The Milk Substitutes (Non dairy milk) Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Milk Substitutes (Non dairy milk) Global Market Report 2024, The milk substitutes (non dairy milk) market size has grown rapidly in recent years. It will grow from $34.24 billion in 2023 to $39.15 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The growth in the historic period can be attributed to health and wellness trends, lactose intolerance awareness, vegan and plant-based lifestyle, diversity of product offerings, environmental and ethical concerns.
The milk substitutes (non dairy milk) market size is expected to see rapid growth in the next few years. It will grow to $68.34 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The growth in the forecast period can be attributed to rising demand for plant-based protein, innovations in product formulations, expansion of distribution channels, culinary applications and food trends, governmental support and regulations. Major trends in the forecast period include rise of blended and functional varieties, customization and personalization, expansion of distribution channels, health and wellness positioning, rising demand for barista-grade varieties.
The increasing consumer’s preference for vegan food is driving the milk substitute market. Consumers are increasingly becoming aware of animal abuse at dairy farms and are avoiding animal-based products. Vegan milk is cholesterol-free, rich in vitamin D and proteins and provides more calcium than animal milk. According to a report by Mintel, sales of non-dairy milk in the USA grew 61% over the last five years. The rising shift towards veganism and health consciousness is driving the milk substitute market.
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The milk substitutes (non dairy milk) market covered in this report is segmented –
1) By Type: Soy Milk, Almond Milk, Rice Milk, Other Types
2) By Formualtion: Plain-Sweetened, Plain-Unsweetened, Flavored-Sweetened, Other Formulations
3) By Distribution Channel: Supermarkets, Hypermarkets, Convenience Stores, Specialty Stores, Online Retail Stores, Other Distribution Channels
4) By Application: Food, Beverages
Non-dairy milk manufacturers are placing an increasing emphasis on enhancing the longevity of their products. They are actively working on reducing bacterial growth in non-dairy milk through a method known as bacterial clarification, which involves the use of separators designed to eliminate bacterial spores. One effective technique in this regard is ultra-pasteurization, where the milk is subjected to temperatures exceeding 280°F for at least 2 seconds, effectively eradicating harmful bacteria and extending the product’s shelf life to approximately 120 days. For example, SunOpta employs ultra-pasteurization for their soymilk, resulting in a remarkably extended shelf life of 12 months. Likewise, Pacific Foods utilizes ultra-pasteurization for their almond milk, providing it with a shelf life of around one year.
The milk substitutes (non dairy milk) market report table of contents includes:
- Executive Summary
- Milk Substitutes (Non dairy milk) Market Characteristics
- Milk Substitutes (Non dairy milk) Market Trends And Strategies
- Milk Substitutes (Non dairy milk) Market – Macro Economic Scenario
- Global Milk Substitutes (Non dairy milk) Market Size and Growth
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- Global Milk Substitutes (Non dairy milk) Market Competitive Benchmarking
- Global Milk Substitutes (Non dairy milk) Market Competitive Dashboard
- Key Mergers And Acquisitions In Milk Substitutes (Non dairy milk) Market
- Milk Substitutes (Non dairy milk) Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Archer Daniels Midland Company
- Nutriops S.L.
- WhiteWave Foods Company
- Hain Celestial Group Inc.
- Blue Diamond Growers Inc.
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