Dairy Alternatives Market Growth Forecast | Global Trends 2024-2032
Global Dairy Alternatives Market Size (2024 to 2032)
The global dairy alternatives market size was worth USD 13.89 billion in 2023 and is estimated to reach USD 55.76 billion by 2032 from USD 16.21 billion in 2024, registering a CAGR of 16.7% from 2024 to 2029.
Market Drivers
The growth rate of the dairy alternatives market is driven by the increasing prominence of maintaining healthy lifestyle diet options. Dairy alternatives are proven to be very healthy and have high nutritional value, which poses huge benefits to staying fit and avoiding the risk of many chronic diseases. In today’s world, many people are suffering from chronic illnesses, and their interest in healthy diet options is escalating the growth rate of the market.
Growing awareness of not consuming high amounts of animal-based milk, as those are associated with increasing the risk of heart-related issues, obesity, cancer, and chronic illnesses, is merely to fuel the growth rate of the dairy alternatives market. Animal milk and other dairy products are directly linked to a rising risk of heart-related diseases, which is the major aspect of the shifting trend towards plant-based dairy alternatives.
The rising number of people opting for low-calorie diets to reduce overweight or weight management is substantially elevating the growth rate of the market. According to recent studies, more than 50% of adults in China are overweight and seeking to follow healthy diet options to maintain a proper weight with dairy alternatives by completely avoiding dairy products. In addition, lactose-intolerant people are completely avoiding any kind of dairy products due to digestion issues, which is escalating the market’s growth rate.
Market Restraints
Though dairy alternatives have been trending in recent times, a few people are still reluctant to adopt new products due to the different flavors. Also, the limited availability of raw materials and fluctuations in the supply chain have a major effect on the growth rate of the dairy alternatives market. Stringent rules and regulations by government organizations in favor of public safety are acting as a huge barrier for the key players to launch innovative products. Approvals from organizations like the FDA take longer, which is likely to hinder the market’s growth rate.
Segmental Analysis
Global Dairy Alternatives Market By Application
- Milk
- Cheese
- Yogurt
- Ice Creams
- Creamers
The milk segment is gaining huge traction over the share of the dairy alternatives market. Milk is a rich source of protein and calcium, and consuming milk in a regular diet eventually helps in maintaining proper health. The cheese segment is next in holding the dominant share. It is one of the common products used in many American foods, and it is establishing great scope for the market’s growth in the coming years. The ice cream segment is attributed to holding the significant growth rate of the market. Ice creams are one of the favorite desserts for many people, and the launch of products with different ingredients alternative to dairy products is greatly influencing the growth rate of the market.
Global Dairy Alternatives Market By Distribution Channel
- Supermarkets
- Health Stores
- Pharmacies
- Online Stores
The supermarket segment is leading with the largest share of the market, whereas the online stores segment is likely to witness the highest CAGR by the end of 2029. Collaborations between the companies and retailers shall promote the easy availability of plant-based dairy products to the extent. In recent times, the rapid adoption of online shopping, where food products are delivered to the doorstep, is accelerating the growth rate of the market.
Regional Analysis
North America's dairy alternatives market is estimated to have the largest share due to the growing awareness of shifting diet options towards plant-based products. The lactose intolerance people are eventually rising in America, which is attributed to fuelling the demand for dairy alternatives. According to the Boston Children’s Hospital, 30-50 million Americans are facing lactose intolerance issues. Increasing support from the government through easy approvals in the US and Canada is ascribed to bolster the growth rate of the market during the forecast period.
The rising population in emerging countries like India and China is ascribed to elevating the growth rate of the market. The growing popularity of introducing high-quality food and beverages to fulfill the demand of food insecurity concerns is substantially enhancing the growth rate of the dairy alternatives market. In China, the majority of people are showing interest in dairy products, which is prompting the demand to launch innovative dairy alternatives using various sources like almonds, soy, and others.
Europe's dairy alternatives market growth is likely to hold a substantial growth rate during the forecast period.
Recent Market Developments
In 2023, Daiya Foods Inc. announced that it is soon going to launch a new oat cream blend using fermentation technology. The dairy-free cheese, which was launched earlier, has cracked the code and hit store shelves across the UK. The company’s product portfolio is expected to expand in the coming years with the launch of new dairy alternative products.
Key Market Players
Vitsoy International Holding Limited, CP Kelko, Daiya Foods Inc, WhiteWave Foods Company, Nutriops S.L, OT AB, Eden Foods, Freedom Food Group Co Ltd, Blue Diamond Grower Inc, Hain Celestial Group and Others.
RELATED REPORTS
ABOUT US
Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.
CONTACT US
Market Data Forecast
https://www.marketdataforecast.com/
Phone: +1-888-702-9626
Email: sales@marketdataforecast.com
3rd Floor, Trendz Park Building, Jain Rock Garden Rd, Vittal Rao Nagar, Madhapur, Hyderabad, Telangana, India.
English
Arabic
Français
Español
Português
Deutsch
Türkçe
Italiano
Russian
Romaian