IMARC Group, a leading market research company, has recently releases report titled “Dairy Alternatives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global dairy alternatives market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the dairy alternatives market?
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.
What are dairy alternatives?
Dairy alternatives are food and beverage products that serve as substitutes for traditional dairy products. They are typically derived from plants and include products like almond milk, soy milk, rice milk, oat milk, and coconut milk, among others. These alternatives also extend to dairy-free cheeses, yogurts, ice creams, and spreads. They are often consumed by individuals who are lactose intolerant or allergic to dairy, as well as by those who follow vegan diets or prefer plant-based nutrition for health or environmental reasons.
Dairy alternatives can offer similar nutritional benefits as traditional dairy, such as protein and calcium, and are often fortified with additional nutrients like vitamins D and B12.
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What are the growth prospects and trends in the dairy alternatives industry?
The shift in consumer preferences towards diverse taste profiles and novel food experiences is leading to the exploration of different dairy alternatives which represents one of the key factors driving the growth of the market across the globe. As disposable incomes rise, particularly in developing countries, consumers are more able to afford these often premium-priced products. Many consumers suffer from lactose intolerance or milk allergies. This encourages the consumption of dairy-free products, which is driving the demand for dairy alternatives. The rise in veganism and vegetarianism globally is significantly boosting the growth of the market. Plant-based diets exclude dairy products, and dairy alternatives provide a suitable substitute.
The wider distribution and increased availability of dairy alternatives, both in physical retail locations and online, are making these products more accessible to a broader consumer base. Health-conscious consumers often perceive dairy alternatives as healthier options. Some research suggests that plant-based diets are contributing to lower risk of certain health conditions, which is creating a positive outlook for the market across the globe.
Competitive Landscape With Key Players:
The competitive landscape of the market 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, 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
- Valsoia S.p.A.
Key Market Segmentation:
The report has segmented the global dairy alternatives market based on source, formulation, nutrient, distribution channel, product type and region.
Breakup by Source:
- Almond
- Soy
- Oats
- Hemp
- Coconut
- Rice
- Others
Breakup by Formulation:
- Plain
- Sweetened
- Unsweetened
- Flavoured
- 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
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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.
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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.
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