Dairy Alternatives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Dairy Alternatives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Overview 2023-2028:

The global dairy alternatives market size reached US$ 28.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 52.7 Billion by 2028, exhibiting a growth rate (CAGR) of 11% during 2023-2028.

Dairy alternatives refer to various food and beverages that are used as a substitute for animal-derived milk and milk-based products. These products are derived from plant-based sources, such as nuts and seeds and are a rich source of essential nutrients, such as calcium, vitamins, minerals, iron, potassium and magnesium. They also have minimal levels of fat and calories and are usually consumed by individuals suffering from lactose intolerance. Rice, coconut, cashew, oat, almond and soymilk are the commonly available dairy alternatives. They aid in weight management, maintaining a healthy nervous system, red blood cell (RBC) levels and brain functioning.

Dairy Alternatives Market Trends:

The increasing prevalence of chronic medical ailments, such as diabetes, cardiovascular (CVD) and gastrointestinal diseases, along with the growing number of people with lactose intolerance, is one of the key factors driving the growth of the market. Rising awareness regarding the benefits of consuming dairy alternatives is projected to drive the dairy alternatives market further. In comparison to the traditionally used dairy products, these alternatives are easily digested and do not cause painful bloating and other gastric problems. Additionally, the emerging trend of veganism across the globe and various technological advancements in the production processes of these products, are also contributing to the market growth. For instance, manufacturers are utilizing ultra-high temperature (UHT) processing and enzymatic liquefaction processes to enhance the yield and nutritional content of the products. Other factors, including the availability of various sweetened, flavored and unsweetened variants, aggressive promotional activities by the manufacturers and rapid urbanization across the globe, are expected to drive the global dairy alternatives market in the upcoming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global dairy alternatives market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on source, formulation, nutrient, distribution channel and product type.

Breakup by Source:

Almond
Soy
Oats
Hemp
Coconut
Rice
Others

Breakup by Formulation:

Plain

Sweetened
Unsweetened

Flavored

Sweetened
Unsweetened

Breakup by Nutrient:

Protein
Starch
Vitamin
Others

Breakup by Distribution Channel:

Supermarkets and Hypermarkets
Convenience Stores
Online Stores
Others

Breakup by Product Type:

Cheese
Creamers
Yogurt
Ice Creams
Milk
Others

Breakup by Region:

North America

United States
Canada

Asia Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America

Brazil
Mexico
Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Blue Diamond Growers, Döhler GmbH, Earth’s Own Food Company Inc., Eden Foods, Inc., Freedom Foods Group, Nutriops S.L, Organic Valley, PANOS brands, Sanitarium, SunOpta Inc., Hain Celestial Group, Inc., The Whitewave Foods Company (Danone North America), Triballat Noyal, and Valsoia S.p.A.

Key Questions Answered in This Report:

What was the size of the global dairy alternatives market in 2022?

What is the expected growth rate of the global dairy alternatives market during 2023-2028?

What has been the impact of COVID-19 on the global dairy alternatives market?

What are the key factors driving the global dairy alternatives market?

What is the breakup of the global dairy alternatives market based on the source?

What is the breakup of the global dairy alternatives market based on the formulation?

What is the breakup of the global dairy alternatives market based on the nutrient?

What is the breakup of the global dairy alternatives market based on the distribution channel?

What is the breakup of the global dairy alternatives market based on the product type?

What are the key regions in the global dairy alternatives market?

Who are the key players/companies in the global dairy alternatives market?