Market Forecast 2023-2031:

The Global Dairy Alternatives Market size was USD 26.01 Billion in 2022.Covid-19's impacts have been unprecedented and staggering on a global scale, with the pandemic leading to positive demand shocks for the dairy alternatives market across all domains and regions. Between 2023 and 2031, the market is projected to grow at a CAGR of 13.6% from USD 24.3 billion in 2021 to USD 69.9 billion in 2031. The sudden rise in CAGR is attributed to this market growth returning to the pre-pandemic level once the pandemic is over.

This quick expansion is being caused by a move towards plant-based substitutes as consumers look for better and more environmentally friendly products. Foods and beverages that are dairy-free or don't contain lactose employ dairy substitutes. Customers who are lactose intolerant will significantly benefit from these culinary products. Dairy substitutes have been widely embraced in different applications due to their favorable health effects on a global scale. Increasing lactose allergies, changing lifestyles, rising health consciousness, and expanding application industries are some of the factors propelling the market's expansion.

The market for plant-based substitutes for common dairy goods like milk, cheese, yogurt, and ice cream is known as the "dairy alternatives market." As more people look for better, plant-based diet options, this sector has been expanding quickly in recent years. There are several products available in the dairy alternatives market, including almond milk, soy milk, coconut milk, oat milk, and others. These goods often don't contain dairy, lactose, or other animal products and are manufactured from plant-based substances. The market is anticipated to expand significantly over the next few years as a result of rising customer demand for plant-based products that are superior to conventional dairy products in terms of health, sustainability, and ethics.

Market Drivers:

The advantages of plant-based dairy substitutes in terms of nutrition:

The nutritious richness of plant-based dairy alternatives is one of their main benefits. Numerous plant-based alternatives are enhanced with necessary nutrients found in conventional dairy products, including calcium, vitamin D, and vitamin B12. They are therefore a healthy choice for people who want to consume fewer animal products but still need to eat a balanced diet.

Increased incidences of milk allergy and lactose intolerance:

The rising prevalence of lactose intolerance and milk allergies is another motivating factor. While lactose intolerance is the inability to digest lactose, a sugar present in milk, milk allergy is a disorder in which the immune system reacts to proteins found in milk. The symptoms of these illnesses might range from little discomfort to life-threatening allergic responses. As a result, a lot of people are using dairy substitutes to stay away from these health problems.

Changing consumer preferences towards vegan and vegetarian diets:

The market for dairy substitutes is expanding because of shifting consumer preferences towards vegan and vegetarian diets. Plant-based diets are becoming more and more popular among consumers for moral, environmental, and health grounds. As consumers explore for alternatives to traditional dairy products in their diets, this has increased demand for dairy substitutes.

Market Trends:

Manufacturers work hard to provide consumers with fresh flavors, superior quality, and eye-catching packaging:

Consumers are looking more and more for dairy substitutes that not only taste nice but also offer a similar sensory experience to that of regular dairy products. Manufacturers are responding to this trend by creating novel flavour profiles using premium ingredients to produce distinctive and enticing flavours.

Consumers are searching for dairy substitutes that are of the highest calibre in addition to flavour. This means that goods should be created with high-quality ingredients and free of artificial preservatives, colors, and flavours. Manufacturers are spending money on R&D to develop goods that are not only nutritious but also delicious and have a texture that is like that of traditional dairy products.

In the market for dairy alternatives, attractive packaging is also becoming more and more crucial. Consumers frequently go towards goods with an appealing and distinctive appearance because there are so many options accessible. To design packaging that sticks out on store shelves and appeals to consumers who care about the environment, manufacturers use bright colors, striking images, and eco-friendly materials.

Market Restraining Factors:

Low Consumer Awareness and Subpar Market Penetration Lead to Lower Sales:

Many customers are still uninformed of the availability of dairy alternatives or the advantages they provide, despite the rising popularity of plant-based diets. Manufacturers may find it challenging to properly promote their goods and attract a larger audience as a result. Additionally, poor market penetration in some areas or nations can restrict the supply of dairy substitutes, resulting in lower sales.

