Dairy Alternatives Market: Global Industry Analysis and Forecast (2023-2029)

Dairy Alternatives Market size was valued at US$ 25.81 Billion in 2022 and the global Dairy Alternatives revenue is expected to grow at 12.5% through 2023 to 2029, reaching nearly US$ 58.88 Billion.
Dairy Alternatives Market Overview:
A dairy alternative is any substance that resembles milk and has the same flavor as that regular milk. Such alternatives are known as non-dairy products. Dairy alternatives have two types; the first is plant-based milk and the second is coffee creamer (a commercially produced synthetic product to replace milk in regular coffee-based beverages.). Plant-based milk is created from plants extracts and water. The primary consumers of these products are lactose intolerants and patients suffering from hypercholesterolemia. Coconut milk has been traditionally used as a dairy alternative in many South Asian countries.To know about the Research Methodology :- Request Free Sample Report

In this report Dairy alternatives market's growth reasons, as well as the market's many segments, are discussed. Data has been given by market participants, regions, and specific requirements. This market study includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the dairy alternatives market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global dairy alternatives market condition.
Dairy Alternatives Market Dynamics:
The major driver in the dairy alternatives market is the rising number of milk-allergic consumers and lactose-intolerant consumers around the globe. The common systems of lactose intolerance are indigestion, abdominal pain. Experts estimate that about 65% of the total world population has lactose mal-absorption. The rising awareness about lactose intolerance among global consumers is expected to propel market growth in the forecast period (2023-2029).

A major restraint in the dairy alternatives market is the health defects and allergies caused by plant-based dairy products like almond and coconut milk. Nut-based products are known to cause allergies that affect respiratory tracts. The human immune system assumes the harmless proteins from these nuts as threats and develops a reaction to them. These factors are projected to affect the growth of nut-based dairy alternatives like almond milk in the aforementioned forecast period.

A challenge in the dairy alternative market is the price fluctuation triggered due to the unavailability of raw materials. The oat milk manufacturing industry is currently facing price volatility problems due to the unavailability of raw materials. Such trends are expected to negatively impact the market growth in the same forecast period.
Dairy Alternatives Market Segment Analysis:
By Source, the Almond milk segment dominated the dairy alternative market in the year 2022 followed by soy milk. This can be attributed to the growing popularity of almond milk among vegan consumers around the globe. Another reason for the popularity and demand for almond milk in the global market is the health benefits it has to offer. It helps to relieve the symptoms of diseases related to the kidney and heart. That’s why the patients who are recommended a ketogenic diet by their doctors prefer almond milk.

The soy milk segment is expected to witness a high CAGR in the forecast period (2023-2029). This can be attributed to the easy availability of raw materials in the making of soy milk. i.e. milk and water. However, that is not the case when it comes to the growth of the oatmeal segment. The presence of cardio-protective omega-three fatty acids in soy milk is expected to contribute to the overall growth of the market in the aforementioned forecast period.

By Product, the Non-Dairy milk segment dominated the dairy alternatives market in the year 2022 with it held more than 70% of the total share in 2022. This is due to milk being the primary ingredient in many dairy-based products like yogurt, cheese, and ice cream. Now that the number of consumers who prefer non-dairy products is increasing. These consumers tend to prefer products like ice cream and cheese without any dairy content in them. To manufacture these non-dairy products; the manufacturers need a huge and constant supply of non-dairy milk. i.e almond and soy milk. This trend is projected to drive the growth of the non-dairy milk segment in the aforementioned forecast period.



By Distribution Channel, Supermarkets and hypermarkets accounted for almost 40% of the dairy alternative market in the year 2022. This can be attributed to consumer preference of these outlets due to the availability of many consumer goods under one roof. The growth of the convenience store segment is projected to be the highest in developing countries like India due to the absence of supermarkets in rural areas. Therefore, the majority of consumers in these countries prefer convenience stores for their purchases of dairy alternatives as well as other products.
Dairy Alternatives Market Regional Insights:
The Asia-Pacific region dominated the dairy alternative market in the year 2022. This can be attributed to China being the leading importer of almond milk in the region in the same year with over US$ 609 million worth of imports. Cambodia followed China in terms of almond milk imports in the same year with US$ 441 million worth of imports.

The North American region followed the Asia-Pacific region in terms of market share in the year 2022. This can be correlated with the United States being the largest importer of Almond milk in the same year with over US$ 925 million worth of imports. Canada followed the United States with over US$ 579 million worth of imports in the same year.

Among the European countries, Switzerland was the largest exporter of soy milk in the year 2021 with US$ 1.8 billion worth of exports. The rising number of vegan consumers in the European region is expected to propel the dairy alternative market growth in the forecast period (2022-2029).

The objective of the report is to present a comprehensive analysis of the Dairy Alternatives market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Dairy Alternatives market dynamics, structure by analyzing the market segments and projecting the Dairy Alternatives market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Dairy Alternatives market make the report investor’s guide.
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Global Dairy Alternatives Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 25.81 Bn.


Forecast Period 2023 to 2029 CAGR:
12.5 %
Market Size in 2029:
US $ 58.88 Bn.


 Segments Covered:
by Source
Almond
Soy
Coconut
Rice
Oats


by Product
Non-Dairy Milk
Butter
Cheese
Yogurt
Ice Cream
Others


by Distribution Channel
Supermarkets & Hypermarkets
Convenience Stores
Online Retail



Dairy Alternatives Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Dairy Alternatives Market Key Players
1.Freedom Foods Group
2.Eden Foods
3.Nutriops S.L.
4.Earths Own Food Company
5.Triballat Noyal
6.Valsoia S.P.A
7.Dohler GmBh
8.Organic Valley
9.Panos Brands
10.Living Harvest Foods Inc.
11.Kikkoman Corporation
12.Rebel Kitchen
13.Melt Organic
14.Daiya Foods Inc.
15.Califia Farms
16.Hudson River Foods Inc.
17.Kite Hill
FAQs:
1. Which is the potential market for Dairy Alternatives in terms of the region?
Ans. The Asia-Pacific region dominated the dairy alternative market in the year 2022.

2. What are the challenges for new market entrants?
Ans. A challenge in the dairy alternative market is the price fluctuation triggered due to the unavailability of raw materials.

3. What is expected to drive the growth of the Dairy Alternatives market in the forecast period (2023-2029)?
Ans. The major driver in the dairy alternatives market is the rising number of milk-allergic consumers and lactose-intolerant consumers around the globe.

4. What is the projected market size & growth rate of the Dairy Alternatives Market?
Ans. Dairy Alternatives Market size was valued at US$ 25.81 Billion in 2022 and the global Dairy Alternatives revenue is expected to grow at 12.5% through 2022 to 2029, reaching nearly US$ 58.88 Billion.

5. What segments are covered in the Dairy Alternatives Market report?
Ans. The segments covered are Source, Product, Distribution Channel, and Region.