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Dairy Alternatives Market size to surpass USD 68 billion by 2032

  • Published Date: December 15, 2022

Dairy Alternatives Market Size is estimated to be more than USD 68 billion by 2032, according to a recent research report announced by Global Market Insights Inc.

High nutritional value and functionality profile of plant based dairy alternatives is likely to act as a major growth driver for the industry forecast. Non-dairy beverages are believed to have superior nutritional values as compared to traditional milk and milk products. Besides supporting the lactose intolerant population to reach their daily nutritional intake value, it also enables them to combat cholesterol by not relying on animal-based products.

The COVID-19 pandemic had quite a positive impact on the market. With the implementation of lockdowns, there was shortage of milk and dairy products. As a result, people began to use dairy substitutes on a large scale. During the pandemic, sales of plant-based dairy alternatives also skyrocketed due to the availability of online distribution channels. In order to attract more customers, online stores discounted alternative dairy products.

Sales of organic rice to see considerable uptick in the industry

Dairy alternatives market share from rice is expected to reach more than USD 3 billion by 2032, growing with more than 8% CAGR. Rice-based dairy alternatives are derived from rice grains, majorly brown rice. It contains more carbohydrates, it is supplemented with iron, vitamin D, and vitamin B12. Even though it is more expensive, the organic variety of rice milk is gaining traction over the traditional product. The high product cost is due to the production and distribution costs, as well as consumers' desire to spend extra for organic products owing to the less preservatives.

Numerous health benefits of soy milk to appeal a wider consumer-base in the market

Global dairy alternatives market share from soy segment is likely to account for over USD 27 billion by 2032. Soy-based dairy alternatives are available in a variety of forms such as milk, ice cream, cheese, yogurt, etc. They are considered a rich source of protein and possess similar nutritional values like dairy products. Soy milk is expected to gain popularity among elderly and female consumers in the United States as it contains isoflavones, which lowers the risk of heart disease and breast cancer. It also contains phytoestrogen, which works in the same way as the female hormone estrogen.

Browse key industry insights spread across 714 pages with 1175 market data tables and 12 figures & charts from the report “Dairy Alternatives Market Size By Product (Almond, Soy, Coconut, Oat, Rice, Hemp), By Application (Food {Cheese, Deserts, Snacks}, Beverages), By Formulation (Sweetened, Unsweetened), By Sales Channel (Mainstream Stores, Specialty Stores, Online Stores, Food Service), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 - 2032”, in detail along with the table of contents:

Higher health consciousness levels to drive North America dairy alternatives market growth

North America dairy alternatives market size is expected to be valued at more than USD 19.5 billion in 2032. Increased disposable income and changes in lifestyle patterns are contributing to the surge in demand for dairy substitutes in the United States and Canada. Evolving dietary habits have increased the prevalence of obesity and diabetes in the U.S. Roughly two out of three U.S. adults are overweight.  As more consumers re-think their food and beverage choices for weight and health management, the demand for organic milk is likely to grow. Organic milk offers higher concentrations of antioxidants including vitamin E and iron than non-organic milk to the consumers. Furthermore, allergies to dairy products, as well as growing environmental concerns, are driving the uptake of dairy substitutes in North America market.

Competitive landscape of global dairy alternatives industry

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

Authors: Kiran Pulidindi, Kunal Ahuja