Dairy products cost a lot of money:

Dairy products are frequently extensively subsidised by governments and can be produced at scale, making them less expensive than many plant-based alternatives, even though dairy substitutes can be cost-competitive with traditional dairy products. Because of this, it may be challenging for producers of dairy substitutes to compete on price, especially in countries where customers are very price sensitive.

Scope of Dairy Alternatives Market Report:

A recent market research report added to repository of Intellectual Market Insights Research is an in-depth analysis of Global Dairy Alternatives Market. On the basis of historic growth analysis and current scenario of Dairy Alternatives market place, the report intends to offer actionable insights on global market growth projections. Authenticated data presented in report is based on findings of extensive primary and secondary research. Insights drawn from data serve as excellent tools that facilitate deeper understanding of multiple aspects of global Dairy Alternatives market. This further helps users with their developmental strategy.

This report examines all the key factors influencing growth of global Dairy Alternatives market, including demand-supply scenario, pricing structure, profit margins, production and value chain analysis. Regional assessment of global Dairy Alternatives market unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling enables users to evaluate company shares analysis, emerging product lines, pricing strategies, innovation possibilities and much more.

The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.

Dairy Alternatives Market Players Analysis:Eden Foods, Inc.

• Blue Diamond Growers

• Nutriops, S.L.

• ADM

• The Whitewave Foods Company

• The Hain Celestial Group, Inc.

• Freedom Foods Group Ltd.

• OATLY AB

• CP Kelco

• Vitasoy International Holdings Limited

• Organic Valley Family of Farms

• Living Harvest Foods Inc.

• Daiya Foods Inc.

• Earth’s Own Food Company

• SunOpta Inc.

Dairy Alternatives Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2023-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.

Segmentation Analysis:

By Source

Soy: Made from whole soybeans, soy milk is one of the most well-liked dairy replacements. It is a well-liked ingredient for coffee, smoothies, and other recipes because of its mild flavour and creamy texture.

Almond: Water and ground almonds are used to make almond milk. It is a popular ingredient for baking and cooking because of its nutty flavour and mild sweetness.

Coconut: Coconut milk has a thick, creamy texture and a somewhat sweet flavour. It is formed from the flesh of ripe coconuts. It is frequently used as a foundation for smoothies and other drinks as well as in Asian cuisine.

Rice: Brown rice is used to make rice milk, which has a delicate, somewhat sweet taste. It is frequently used as a dairy substitute for people with soy, nut, or gluten allergies.

Hemp: Made from ground hemp seeds, hemp milk has a nutty flavour and a creamy consistency. Because of its high protein and omega-3 fatty acid content, it is a favourite among consumers who are concerned about their health.

Oats: Made from oat groats, oat milk has a delicate, somewhat sweet taste. It has a creamy consistency and is frequently used in baking, smoothies, and coffee.

Others: Pea protein, cashews, macadamia nuts, quinoa, and flaxseed are further dairy substitutes.

By Product

Milk: Dairy-alternative milk is one of the most well-liked goods on the market and may be made from a number of different ingredients, including soy, almond, coconut, and rice. It frequently replaces cow's milk in cereal, coffee, tea, and smoothies.

Yogurt: A well-liked dairy product, yoghurt is also offered as a dairy substitute. Plant-based yoghurt can be flavoured with fruits, nuts, and other components and is produced from ingredients including soy, almond, and coconut.

Cheese: Dairy-alternative cheese can be found in a variety of forms, including shredded, sliced, and grated, and is manufactured from ingredients like soy, almond, and cashews. It may be included into many other foods, including pizza, sandwiches, and salads.

Ice cream: Dairy-free ice cream is a well-liked dessert that comes in a range of flavors, including strawberry, chocolate, and vanilla. It is frequently made with coconut or almond milk and may also include chocolate chips, fruits, and nuts.

Creamers: Dairy-free creamers are frequently used in place of regular creamers in coffee and tea. They can be flavoured with vanilla, hazelnut, or other flavours and are created from components including soy, almond, and coconut.

