PUBLISHER: The Business Research Company | PRODUCT CODE: 1429386
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429386
Dairy alternatives refer to food products utilized as substitutes for traditional dairy items, derived from various plant sources such as cereals (rice, oats), legumes (soy), seeds (hemp, flax), nuts (peanuts, almond), and other grains (teff, quinoa).
The primary categories of these alternatives include non-dairy milk, butter, cheese, yogurts, ice cream, and other variations. Butter, for instance, is a solid emulsion of fat globules, water, and inorganic salts with a yellow-to-white appearance, produced through the churning of cream from cows' milk. Almond, soy, oats, hemp, coconut, rice, and other sources contribute to the variety of dairy alternatives available. These alternatives find distribution through supermarkets, health food stores, pharmacies, convenience stores, online platforms, and various other channels.
The dairy alternatives research report is one of a series of new reports from The Business Research Company that provides dairy alternatives statistics, including dairy alternatives industry global market size, regional shares, competitors with dairy alternatives share, detailed dairy alternatives segments, market trends and opportunities, and any further data you may need to thrive in the dairy alternatives industry. This dairy alternatives research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The dairy alternatives market size has grown rapidly in recent years. It will grow from $13.87 billion in 2023 to $15.26 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The historical growth can be ascribed to an increase in the global population, a rise in disposable income, a growing number of health-conscious consumers, a shift towards vegan eating, and a low-interest-rate environment.
The dairy alternatives market size is expected to see strong growth in the next few years. It will grow to $21.34 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth anticipated in the forecast period can be linked to the impact of digital media marketing and social media, government initiatives promoting milk alternatives, the increase in lactose intolerance, the growing presence of organized retail, and enhancements in cold chain infrastructure. Major trends expected in the forecast period include the introduction of new and innovative products to enhance competitive advantages and revenue, a focus on investing in research and development labs and initiatives for innovation catering to a broader consumer base, investments in modern separation technologies for increased liquid yield and improved efficiency, strategic planning and execution of marketing campaigns to promote products, expansion of product portfolios to include a variety of dairy-free alternatives, and considerations for acquisitions and partnerships with other milk-alternative producers and businesses to broaden product offerings.
The dairy alternatives market is expected to experience growth due to the increasing prevalence of lactose intolerance and milk allergies. Lactose intolerance, characterized by the body's inability to produce the enzyme lactase, leading to the undigested passage of lactose to the large intestine and resulting in symptoms such as diarrhea, gas, and bloating, affects more than 30 million people in the United States, according to the Cleveland Clinic. This situation is anticipated to drive greater demand for dairy alternatives, thereby contributing to increased market revenue in the forecast period.
The growth of the dairy alternatives market is further propelled by the rising awareness of health and wellness among consumers. Health and wellness consciousness refers to individuals' awareness of their health and the impact of daily choices on overall well-being. Dairy alternatives play a role in promoting health and wellness consciousness by offering consumers a variety of options aligned with their dietary needs and preferences. The increasing demand for dairy alternatives reflects a growing awareness of the health benefits associated with plant-based diets and a preference for more sustainable food choices. A Nutrisystem Inc. poll in October 2022 found that over 70% of Americans have become more health-conscious in the wake of the COVID-19 pandemic. Hence, the surge in health and wellness consciousness among consumers is a significant driver of the dairy alternatives market's growth.
Major players in the dairy alternative market are introducing innovative products such as NOT M'LK to cater to consumers with dietary restrictions. NOT M'LK is a plant-based milk alternative derived from oats. For example, in October 2023, Velike, an organic oat drink producer based in Germany, unveiled NOT M'LK-a vegan milk that is dairy-free, gluten-free, nut-free, and suitable for individuals who are lactose intolerant or adhere to a plant-based diet. The oats used in NOT M'LK are sourced exclusively from farms in the Black Forest and other regions of Baden-Wurttemberg, supporting the local economy and contributing to a lower carbon footprint.
Product innovation stands out as a prevailing trend in the dairy alternative market. Nestle S.A, a multinational food and drink processing conglomerate based in Switzerland, introduced Little Steps Plantygrow in June 2022. This plant-based growing-up drink is designed for toddlers aged one to three years, containing essential nutrients such as iron, vitamins A, C, B2, B12, and iodine. With no added carbohydrates and enriched with omega-3 and 6, this product is crafted to support the overall development of toddlers.
In May 2021, Saputo Inc., a Canadian dairy company, completed the acquisition of Bute Island Foods for an undisclosed amount. This strategic move by Saputo Inc. aims to bolster its product portfolio in the plant-based dairy alternatives sector, positioning itself competitively in the market. Bute Island Foods, based in the UK, specializes in cheese production.
Major companies operating in the dairy alternatives market report are Danone S.A., Blue Diamond Growers, The Hain Celestial Group, Inc., Oatly Group AB, Vitasoy International Holdings, SunOpta Inc., Unilever PLC, Freedom Foods Group Limited, Nestle S.A., Daiya Foods Inc., Hershey Private Limited, Life Health Foods Private Limited, Rakyan Beverages Private Limited, Dabur Ltd., Sahmyook Foods, Bonsoy, Hebei Yangyuan Zhihui Beverage Co. (Yang yuan walnut milk), Coconut palm, Yinglu (peanut milk), Dali foods (soy milk), Lulu (almond milk), Follow Your Heart, Sanitarium Health and Wellbeing Company, Axiom Foods, Inc., Conagra Brands, Earth's Own Food Company, Inc., Agrana, Efko Group, Jogurty Magda, Albalact, First Choice Ingredients, Organic Valley, Zahini, Archer Daniels Midland Company, Nutriops S. L., Alpro, Arla, Soyfresh, Koita, Diamond River General Trading Llc, Almustaqbal-Santa Corperation, Bartech International Llc, Synergy General Trading FZE, Soy Afric Limited, Panos Brands Llc, Eden Foods Inc.
Asia-Pacific was the largest region in the dairy alternatives market in 2023. Western Europe was the second-largest region in the global dairy alternatives market. The regions covered in the dairy alternatives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the dairy alternatives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The dairy alternatives market consists of sales of soy milk, rice milk, oat milk, coconut milk, and flaxseed milk, cheese substitutes comprise soft cheese and hard cheese, butter alternatives such as nut butter, coconut butter, vegetable oil blends, cultured vegan butter, and other dairy alternatives. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Dairy Alternatives Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on dairy alternatives market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for dairy alternatives? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The dairy alternatives market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.