REDDING, Calif., May 22, 2024 /PRNewswire/ -- According to a new
market research report titled, 'Dairy Alternatives
Market Size, Share, Forecast, & Trends Analysis by
Product Type (Plant-Based Milk, Cheese, Yogurt, Ice-cream), Source
(Almond, Soy, Pea, Oat), Formulation (Unflavored, Flavored),
Distribution Channel (B2B, B2C)- Global Forecast to 2031,'
published by Meticulous Research®, the dairy
alternatives market is projected to reach $73.95
billion by 2031, at a CAGR of 11.1% from 2024 to
2031.
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The growth of the dairy alternatives market is primarily driven
by the increasing prevalence of lactose intolerance, increasing
vegan and vegetarian population, nutritional benefits offered by
plant-based dairy products, growing investments in dairy
alternatives marketspace, and growing focus on animal welfare and
sustainability. However, the preference for animal-based products
and growing preference for soy and gluten-free products restrain
the growth of this market to some extent.
Furthermore, the consumers' increasing inclination toward
plant-based diets and emerging economies are expected to generate
significant growth opportunities for the stakeholders in this
market. However, the fluctuating raw material prices is a major
challenge impacting the growth of the dairy alternatives
market.
Moreover, the rising awareness of health and wellness and
mergers and acquisitions in the dairy alternatives market are major
trends in the dairy alternative market.
Key Players:
The report includes an extensive assessment of the key strategic
developments by leading market participants in the industry over
the past five years (2021–2024). The dairy alternatives market has
witnessed several product launches, partnerships, agreements, and
collaborations in recent years. The key players operating in the
dairy alternatives market are Danone S.A. (France), Hain Celestial Group, Inc. (U.S.),
Sahmyook Foods (South Korea),
Sanitarium Health and Wellbeing Company (Australia), Axiom Foods, Inc. (U.S.), Daiya
Foods, Inc. (A Part of Otsuka Pharmaceutical Co., Ltd.)
(Canada), Earth's Own Food Company
Inc. (Canada), SunOpta Inc.
(Canada), Valsoia S.p.A.
(Italy), Plamil Foods Ltd. (U.K.),
Nestlé S.A. (Switzerland), Oatly
Group AB (Sweden), Sunrise Soy
Foods (Canada), Miyoko's Creamery
(U.S.), and Blue Diamond Growers (U.S.).
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The dairy alternatives market is mainly segmented by product
type (plant-based milk {almond milk, soy milk, coconut milk, oat
milk, rice milk, and other plant-based milks}, cheese, yogurt,
butter, ice-cream, creamer, and other dairy alternatives), source
(almond, soy, wheat, pea, rice, and oat other sources), formulation
(unflavored and flavored), distribution channel
(business-to-business, and business-to-consumer {modern
groceries, convenience stores, specialty stores, online retail
stores, and other B2C distribution channels}), and geography
(North America, Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa). The
study also evaluates industry competitors and analyses the regional
and country-level markets.
Key Findings in the Dairy Alternatives Market Study:
Among all the product types studied in this report, in
2024, the plant-based milk segment is expected to account for the
largest share of 70% of the dairy alternatives market.
However, the yogurt segment is projected to register the highest
CAGR of 12.3% during the forecast period of 2024–2031,
owing to the increasing demand for plant-based yogurts from
developed countries due to the rising number of vegan and
health-conscious consumers. The plant-based yogurt is allied with
various benefits, such as being lower in saturated fat and
cholesterol, high in fiber, and rich in proteins, vitamins,
minerals, and antioxidants further expected to boost the market
growth significantly in the next few years.
Among all the sources studied in this report, the almond segment
is expected to account for the largest share of the dairy
alternatives market in 2024. This segment is also slated to
register the highest growth rate during the forecast period, owing
to its increasing preference for almond protein-based milk, easy
availability, high nutrition value, higher consumer acceptance
level, and increasing application of almond protein in various
plant-based dairy product categories. The production of almond
ingredients generally has a lower environmental impact compared to
dairy ingredients, as it requires less water and produces fewer
greenhouse gas emissions.
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Among all the formulations studied in this report, the flavored
segment is projected to register a higher CAGR during the forecast
period of 2024–2031, owing to the changing lifestyle, shifting
consumer taste preferences, and growing demand for ready-to-drink
beverages.
Among all the distribution channel studied in this report, the
business-to-consumer segment is projected to register a higher CAGR
during the forecast period of 2024–2031, owing to the rapidly
growing online retail sector and rising demand for dairy
alternatives from these distribution channels with the growing
urbanization and related rise in the number of supermarkets and
hypermarkets.
