The Global Dairy Alternatives Market size is expected to reach $59.4 billion by 2030, rising at a market growth of 11.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 8,927.2 Kilo Tonnes experiencing a growth of 10.3% (2019-2022).
Dairy alternative creamers, often derived from plant-based sources like nuts, seeds, or legumes, tend to have lower saturated fat content than traditional dairy creamers. This makes them a heart-healthy choice, aligning with dietary recommendations to reduce saturated fat intake. Consequently, the creamer segment would acquire nearly 6% of the total market share by 2030. Many dairy alternative creamers are fortified with essential nutrients such as vitamins D and B12 and calcium. These additions address potential nutrient gaps in plant-based diets, providing a convenient way to incorporate vital nutrients traditionally associated with dairy products.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, in September, 2023, SunOpta, Inc. announced the launch of SOWN Brown Sugar Organic Oat Creamer for its SOWN oat coffee creamers portfolio. The new Brown Sugar Organic Oat Creamer comes is gluten-free certified and non-GMO Project verified. Additionally, it is completely vegan which further appeals to a larger number of customers. Moreover, in December, 2022, Vitasoy International Holdings Ltd. released Vitasoy Plus, a plant-based milk range. The range contains almond and oat flavours, and the drinks are completely lactose and cholesterol-free.
Based on the Analysis presented in the KBV Cardinal matrix; Archer Daniels Midland Company is the forerunner in the Market. Companies such as Danone, S.A., Blue Diamond Growers, Inc. and SunOpta, Inc. are some of the key innovators in Market. In August, 2021, Danone, S.A. released Silk Greek Style Coconutmilk Yogurt Alternatives. The new product is completely dairy-free and has 10 grams of plant-based protein. The product is available in four different flavors namely, Lemon, Vanilla, Blueberry, and Strawberry.
Many consumers choose vegan food options as part of a broader commitment to health and wellness. Plant-based diets are usually associated with lower saturated fats, which can contribute to improved heart health. Additionally, a diet rich in plant-based foods is generally higher in fiber, vitamins, and antioxidants. Moreover, awareness of the ecological impact of conventional animal agriculture has led consumers to seek more sustainable food choices. Plant-based alternatives require fewer natural resources, produce fewer greenhouse gas emissions, and have a lower environmental footprint than traditional dairy farming. As consumers prioritize health, sustainability, and ethical considerations in their food choices, so the market will likely see sustained growth.
Lactose intolerance is characterized by the body's inability to digest lactose, the sugar found in milk properly. The global prevalence of lactose intolerance varies, with specific populations having a higher incidence. As awareness of lactose intolerance grows, individuals with this condition turn to these alternatives as a solution to avoid gastrointestinal discomfort and other related symptoms. Plant-based milk, dairy-free yogurts, cheeses, and ice creams cater to the distinct needs of individuals who cannot consume conventional dairy products. Parents of children with milk allergies or lactose intolerance seek appropriate alternatives for infant nutrition. Thus, the growth in lactose intolerance and milk allergies has created a substantial market opportunity.
Many dairy substitutes, including soy milk, soy-based cheese, and soy-based yogurt, contain soy proteins that can induce allergic reactions. While soybean oil and soy lecithin were initially considered safe for those with soy allergies, it's now recognized that these products may still contain trace amounts of soy protein, potentially leading to allergic responses. Given that numerous of these alternatives are manufactured in facilities that also handle allergens like nuts or soy, the risk of cross-contamination exists at various stages of production, including sourcing, processing, and packaging. Due to the above factors, market growth will be hampered in the coming years.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product launches.
On the basis of source, the market is segmented into soy, almond, rice, coconut, oats, and others. The almond segment acquired a substantial revenue share in the market in 2022. Almond milk is a nutritional choice for dairy products due to its elevated lipids, fiber, and protein levels. A significant level of acceptance and utilization is anticipated from both consumer and end-user sectors. Almond is rich in vital minerals, including zinc, copper, magnesium, phosphorus, and iron, aiding blood pressure regulation, oxygenation, and disease prevention. Its high manganese and vitamin E content makes almond milk a more potent beverage for enhancing skin health and preventing cancer.
