Dairy Alternatives Market Size By Product (Almond, Soy, Coconut, Oat, Rice, Hemp), By Sales Channel (Mainstream Stores, Specialty Stores, Online Stores, Food Service), Formulation, Application & Forecast, 2023 - 2032

Industry drivers

Dairy Alternatives Market size exceeded USD 27.5 billion in 2022 and is poised to depict a 9% CAGR during 2023 to 2032. Over the last decade, consumers have become more aware about the advantages of dairy alternatives over dairy products, which have led to the soaring demand for these products. Plant-based dairy manufacturers are producing products enriched with protein, immunity ingredients and added nutrients. Through effective product labelling, they are communicating these health benefits on-pack. Soy milk, almond milk, oat milk, hazelnut milk, and rice milk are now readily available at retail & grocery shops, further escalating the market demand.
 

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Almond-based dairy replacements are particularly good for calorie-conscious people because they are cholesterol- and saturated-fat-free and come in a variety of flavors, from basic sweetened to plain unsweetened to flavored unsweetened. Almonds are perennial nutritious food with a green, hard shell that cracks open right before the harvesting period. It is available in numerous forms, including sliced, whole, chopped, or slivered, or in form of almond milk, syrup, flour, oil or paste forms, etc. Almonds are largely produced in the U.S, Spain, Morocco, Iran, Turkey, and Italy.
 

High cost of plant-based dairy alternatives to hinder the dairy alternative market growth

Plant-based dairy alternatives are made by grinding nuts or beans followed by the addition of water, flavors, minerals, and vitamins to the mix. The number of nutrients and sugar in plant-based products vary significantly depending on how they were produced and what has been added. Dairy products contain calcium, proteins, potassium, and riboflavin. Since nutrients in plant-based products vary from traditional ones, to compensate for the deficit, plant-based products are fortified externally.
 

Lactose-free feature of almonds to influence the diary alternatives market

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The dairy alternatives market share from the almond segment will cross 10% CAGR through 2032. Across the market landscape, almonds have retained the spotlight in recent years. The ingredient is mixed with filtered water to arrive at the primary base that is used to manufacture various dairy alternative products such as milk, almond butter, etc. Additionally, it can also contain thickeners and starches to enhance its shelf life and consistency. Almond is lower in calories as compared to other products. It is also naturally lactose-free. Vegetarianism is becoming more popular among consumers, which is fueling the expansion of the dairy substitutes market. High nutritious value, easy availability of raw materials, and rising market attractiveness have all contributed to the emergence of almond-based dairy replacements.
 

The dairy alternative market from the oats segment is expected to exceed USD 2 billion by 2032. Oats-based dairy alternatives include milk, dessert, and yogurt. It is one of the fastest-growing product categories in North American markets. The increasing preference for oat products has urged leading beverage chains to leverage the trend and cater to the vast dairy-free beverage consuming population. Citing an example from 2021, the American multinational chain of coffeehouses, Starbucks, announced the inclusion of a new assortment of oat milk-based drinks to its stores. The company aimed to respond to the elevating preference for dairy milk alternatives with this new product line. As key companies come up with new ideas for product variations and innovations, the industry is likely to see considerable growth up to 2032.
 

Hemp is found in Cannabis sativa plant species that grows in the northern hemisphere is and grown specifically for industrial purposes. It finds applications in the preparation of consumer goods including food textiles, paper, biodegradable plastics, clothing, insulation, animal feed, biofuel, and paints. Hemp seeds can be consumed raw or in form of hemp meals, dried sprout powder, etc.
 

Increasing lactose intolerant population to spur diary alternatives adoption in Europe

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Europe diary alternatives market is estimated to grow at 8.5% CAGR beyween 2023 and 2032. Plant-based foods and beverages, including dairy alternatives, are growing in popularity as Europeans become more concerned about the consumption of conventional animal-based foods. The adoption of vegan diets as a result of rising health awareness following the COVID-19 outbreak is a key factor steering the industry outlook. The growing intolerance to dairy products is also contributing to the industry forecast. In Northern and Central Europe, close to 5% of the population suffer from lactose intolerance.
 

Increasing focus on marketing ventures to boost the market

Some of the leading companies involved in the dairy alternatives market include Danone, Oatly AB, Pacific Foods, Hain Celestial Group, So Delicious, The WhiteWave Foods Company, Blue Diamond Growers, SunOpta, Inc, Freedom Foods, Valsoia SpA, New Barn, Inc, Califia Farms, Tofutti Brand Inc, MALK Organics, Ripple Foods, Triballat Noyal, Earth’s Own Food Company Inc., and Valio.
 

Impact of the COVID-19 outbreak on the global dairy alternatives market

The onset of the global COVID-19 pandemic prompted a huge chunk of the population to switch to healthier food options than what they had been consuming. People began opting for alternatives enriched with nutrients and vitamins, low in calories, that are less heavy, and nutritious, to help fight various emerging and re-emerging infectious diseases. Riding high on this trend, the global dairy alternatives industry has gained considerable traction over the past three years and is expected to see notable expansion in the years to come.  

This daily alternatives market research report includes in-depth coverage of the industry with estimates & forecasts in terms of volume in million tons & in terms of revenue in USD million from 2018 to 2032 for the following segments:

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Market, By Product

• Almond
• Coconut
• Oat
• Rice
• Hemp
• Soy
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Indonesia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa