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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Dairy Alternatives 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.
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.
Dairy Alternatives Market Report Snapshots
Dairy Alternatives Market Size
Dairy Alternatives Market Analysis
Dairy Alternatives Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global market for dairy alternatives attained a value of USD 22.84 billion in 2023.
The market is projected to grow at a CAGR of 13.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 48.6 billion by 2032.
The major drivers of the market include growing consumer awareness regarding lactose-free dairy products, increasing demand for natural and plant-based dairy products, and rising disposable incomes.
The key dairy alternatives market trends include rising popularity of vegan diets, increasing product development, and enhanced accessibility of dairy alternatives products.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various sources of dairy alternatives in the market include soy, almond, coconut, rice, oats, and hemp, among others.
The significant formulations of dairy alternatives in the market are plain and flavoured.
The different applications of dairy alternatives in the market are milk, ice creams, yoghurt, cheese, and creamers, among others.
The leading distribution channels for dairy alternatives in the market are supermarkets/hypermarkets, convenience stores, health stores, and online retailers, among others.
The major players in the market, according to the report, are 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, and Earth's Own Food Company Inc., among others.
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