Dairy Alternatives Market Size, Share and Industry Analysis Report by Product (Almond, Soy, Coconut, Oat, Rice, Hemp), Application (Food {Cheese, Deserts, Snacks}, Beverages), By Formulation (Sweetened, Unsweetened) and Sales Channel (Mainstream Stores, Specialty Stores, Online Stores), Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028

Industry Overview

Dairy Alternatives Market size exceeded USD 24 Billion in 2021 and is estimated to grow at over 10% CAGR from 2022 to 2028. Increasing consumer inclination towards lactose free, low calorie and low sugar plant-based products owing to healthy lifestyle pattern have positively influenced business during the forecasted timeframe.
 

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Dairy alternatives food and beverages such as cheese, desserts, snacks, soy milk, almond milk and others are gaining popularity due to its high nutrition value and health benefits. In addition, the functional properties exhibited by dairy free products contribute to the improvement of texture, fight against fatigue, stress, aging, and many others. Further, increasing intake of non- dairy food by vegan population will bolster the product demand.
 

Rising polularity of dairy alternatives in the form of food supplements among the young population to maintain the fitness goals will bolster the product demand. High consumption of dietery supplements to regulate body weight along with an increase in the obesity among adults will influence the business positively. Also, increasing adoption of hemp and soy-fortified products as an alternative to whey protien by professional athletes and fitness enthusiastics will propel the dairy alternatives market share.
 

A prominent shift towards western-oriented diet in numerous developed and developing countries including Argentina, china, India, Russia, U.S. and others is one of the key factors for the of dairy alternative market growth. Western cultural diet is highly depends on dairy products such as cheese, milk, and butter. However, rising awareness about animal cruelty has fueled the adoption rate of dairy-free products. Further, benefits like low sugar, low calorie content and presence of water in dairy alternatives products are accelerating its demand globally.
 

Various government agencies such as USDA, EDA, FAO, USFDA, EC, and many others are promoting the intake of dairy alternatives in daily diet which will enhance the dairy alternatives market trends. Agencies undertaken several awareness campaigns for bringing attention to the need for maintaining a healthy diet owing to increasing instances of symptoms and diseases related to lactose tolerance and nutrition deficiency.
 

Increasing consumption of soya milk owing to its high nutrition value to drive the market demand globally

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Soy market is anticipated is anticipated to cross USD 20 billion by 2028 due to high consumption of soy-based products owing to its various health benefits and cost-effectiveness. Soy based products are good source of vitamins, proteins, polysaturated and monosaturated fatty acids which are beneficial for cardiovascular health. Today, soy-based products are largely consumed as dairy alternative owing to its benefits including ability to improve the metabolism and help in healthy weight gain. Also, soy-based products can be served as refreshing nutritional beverage to the consumers. Further, soyabean is comparatively less expensive, thus product demand is boosting which in turn accelerating the dairy alternatives market revenue.
 

Growing consumer awareness towards beneficial functions of plant-based beverages are expected to drive the business

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Dairy alternatives market from beverages segment expected to cross over USD 44 billion by 2028. Rising health care & wellness awareness, busy lifestyles, and increasing demand for vegan products from the millennial generation have propelled the consumption of dairy free beverages. Dairy alternatives such as almond milk, soy milk, oat milk, and others are highly used in beverages to augment the texture and creaminess. Further, it is utilized to increase viscosity, stability, flavouring, and taste in drinks. Also, dairy alternatives are extensively used as a substitute of cow milk. The growing trend of utilizing plant-based product content in a beverage owing to milk allergy, lactose intolerance, and phenylketonuria amongst consumers will fuel product demand.
 

The rising consumption of low sugar and low-calorie products for maintaining healthy life will drive the market demand globally.

Dairy alternatives market from unsweetened product surpassed USD 14 billion in 2021 with a CAGR of more than 10%. Rising consumption of light-tasting unsweetened dairy alternative products by high sugar patients for maintaining a healthy diet will positively influence the growth of the sector. In addition, unsweetened milk does not contain any sweetening agents or added sugar and comprising half the calorie contents found in the cow milk. Further, gaining popularity of unsweetened dairy alternatives among the people preferring low calorie content will help accelerating the market growth.
 

Increasing number of supermarkets and hypermarkets in urban areas will help to drive the market demand globally.

Mainstream stores and supermarkets will constitute a major share in the sector for dairy alternatives market. Dairy alternatives market from mainstream stores expected to cross total market size of over USD 36 billion by 2028. Currently, calcium and vitamin-fortified dairy alternative beverages have become available in the mainstream stores, for providing new dairy alternative products to consumers with restricted diets. Changing consumer taste and preferences and rising adoption of plant-based products have enabled the mainstream stores towards increasing their inventories with such products.
 

Increase in consumer awareness along with rising demand for dairy free vegan products to drive product demand in the Asia Pacific

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In terms of region, Asia Pacific dairy alternatives market is projected to cross USD 25 billion by 2028. A high demand growth for product from food & beverages industry is expected to steer regional growth. Asia pacific countries such as India, China, Japan are largest dairy alternatives consuming countries owing to its growing population. Rapid urbanization, liberalization of foreign direct investment in the food industry, increase in consumer awareness about health & fitness, and rapid rise in purchasing power are the key factors driving the product demand across the region.
 

New product development along with acquisition, and expansion is among the primary business strategies adopted by manufacturers

Dairy alternatives industry share is a fragmented market owing to the presence of various global as well as local companies regulating industry growth. Some of the key players in the market include WhiteWave Foods, Blue Diamond Growers, SunOpta, Inc, So Delicious, Freedom Foods, Valsoia SpA, Pacific Foods, New Barn, Califia Farms, and MALK Organics. The key players in the market are mainly focusing on new product launches, acquisitions, and expansion in developing and developed economies to capture a good market share.
 

In April 2021, Hain Celestial Group has sold its North American non-dairy beverage brands Dream and WestSoy to SunOpta Inc. The value of this sale accounts for a total of USD 33 million.
 

In August 2021, SunOpta Inc. announced the launch of new plant-based beverage facility in the Dallas-Fort Worth, Texas, metropolitan area. The new production facility, to be in Midlothian, Texas, will initially be sized at 285,000 square feet, with the ability to be expanded to 400,000 square feet.
 

The dairy alternatives market report includes in-depth coverage of the industry with estimates & forecasts in terms of volume in Million litres and revenue in USD Million from 2022 to 2028 for the following segments:

By Product

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

By Application

• Food
  • Cheese
  • Desserts
  • Snacks
• Functional beverages

By Formulation

• Sweetened
• Unsweetened

By Sales channel

• Mainstream stores
• Speciality stores
• Online stores
• Foodservice
• Others

The above information has been provided on a regional and country basis for the following:

By Region

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