Dairy Alternatives Market Overview
The Dairy Alternatives Market was valued at USD 26.76 billion in 2023 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 12.62%, reaching nearly USD 61.49 billion by 2030. The surge in popularity and expansion of the dairy alternatives market is driven by several factors, such as the need to avoid dairy allergies, increasing demand for clean-label products, and the alignment of these alternatives with vegetarian, vegan, and flexitarian diets. Furthermore, growing concerns about sustainability and animal welfare are pushing consumers to embrace plant-based options.
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Key Findings in the Dairy Alternatives Market
Growth in Milk Alternatives: Sales of milk alternatives surged by 14.5% in 2023, demonstrating a stark contrast to the decline of 1.2% in traditional cow’s milk sales. This highlights the rapid consumer shift toward plant-based milk.
APAC Region Leading the Market: The Asia-Pacific (APAC) region, particularly countries like India, China, Japan, and South Korea, accounted for more than 70% of the market share in the global dairy alternatives sector in 2023. These countries are witnessing significant consumption of dairy alternatives.
Increased Spending on Non-Dairy Products in the U.S.: American households spent 6.3% more on milk alternatives in 2023, showcasing a growing consumer preference for non-dairy lifestyles.
Oat Milk Surge: Oat milk sales saw an impressive increase of 117.9%, reflecting the growing interest in innovative, alternative forms of milk that go beyond traditional cow and nut-based options.
Consumption Trends and Nutritional Insights
Consumption of plant-based milk alternatives, including soy and almond milk, is increasing in tandem with the decline in cow’s milk consumption. These milk substitutes, such as soy, almond, oat, and coconut milk, are gaining popularity for health, ethical, and environmental reasons. While these alternatives differ in taste, they offer diverse nutritional benefits. For example, while dairy milk is rich in essential micronutrients such as phosphorus, selenium, and zinc, plant-based options provide varying nutritional profiles that are important for consumers seeking a balanced diet.
As more consumers move towards plant-based diets, there is a growing demand for alternative milk sources. While almond, coconut, and soy milk remain popular, other plant-based milk such as pecan, quinoa, hazelnut, and flax are gaining traction. Both established and emerging companies are seizing opportunities in the burgeoning non-dairy milk category by introducing various innovative milk types. These advancements are expected to accelerate the global dairy alternatives market.
Increasing Consumer Preferences for Vegan Foods
The growing preference for vegan and flexitarian diets is one of the major driving factors in the dairy alternatives market. These diets have gained significant popularity due to concerns over animal welfare, environmental issues, and personal health. Veganism, in particular, is on the rise globally as more people avoid consuming animal-derived products, including dairy. The increased awareness of animal cruelty has accelerated the demand for dairy alternatives.
Veganism has been gaining momentum in recent years, with 2019 being recognized as “The Year of the Vegan.” The trend gained further traction during the COVID-19 pandemic, as concerns about environmental sustainability grew. For example, the number of vegans in the United Kingdom increased by 40% in 2020, reaching over 1.5 million. In the United States, vegan consumers grew by 600% between 2014 and 2017, which also coincided with a rise in the sales of plant-based food alternatives. India, with its cultural diversity and a large vegetarian population, has also seen significant growth in the vegan food sector.
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Dairy Alternatives Market Regional Insights
Regional Mergers and Acquisitions
Vietnam and Thailand
Leading companies in Southeast Asia are embracing strategic mergers to expand their product portfolios, such as oat and soy-based alternatives, to cater to the growing health-conscious population. In Vietnam, significant partnerships are emerging between local firms and international brands to enhance production capabilities.
Singapore and Japan
Singapore has witnessed an influx of international dairy alternative brands, while Japan continues to grow as a major consumer of soy milk. Recent acquisitions in both countries are strengthening product offerings, with a focus on sustainability and innovative plant-based ingredients.
South Korea
The rise of flexitarian diets in South Korea has led to increased mergers among local food giants, aiming to tap into the rapidly expanding dairy alternatives sector. With the nation’s growing focus on health and wellness, partnerships are focusing on creating dairy alternatives that offer functional benefits.
European Markets
In Europe, dairy alternatives are being further embraced through mergers and acquisitions involving major dairy companies adapting to plant-based trends. Recent developments point to significant expansion by European firms in almond and oat milk production.
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Dairy Alternatives Market Segmentation
By Source
Soy
Almond
Coconut
Rice
Oats
Others
By Application
Milk
Ice Cream
Yogurt
Cheese
Creamers
Butter
Other
By Distribution Channel
Supermarket & Hypermarkets
Convenience Stores
Online retail
Others
Dairy Alternatives Market Key Players
1. Danone North America Public Benefit Corporation (US)
2. Elmhurst Milked Direct LLC (US)
3. The Hain Celestial Group, Inc. (US)
4. Blue Diamond Growers (US)
5. Eden Foods, Inc. (US)
6. Hiland Dairy (US)
7. Ripple Foods (US)
8. Kite Hill (US)
9. Califia Farms, LLC (US)
10. Rude Health (US)
11. Miyoko’s Creamery (US)
12. PANOS Brand (US)
13. Daiya Foods Inc. (Canada)
14. Earth’s Own Food Company Inc. (Canada)
15. SunOpta (Canada)
Major Dairy Alternatives Manufacturers in Europe:
16. Vly (Germany)
17. Valsoia S.p.A (Italy)
18. Qatly Group AB (Sweden)
19. Triballat Noyal (France)
20. Nutriops, S.L. (Spain)
21. Nestlé SA (Switzerland)
Key Dairy Alternatives Providers in Asia-Pacific:
22. PureHarvest (Australia)
23. One Good (India)
24. Freedom Foods Group Limited (Australia)
25. Sanitarium (New Zealand)
26. Green Spot Co., Ltd. (Thailand)
27. Coconut Palm Group Co. Ltd. (China)
28. Hebei Yangyuan Zhihui Beverage Co. Ltd. (China)
29. Kikkoman Corporation (Tokyo, Japan)
30. Vitasoy International Holdings Ltd. (Hong Kong)
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Key questions answered in the Dairy Alternatives Market are:
- How has the Dairy Alternatives market performed so far and how will it perform in the coming years?
- What is the market segmentation of the global Dairy Alternatives market?
- What is the regional breakup of the global Dairy Alternatives market?
- What are the price trends of various feedstocks in the Dairy Alternatives industry?
- What is the structure of the Dairy Alternatives industry and who are the key players?
- What are the raw material requirements for setting up a Dairy Alternatives processing plant?
- What are the packaging requirements for setting up a Dairy Alternatives processing plant?
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