their existing sales and profitability. Apart from this, rising sales of dairy alternative products via various online food delivery applications due to the easy availability, busy lifestyles, numerous payment methods, and doorstep delivery facility is strengthening the growth of the market. Looking forward, the market value is projected to reach US$ 73.3 Billion by 2032, expanding at a CAGR of 9.7% during 2024-2032.

Market Summary:

  • Based on the source, the market has been segmented into almond, soy, oats, hemp, coconut, rice, and others. Presently, soy represents one of the major dairy alternatives.
  • On the basis of the formulation, plain currently accounts for the biggest share in the market, followed by flavored.
  • Based on the nutrient, the market has been segregated into protein, starch, vitamin, and others. At present, protein dominates the overall market.
  • On the basis of the distribution channel, the market has been classified into supermarkets and hypermarkets, convenience stores, online stores, and others. Supermarkets and hypermarkets exhibit a clear dominance in the market.
  • Based on the product type, the market has been categorized into cheese, creamers, yogurt, ice creams, milk, and others. Presently, milk holds the largest market share.
  • Region-wise, the market has been divided into 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. Amongst these, Asia Pacific enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being 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 SpA.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
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
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Global Dairy Alternatives Market to Reach US$ 73.3 Billion by 2032, Facilitated by Increasing Lactose Intolerance Population
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