IMARC Group, a leading market research company, has recently released a report 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 study provides a detailed analysis of the industry, including the global dairy alternatives market share, trends, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global dairy alternatives market size reached US$ 31.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 73.3 Billion by 2032, exhibiting a growth rate (CAGR) of 9.7% during 2024-2032.
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What is Dairy Alternatives Market?
The dairy alternatives market represents a critical and rapidly expanding sector within the broader food and beverage industry. Dairy alternatives, also known as plant-based or non-dairy products, are vital substitutes for traditional dairy items, catering to individuals with dietary restrictions, ethical preferences, and health-conscious lifestyles. These innovative products play a crucial role in offering consumers a diverse range of options that mimic the taste, texture, and nutritional profile of dairy, without the use of animal-derived ingredients.
Dairy Alternatives Market Trends:
The intensifying global shift towards sustainable and ethical food choices is significantly fueling the market growth of dairy alternatives.
Moreover, the increasing environmental awareness and concerns about animal welfare have led consumers to seek plant-based alternatives to dairy products.
Additionally, the rising number of individuals with lactose intolerance and milk allergies drives the demand for dairy alternatives as a safe and suitable option for their dietary needs. Both public and private sectors are investing substantially in research and development to introduce innovative dairy alternative products.
Manufacturers are leveraging advancements in food technology to create plant-based products that closely resemble the taste and texture of traditional dairy. The growing focus on product diversification and improvement contributes to the expansion of the dairy alternatives market. The evolving consumer preferences and changing dietary habits are major drivers propelling the growth of the dairy alternatives market. As more individuals adopt vegetarian, vegan, or flexitarian lifestyles, the demand for plant-based dairy substitutes increases.
Dairy alternative products, such as almond milk, soy milk, coconut milk, and oat milk, have gained popularity as versatile and nutritious options for consumers seeking dairy-free alternatives. Furthermore, the health-conscious trend in the food industry plays a significant role in boosting the demand for dairy alternatives.
Many consumers perceive plant-based dairy alternatives as healthier options due to their lower saturated fat content and potential health benefits associated with certain plant-based ingredients. The availability of fortified dairy alternatives, enriched with essential nutrients like calcium and vitamin D, further enhances their appeal to health-conscious consumers.
Technological advancements in food processing and manufacturing techniques are also driving the efficiency and adaptability of dairy alternative products. Innovations in ingredient sourcing, formulation, and processing allow manufacturers to create dairy alternatives with improved taste, texture, and nutritional value, providing a more satisfying consumer experience.
Moreover, the growing influence of digital media and social platforms has played a significant role in promoting awareness and acceptance of dairy alternatives. Health-conscious bloggers, influencers, and celebrities often advocate for plant-based diets and showcase creative recipes using dairy alternatives, contributing to their rising popularity and market growth. The increasing availability and accessibility of dairy alternatives in retail outlets and online platforms further invigorate the market.
As demand grows, retailers are stocking a wide variety of dairy alternative products, catering to diverse consumer preferences. The convenience of online shopping also enables consumers to explore and purchase a range of dairy alternative options, boosting market accessibility.
Dairy Alternatives Market Report Segmentation:
By Source:
- Almond
- Soy
- Oats
- Hemp
- Coconut
- Rice
- Others
Soy represented the largest segment due to its long-standing presence in the market and its high protein content compared to other plant-based alternatives.
By Formulation:
Plain
- Sweetened
- Unsweetened
Flavored
- Sweetened
- Unsweetened
Plain formulation accounted for the largest market share as it provides versatility for consumers to use in various recipes and customization according to personal taste preferences.
By Nutrient:
- Protein
- Starch
- Vitamin
- Others
Protein represented the largest segment as consumers demand high-protein options for muscle health, satiety, and overall nutrition.
By Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Stores
- Others
Supermarkets and hypermarkets constituted the largest segment as they offer extensive product variety and convenience, making them the primary choice for grocery shopping.
By Product Type:
- Cheese
- Creamers
- Yogurt
- Ice Creams
- Milk
- Others
Milk accounted for the largest market share owing to its fundamental role as a staple in households, utilized in beverages, cooking, and baking.
Regional Insights:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Asia Pacific’s dominance in the dairy alternatives market is attributed to the rising health awareness, growing lactose intolerance, and increasing adoption of plant-based diets.
Competitive Landscape with Key Players:
The competitive landscape of the dairy alternatives market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
- Blue Diamond Growers
- Döhler gmbh
- Earth’s Own Food Company Inc.
- Eden Foods
- Freedom Foods Group, Nutriops S.L.
- Organic Valley
- Panos Brands
- Sanitarium
- Sunopta Inc.
- Hain Celestial Group
- The Whitewave Foods Company (Danone North America)
- Triballat Noyal
- Valsoia SpA
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Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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