IMARC Group has recently released a new research study titled “Dairy Alternatives Market Report by Source (Almond, Soy, Oats, Hemp, Coconut, Rice, and Others), Formulation Type (Plain, Flavored), Nutrient (Protein, Starch, Vitamin, and Others), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Stores, and Others), Product Type (Cheese, Creamers, Yogurt, Ice Creams, Milk, and Others), and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

The global dairy alternatives market size reached US$ 31.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 73.3 Billion by 2032, exhibiting a growth rate (CAGR) of 9.7% during 2024-2032.

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Global Dairy Alternatives Market Trends:

The growing popularity of protein-rich plant-based milk alternatives, such as those derived from peas, hemp, and chickpeas, which cater to the demand for higher protein content in non-dairy products, is fueling the market growth.

Additionally, the rising interest in fortified dairy alternatives that address specific health concerns, such as added probiotics for gut health, omega-3 fatty acids for cardiovascular benefits, and fortified vitamins and minerals for overall wellness, is bolstering the market growth.

Moreover, the burgeoning expansion of dairy alternative products into new categories, including ready-to-drink (RTD) beverages, creamers, and cooking ingredients, which broadens their usage and integration into daily diets, is favoring the market growth.

Factors Affecting the Growth of the Dairy Alternatives Industry:

·         Rising Health Awareness and Dietary Shifts:

The increasing consciousness among consumers of the potential health risks associated with traditional dairy consumption, such as lactose intolerance, allergies, and concerns over cholesterol levels, is acting as a growth-inducing factor. In line with this, the growing demand for plant-based dairy alternatives that are perceived to offer enhanced nutritional benefits is catalyzing the market growth. This includes products such as almond milk, soy milk, and oat milk, as they are lauded for their lower fat content, absence of lactose, and potential to provide essential vitamins and minerals, such as vitamin D and calcium. 

Furthermore, the rising popularity of vegan and flexitarian lifestyles is contributing to the market growth.

·         Rising Focus on Environmental Concerns and Sustainability:

The increasing environmental footprint of traditional dairy farming, contributing to greenhouse gas (GHG) emissions, water usage, and land degradation, is acting as a growth-inducing factor. In line with this, the heightened consumption of plant-based dairy alternatives, as they require fewer natural resources and produce lower emissions compared to dairy farming, is catalyzing the market growth. 

Additionally, the growing appeal of dairy alternatives among eco-conscious consumers who are motivated by the desire to reduce their carbon footprint and support more sustainable agricultural practices is providing a considerable boost to the market growth. Along with this, the rising focus of brands on highlighting the environmental benefits of their products, which resonates with the values of a growing segment of the population that prioritizes sustainability, is enhancing the market growth.

·         Rapid Technological Innovations and Product Diversification:

The rising innovations in food technology, leading to the development of high-quality plant-based dairy substitutes that closely mimic the taste, texture, and nutritional profile of traditional dairy products, are positively impacting the market growth. Along with this, the growing investment by companies in research and development (R&D) to enhance the quality and variety of their offerings, including novel products such as plant-based cheeses, yogurts, and ice creams, is anticipated to drive the market growth. Besides this, the widespread diversification of product portfolios that enable brands to cater to a wider range of consumer preferences and dietary needs is driving the market growth. 

Additionally, the increasing utilization of new ingredients and processing techniques that improve the sensory attributes and nutritional content of dairy alternatives is strengthening the market growth.

Dairy Alternatives Market Report Segmentation:

By Source:

·         Almond

·         Soy

·         Oats

·         Hemp

·         Coconut

·         Rice

·         Others

Soy represented the largest segment due to its long-standing presence in the market and its high protein content compared to other plant-based alternatives.

By Formulation:

Plain

·         Sweetened

·         Unsweetened

Flavored

·         Sweetened

·         Unsweetened

Plain formulation accounted for the largest market share as it provides versatility for consumers to use in various recipes and customization according to personal taste preferences.

By Nutrient:

·         Protein

·         Starch

·         Vitamin

·         Others

Protein represented the largest segment as consumers increasingly seek high-protein options for muscle health, satiety, and overall nutrition.

By Distribution Channel:

·         Supermarkets and Hypermarkets

·         Convenience Stores

·         Online Stores

·         Others

Supermarkets and hypermarkets constituted the largest segment as they offer extensive product variety and convenience, making them the primary choice for grocery shopping.

By Product Type:

·         Cheese

·         Creamers

·         Yogurt

·         Ice Creams

·         Milk

·         Others

Milk accounted for the largest market share due to its fundamental role as a staple in households, utilized in beverages, cooking, and baking.

Regional Insights:

·         North America

·         Asia Pacific

·         Europe

·         Latin America

·         Middle East and Africa

Asia Pacific’s dominance in the dairy alternatives market is attributed to the rising health awareness, growing lactose intolerance, and increasing adoption of plant-based diets.

Competitive Landscape with Key Players:

The competitive landscape of the dairy alternatives market size has been studied in the report with the detailed profiles of the key players operating in the market.

Some of These Key Players Include:

·         AK Globaltech Corp.

·         Akers Biosciences Inc.

·         Alcohol Countermeasure Systems (International) Inc.

·         BACtrack Inc.

·         Drägerwerk AG & Co. KGaA

·         EnviteC-Wismar GmbH

·         Intoximeters Inc.

·         Lifeloc Technologies

·         Mpd Inc.

·         Quest Products LLC.

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Key Highlights of the Report:

·         Market Performance (2018-2023)

·         Market Outlook (2024-2032)

·         Market Trends

·         Market Drivers and Success Factors

·         Impact of COVID-19

·         Value Chain Analysis

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’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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