On the basis of distribution channel, the market is categorized supermarkets & hypermarkets, online retail, convenience stores, and others. The convenience stores segment covered a considerable revenue share in the market in 2022. The availability of these alternatives in these stores allows individuals with dietary preferences or restrictions to access suitable options while moving quickly. Convenience stores offering these alternatives contribute to the growing popularity of plant-based lifestyles. This includes individuals adopting plant-based diets for ethical, environmental, or health reasons. Incorporating these alternatives expands the variety of products available in convenience stores. This can attract new consumers and encourage existing consumers to explore and try different plant-based options.
By product, the market is classified into milk, creamers, yogurt, ice-cream, cheese and others. The yogurt segment garnered a significant revenue share in the market in 2022. Yogurt alternatives from plant sources like almond, soy, coconut, or oat are naturally lactose-free. This makes them suitable for individuals who are lactose intolerant and cannot digest the sugar (lactose) present in dairy-based yogurts. Some non-dairy yogurts are naturally lower in saturated fat than traditional dairy yogurts. Some non-dairy yogurts are enriched with probiotics, similar to traditional yogurts. Probiotics are healthy bacteria that sustain gut health and digestion.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 25.9 Billion |
| Market size forecast in 2030 | USD 59.4 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 11.1% from 2023 to 2030 |
| Number of Pages | 421 |
| Number of Tables | 834 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Source, Product, Distribution Channel, Region |
| Country scope |
|
| Companies Included | Danone, S.A., SunOpta, Inc., Blue Diamond Growers, Inc., The Hain Celestial Group, Inc., Earth’s Own Food Company Inc., PANOS Brands, LLC (Hammond, Kennedy, Whitney & Company, Inc.), Archer Daniels Midland Company, Eden Foods, Inc., Vitasoy International Holdings Ltd. and Kikkoman Corporation |
| Growth Drivers |
|
| Restraints |
|
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region generated the highest revenue share in the market. The Asia-Pacific region is witnessing an increasing demand for fortified nutritional food and beverage products due to busy lifestyles and rising disposable incomes. Within this trend, the adoption of these alternatives is expected to grow faster due to consumer preferences. Food manufacturers are introducing various forms of soymilk to cater to the growing consumer interest in healthy beverages and pasteurized soymilk as dairy substitutes, offering unique flavor options.
Free Valuable Insights: Global Dairy Alternatives Market size to reach USD 59.4 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Danone, S.A., SunOpta, Inc., Blue Diamond Growers, Inc., The Hain Celestial Group, Inc., Earth’s Own Food Company Inc., PANOS Brands, LLC (Hammond, Kennedy, Whitney & Company, Inc.), Archer Daniels Midland Company, Eden Foods, Inc., Vitasoy International Holdings Ltd. and Kikkoman Corporation.
By Source (Volume, Kilo Tonnes, Revenue, USD Billion, 2019-2030)
By Distribution Channel (Volume, Kilo Tonnes, Revenue, USD Billion, 2019-2030)
By Product(Volume, Kilo Tonnes, Revenue, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, Revenue, USD Billion, 2019-2030)
This Market size is expected to reach $59.4 billion by 2030.
Consumers are increasingly showing a preference for vegan food options are driving the Market in coming years, however, Issues of allergies among soy food consumers restraints the growth of the Market.
Danone, S.A., SunOpta, Inc., Blue Diamond Growers, Inc., The Hain Celestial Group, Inc., Earth's Own Food Company Inc., PANOS Brands, LLC (Hammond, Kennedy, Whitney & Company, Inc.), Archer Daniels Midland Company, Eden Foods, Inc., Vitasoy International Holdings Ltd. and Kikkoman Corporation.
In the year 2022, the market attained a volume of 8,927.2 Kilo Tonnes experiencing a growth of 10.3% (2019-2022).
The Supermarkets & Hypermarkets segment led the Market by Distribution Channel in 2022; thereby, achieving a market value of $23.1 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $27.3 billion by 2030.
Unique Offerings Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