Based on geography, the dairy alternatives market is majorly
segmented into North America,
Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa. In 2024,
Asia-Pacific is expected to
account for the largest share of 45.1% of the dairy
alternatives market, followed by North
America and Europe.
Moreover, this region is also slated to register the highest growth
rate during the forecast period. Asia-Pacific's significant market share and
highest growth can be attributed to several key factors, including
the region's continuously growing population, increasing
health-conscious population, rising spending on health and
wellbeing, increasing acceptance of Western diets, high presence of
vegan & vegetarian population, and growing adoption of advanced
technologies in the F&B industry.
Additionally, China is expected
to account for the largest share of 45.4% of the dairy
alternative market in Asia-Pacific, followed by India and Japan.
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Scope of the Report:
Dairy Alternatives Market Assessment—by Product Type
- Plant-Based Milk
- Almond Milk
- Soy Milk
- Coconut Milk
- Oat Milk
- Rice Milk
- Other Plant-based Milk
- Cheese
- Yogurt
- Butter
- Ice-Cream
- Creamer
- Other Dairy Alternatives
Dairy Alternatives Market Assessment—by Source
- Almond
- Soy
- Wheat
- Pea
- Rice
- Oat
- Other Sources
Dairy Alternatives Market Assessment—by Formulation
Dairy Alternatives Market Assessment—by Distribution
Channel
- Business-to-Business (B2B)
- Business-to-Consumer (B2C)
- Modern Groceries
- Convenience Stores
- Specialty Stores
- Online Retail Stores
- Other B2C Distribution Channels
Dairy Alternatives Market Assessment—by Geography
- North America
- Europe
- Germany
- U.K.
- Spain
- Italy
- France
- Netherlands
- Belgium
- Austria
- Poland
- Portugal
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Thailand
- South Korea
- Rest of East Asia
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
(RoLATAM)
- Middle East & Africa
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Related Reports:
Plant-based Food Market by Type (Dairy Alternatives, Plant-based
Meat, Meals, Confectionery, Beverages, Egg Alternatives, Seafood),
Source (Soy, Wheat, Pea, Rice), Distribution Channel (B2B, B2C
[Convenience Store, Online Retail]) - Global Forecast to 2031
Vegan Food Market by Type (Dairy Alternatives [Yogurt, Milk, Ice
Cream, Cheese, Butter], Meat Substitutes [Tofu, Sausages, Ground
Meat, Meatballs, Nuggets]), Distribution Channel
(Business-to-Business, Business-to-Consumer) - Global Forecast to
2031
Plant-based Protein Market by Type (Soy Proteins, Wheat
Proteins, Pea Proteins, Potato Proteins), Form (Solid, Liquid),
Source Process (Conventional, Organic), and Application (Food and
Beverages, Animal Feed, Nutritional Supplements) - Global Forecast
to 2031
Plant-based Milk Market by Type (Almond Milk, Soy Milk, Coconut
Milk, Oat Milk, Rice Milk), Formulation (Unflavored, Flavored),
Distribution Channel (B2B, B2C [Modern Groceries, Convenience
Store, Specialty Store, Online Retail]) - Global Forecast to
2030
Nut Ingredients Market by Type (Almond, Cashew, Walnut,
Hazelnut, Others); Form (Roasted, Raw, Powdered, Cut); Application
(Confectionary, Snacks & Bars, Dairy Products, Beverages,
Bakery Products) and Geography - Global Forecast to 2030
Plant-based Butter Market by Type (Salted, Unsalted); Source
(Peanut, Almond, Cashew, Soy, Coconut); Distribution Channel
(Supermarkets and Hypermarkets, Online Retail, Convenience Stores,
Specialty Stores); and Geography - Global Forecast to 2030
Clean Label Ingredients Market by Ingredient Type (Flours,
Colors, Flavors, Preservatives, Starch), Source (Plant-Based), Form
(Dry Form, Liquid Form), Application (Food (Bakery and
Confectionery, Meat Products) and Beverages) - Global Forecast to
2030
Plant-based Meat Market by Type (Tofu, TVP, Tempeh, Seitan,
Meatballs, Burger Patties, Nuggets, Crumbles), Source (Soy, Wheat,
Pea), Distribution Channel (B2B, B2C [Convenience Store, Online
Retail, Specialty Store]), and Geography - Global Forecast to
2030
Related Blogs:
Top 10 Companies in Dairy Alternative Market
About Meticulous Research®
Meticulous Research® was founded in 2010 and
incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a
private limited company under the Companies Act, 1956. Since its
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