The North America Dairy Alternatives Market would witness market growth of 10.6% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 1,665.3 Kilo Tonnes, showcasing a growth of 10.2% (2019-2022).
These alternatives consist of foods and beverages that can be consumed instead of dairy. These plant-based alternatives are considered to be nutritious. Rice, soy, and almond milk are alternatives that enjoy significant popularity. These alternatives are considered healthy because of many essential vitamins and minerals. They are also low in fats and cholesterol and have zero lactose concentration. These alternatives have been prevalent in the mature and emerging market.
This can be attributed to a rise in the number of people allergic to dairy. Furthermore, health awareness and an increase in disposable income have aided the growth of the market. Moreover, introducing additional healthy ingredients by different market players is another factor that further drives the market's growth. However, fluctuating raw material prices and high costs are the major restraints for this market. In contrast, the introduction of new flavors and varieties of these alternatives and the increase in demand for such products by the vegan population is expected to generate growth prospects for the market.
According to the Canadian government, in 2021, retail sales of plant-based ready meals in Canada were valued at $US19.1 million. During 2022-2026, sales of plant-based ready meals are forecast to reach US$31.8 million in 2026. According to the same source, in 2021, retail sales of plant-based ready meals in the United States were valued at $US633.4 million; during the 2022-2026 period, sales of plant-based ready meals are forecast to reach US$976.7 million in 2026. Plant-based ready meals offer a convenient and time-saving solution for consumers with busy lifestyles. The ease of preparation and the availability of flavorful plant-based options cater to individuals looking for quick and nutritious meals. As a result, these aspects will boost the market growth in the coming years.
The US market dominated the North America Dairy Alternatives Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $10,632.2 million by 2030. The Canada market is experiencing a CAGR of 13.1% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 12.1% during (2023 - 2030).
Based on Source, the market is segmented into Soy, Almond, Coconut, Oats, Rice, and Others. Based on Distribution Channel, the market is segmented into Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others. Based on Product, the market is segmented into Milk, Yogurt, Ice-cream, Creamers, Cheese, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Dairy Alternatives Market is Predict to reach $59.4 Billion by 2030, at a CAGR of 11.1%
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 Country (Volume, Kilo Tonnes, Revenue, USD Billion, 2019-2030)
Unique Offerings Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
