Global Dairy Alternatives Market Report and Forecast 2024-2032

Global Dairy Alternatives Market Outlook

The global dairy alternatives market size attained a value of approximately USD 22.84 billion in 2023. The market is further expected to grow at a CAGR of around 13.4%. in the forecast period of 2024-2032, reaching a value of around USD 48.6 billion by 2032.

Increasing propensity for a plant-based diet is linked to a variety of issues, including sustainability concerns, health awareness, ethical or religious beliefs, environmental and animal rights, and allergies, which in turn raises the demand for plant-based food products, aiding the dairy alternatives market. Manufacturers are introducing new products that have been enhanced with essential vitamins and minerals, such as calcium, vitamin D, and vitamin B12 to appeal to a growing number of health-conscious consumers. Soy milk contains isoflavones, which are believed to lower the risk of heart disease and breast cancer. Thus, it is anticipated to become more popular among older consumers and women.

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Global Dairy Alternatives Market Share by Region

Europe is witnessing rapid growth in the global market for dairy alternatives, driven by a rising preference for dairy product alternatives due to health-related reasons like the avoidance of saturated fat consumption. Animal cruelty and animal rights issues are also major reasons for the avoidance of traditional dairy products in Europe. In countries such as Spain, shoppers prefer alternatives to real dairy due to the growing perception that plant-based foods are healthier than animal-based food products.

Meanwhile, in North America, in countries such as the United States, consumers prefer alternatives over traditional options due to health reasons like allergies or lactose intolerance, which is bolstering the regional dairy alternatives market. While older shoppers in the United States prefer alternatives to dairy due to health concerns like calories and cholesterol, younger consumers are looking to avoid milk products due to environmental and animal rights issues. Almond-based dairy alternatives have a higher acceptance among American shoppers over other options, followed by coconut and soy milk as popular alternatives products to traditional dairy options.

Properties and Applications

Dairy alternatives are substitutes for dairy products like milk and cheese that are made with plant-based alternatives to traditional dairy milk. They are often similar in taste and texture to real dairy products, although having a different composition.

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The dairy alternatives market segmentation, based on sources is:

• Soy

• Almond

• Coconut

• Rice

• Oats

• Hemp

• Others

On the basis of formulation, the market is bifurcated into:

• Plain 

• Flavoured

Based on application, the market is divided into:

• Milk

• Ice Creams

• Yogurt

• Cheese

• Creamers

• Others

By distribution channel, the market is categorised into:

• Supermarkets/Hypermarkets

• Convenience Stores

• Health Stores

• Online Retailers

• Others

The report by EMR looks into regional markets for dairy alternatives like North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa.

Market Analysis

The global dairy alternatives market is being driven by the growing awareness among consumers about the availability of lactose-free dairy products in the market. Consumers are seeking out these alternatives products over real milk products mainly due to concerns about health like the growing cases of lactose intolerance and allergies or sensitivity to milk products. The rising trend of vegan diets is also aiding the dairy alternatives market growth. The market is finding further impetus from consumers who are increasingly seeking natural and plant-based products without artificial flavours or colours.

The global dairy alternatives market is being driven by the younger generation with higher disposable incomes who are contributing to the rising demand for dairy alternatives, as they deem them more sustainable than other milk sources. With consumers checking the nutritional information of foods and beverages more frequently, the market for alternatives dairy products will be aided by the high nutritional content of the items. They are rich in nutrients like omega-3, calcium, protein, and vitamin D, while containing lower levels of fat and cholesterol than dairy milk products.

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The rising demand for alternatives to dairy products in regions where the supply of traditional dairy milk is insufficient to meet the local demand is also increasing the dairy alternative products market share. The market is also being driven by dairy farmers who are switching to plant-based milk production due to the slow rate of growth of the traditional dairy market and higher associated expenses. In the forecast period, the global market for dairy alternatives will likely expand owing to the implementation of various government policies seeking to assist the growth of the agricultural sector. These policies will lead to an increase in the availability of raw materials for plant-based dairy alternatives and will consequently lead to a lowering of their prices.

Competitive Landscape

The report analyses the following key players in the global dairy alternatives market, looking into their market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions:

• Kerry Group Plc

• Califia Farms LLC

• The Döhler Group

• Ripple Foods Inc.

• Nestle S.A

• Kite Hill

• Elmhurst Milked Direct LLC

• Pacific Foods of Oregon, LLC

• SunOpta, Inc.

• Daiya Foods Inc.

• The Archer-Daniels-Midland Company

• Danone S.A. (SILK)

• The Hain Celestial Group, Inc.

• Eden Foods, Inc

• Earth's Own Food Company Inc.

• Others

The EMR report gives a detailed insight into the market, providing a SWOT analysis as well as an analysis of Porter’s Five Forces.

Key Highlights of the Report

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Dairy Alternatives Market Report Snapshots

Dairy Alternatives Market Size

Dairy Alternatives Market Analysis

Dairy Alternatives Companies

Dairy Alternatives Market Regional Analysis