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Dairy Alternatives Market to Grow at a CAGR of 13.81% During 2024-2032; Increasing Demand for Plant-Based Products to Bolster Market Growth

March 22, 2024 | Food & Beverages

The global dairy alternatives market size is estimated to grow strongly by reaching USD 91.51 billion by 2032. Fortune Business Insights™ in its report titled “Dairy Alternatives Market Size, Share & COVID-19 Impact Analysis, By Source (Soy, Almond, Coconut, Rice, Oats, and Others), By Product Type (Non-dairy Milk, Butter, Cheeses, Yogurts, Ice Cream, and Others), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail, and Others), and Regional Forecasts, 2024-2032” observes that the market size in 2023 stood at USD 28.55 billion and is expected to reach 32.38 billion in 2024. The market is expected to witness a strong CAGR of 13.81% during 2024-2032. The recent surge in demand for non-dairy products or dairy alternatives has led to a rise in the plant-based milk substitutes. Vegan milk is a suspension of dissolved and disintegrated plant extracts in water as a base. Homogenization and thermal treatments are the two processing techniques utilized to improve the suspension and stability of such plant-derived products. Evolution and improvisation in dietary lifestyles, such as veganism and flexitarianism, fuel the demand for plant milk and associated products.


Halted Manufacturing Units Amid Pandemic Hindered Market Growth


The outbreak of the COVID-19 pandemic encouraged people to consume plant-based and healthy food products to improve their immune systems. The low availability of labor and disrupted manufacturing processes greatly impacted the demand and sales of these dairy alternatives. Also, the dairy alternatives market growth was hampered during the initial lockdown phase due to lack of supplies and halted production activities. Furthermore, supply chains were disrupted due to stringent restrictions on import/export policies imposed by governments. However, the leading market players plan to expand their production post-pandemic. 


Ripple Foods Launched New Product Oatmilk + Protein Into Its Product Portfolio


In May 2022, Ripple Foods launched new product oatmilk + protein into its product portfolio. Ripple Foods is a leader in plant-based dairy products and the new product launch was the newest addition in its plant-based product portfolio. The new product is available Whole Foods Market, Jewel, and Southern Division of Albertson.


High Consumption of Plant-Based Products to Augment Market Growth  


The market is expected to grow significantly in the coming years due to increasing concerns for processed dairy products and the growing lactose-intolerant population. Also, the rising consumption of vegan food and increasing veganism are expected to bolster the market during the forecast period. Furthermore, product innovation strategies implemented by the leading market players are expected to fuel market growth.


Introducing New Products allows companies to Enhance their Product Portfolio    


Market players have been developing and offering alternatives which are nutritionally adequate and environmentally sound but are also economical. The leading companies focus on introducing new products to attract customers and enhance their product portfolio. Rising adoption of the latest technologies and integration of emerging consumer demand allow companies to build their business performance. In April 2022, Wicked Foods, Inc. introduced its ice creams and novelties range which are plant-based in nature making it the first-to-market product launched in the U.S. Wicked Foods, Inc. is a plant-based food manufacturer


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/dairy-alternatives-market-100221


Notable Industry Development:



  • June 2022: Strive Nutrition Corp. signed a partnership with Perfect Day to launch a new line of milk alternatives which are enriched with Perfect Day’s animal-free whey protein. Strive Nutrition Corp. is a plant-based beverages manufacturing company.


List of Key Players Covered in the Report:



  • Danone S.A. (France)

  • Archer-Daniels-Midland Company (U.S.)

  • Blue Diamond Growers (U.S.)

  • SunOpta, Inc. (Canada)

  • Vitasoy International Holdings Ltd (Hong Kong)

  • Daiya Food, Inc. (Canada)

  • Goya Foods, Inc. (U.S.)

  • Living Harvest Foods, Inc. (India)

  • Organic Valley (U.S.)

  • Eden Foods, Inc. (U.S.)


Further Report Findings:



  • Asia Pacific dominated the global market share owing to rising cases of cow milk allergy and lactose intolerance among the population. The regional market stood at USD 13.04 billion in 2022. Rising calorie concerns and higher prevalence of hypercholesterolemia and obesity are the driving factors for regional market growth.

  • By product type, the market is segregated into non-dairy milk, butter, cheeses, yogurts, ice cream, and others. The non-dairy milk segment is expected to dominate the market share due to the vegan population's rising demand for plant-based dairy alternatives.


Table of Segmentation:






















































  ATTRIBUTE



  DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 13.91% from 2024 to 2032



Unit



Value (USD Billion)



By Source




  • Soy

  • Almond

  • Coconut

  • Rice

  • Oats

  • Others



By Product Type




  • Non-dairy Milk

  • Butter

  • Cheeses

  • Yogurts

  • Ice Cream

  • Others



By Distribution Channel




  • Supermarkets/Hypermarkets

  • Convenience Stores

  • Online Retail

  • Others



By Geography




  • North America (By Source, Product Type, Distribution Channel, and Country)

    • U.S. (By Source)

    • Canada (By Source)

    • Mexico (By Source)



  • Europe (By Source, Product Type, Distribution Channel, and Country)

    • Germany (By Source)

    • U.K. (By Source)

    • Spain (By Source)

    • France (By Source)

    • Italy (By Source)

    • Netherlands (By Source)

    • Rest of Europe (By Source)



  • Asia Pacific (By Source, Product Type, Distribution Channel, and Country)

    • China (By Source)

    • Japan (By Source)

    • Australia (By Source)

    • India (By Source)

    • Rest of Asia Pacific (By Source)



  • South America (By Source, Product Type, Distribution Channel, and Country)

    • Brazil (By Source)

    • Argentina (By Source)

    • Rest of South America (By Source)



  • Middle East and Africa (By Source, Product Type, Distribution Channel, and Country)

    • South Africa (By Source)

    • UAE (By Source)

    • Rest of ME&A (By Source)




Dairy Alternatives Market
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  • 2019-2022
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