Dairy Alternatives Market worth $43.6 billion by 2028
According to the report, The dairy alternatives market is estimated at USD 27.0 billion in 2023 and is projected to reach USD 43.6 billion by 2028, at a CAGR of 10.1% from 2023 to 2028
Dairy alternative is a plant based milk and used as major substitute of milk. It is processed through cereals (oats, rice, wheat, and barley), nuts, and seeds. It contains low cholesterol and low fat content than milk products. Dairy alternative do not contain lactose that have a therapeutic or medical advantages particularly for the lactose intolerant population.
The report covers forecast and analysis for the dairy alternative market on a global and regional level. The study provides historic data of 2015 along with a forecast from 2016 to 2021 based on revenue (USD Million). The report also offers detailed competitive landscape of the global dairy alternative market. It includes company market share analysis, product portfolio of the major industry participants. The report provides market opportunities for the upcoming years.
Dairy alternative products have various health benefits. Growing vegetarian population and increase health awareness mainly drives the dairy alternative market. Strong support from the government and associations is also expected to offer growth prospects for dairy alternative market. However, absence of proteins, cross contamination of raw materials and high cost associated with dairy alternatives may hamper the dairy alternative market. Nevertheless, lactose intolerance, new marketing techniques and awareness programs regarding dairy alternatives may create various opportunities for this market.
In terms of segmentation, the dairy alternative market has been segmented on the basis of product which includes almond milk, oat milk, rice milk, soya milk and others. The soya milk segment is expected to acquire the largest market share of global market in the coming years. The demand for almond milk is also increasing extensively due to various health advantages and high content of calcium and vitamin. On the basis of formulations market is divided into plain-sweetened, plain-unsweetened, flavored-sweetened, flavored-unsweetened, and others.
The dairy alternative market has been encountering constant development and would keep up the same trend in the near future. Geographically, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia-Pacific dairy alternatives market is predicted to grow at the highest CAGR in the forecast period. Rising health awareness, increasing cases of lactose intolerance and milk allergy in this region would fuel the market growth.
There are some major players in the dairy alternative market such as -
- Blue Diamond Growers
- Earth’s Own Food Company
- Panos Brands LLC
- Eden Foods Inc
- The Bridge S.R.L
- Whitewave Foods Company
- Associated British Foods
- BASF SE
Global Dairy Alternative Market: Product Segment Analysis
- Almond milk
- Oat milk
- Rice milk
- Soya milk
- Others
Global Dairy Alternative Market: Formulations Segment Analysis
- Plain sweetened
- Plain unsweetened
- Flavored sweetened
- Flavored unsweetened
- Others
Global Dairy Alternative Market: Region Segment Analysis
- North AmericaU.S.
- EuropeUKFranceGermany
- Asia PacificChinaJapanIndia
- Latin AmericaBrazil
- Middle East & Africa
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