Others: Butter, sour cream, and whipped cream are other dairy substitutes; these are frequently created from soy, coconut, and cashews.

By Formulation

Flavored: Flavored dairy alternatives are just what the name implies—products that have flavours added. Customers who desire to enjoy a certain taste or flavour while ingesting a dairy replacement are typically the target market for these goods. Flavored dairy substitutes come in a variety of flavors, including strawberry, chocolate, vanilla, and more. These items are typically sweetened and used in recipes or as stand-alone beverages.

Plain: Products that aren't flavoured or sweetened are referred to as plain dairy substitutes. These goods are marketed to people who like the flavour of unsweetened products and want to employ dairy substitutes in recipes for things like smoothies, soups, sauces, and baked goods. There are several different ingredients used to make plain dairy substitutes, including soy, almonds, oats, and coconut, among others. They can also be found in milk, creamer, yogurt, and cheese, among other forms.

By Distribution Channel

Supermarkets and hypermarkets: These are the places where dairy substitutes are most frequently distributed. These shops provide a vast selection of dairy substitute products from various brands, making it simple for customers to compare and select the items that best fit their requirements. Additionally, these shops provide competitive pricing and a variety of promos, which may aid in boosting sales.

Convenience Stores: Convenience stores are another well-liked medium for distributing dairy substitutes. Customers seeking quick and simple dietary solutions are catered to by these establishments. Although they are normally more expensive, the limited selection of dairy substitutes that are typically found in convenience stores.

Health Food Stores: Health food stores are specialty shops that serve customers who are concerned about their health or have certain dietary needs. These shops typically stock a large selection of dairy substitutes made with organic, natural, or non-GMO ingredients. Additionally, these shops give customers thorough product information and guidance, which helps them make wise decisions.

Online retail: For dairy substitutes, online shopping is a fast-expanding distribution method. A large variety of dairy substitute goods are readily available for consumers to browse and buy online while relaxing in their homes. Consumers who have restricted access to physical stores may benefit especially from online merchants' competitive pricing, product reviews, and easy home delivery options.

Others: Distribution channels that are less common than the ones stated above are included in the "others" category. These channels could include niche retailers, restaurants, and speciality shops.

The report also helps in understanding Global Dairy Alternatives Market dynamics, structure by analyzing the market segments, and project the Global Dairy Alternatives Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Dairy Alternatives Market make the report investor’s guide.

Regional Snapshots:

Here are some regional snapshots of the dairy alternatives market:

North America: The well-established North American Dairy Alternatives Market is primarily driven by rising veganism, rising consumer health consciousness, and expanding demand for plant-based goods. The largest market in the area, with a sizeable portion of the overall market, is the United States.

Europe: The European Dairy Alternatives Market is an established industry that shares many of the same drivers with North America. Due to the high frequency of lactose intolerance in the area, the market for dairy substitutes has expanded. The biggest markets in the area are in Germany, France, and the United Kingdom.

Asia-Pacific: The market for dairy alternatives in this region is expanding quickly and is being propelled by factors like population growth, increased disposable incomes, and an increase in the popularity of vegan and vegetarian diets. The region's three largest markets are China, India, and Japan.

Latin America: The growing knowledge of the health advantages of plant-based diets and the rise in lactose intolerance are the two main factors driving the development of the Latin American dairy alternatives industry. The biggest markets in the area are those in Brazil, Mexico, and Argentina.

Middle East and Africa: The Middle East and Africa Dairy Alternatives Market is a comparatively small market driven by the rising popularity of veganism and increased awareness of lactose intolerance. The biggest markets in the region are Saudi Arabia, the UAE, and South Africa.

Key Players Strategies in the Market:

• The market is really cutthroat. It consists of well-known and established performers who have amassed a sizable stake in 2022. With the ability to serve both domestic and foreign markets, these firms have a solid presence in the industry. Additionally, these players have a sizable clientele both inside and outside the nation.
• Over the coming years, industry players anticipate that new product development in the food and beverage sector and the development of substitutes for milk-based goods will continue to be crucial success factors. For instance, the Hershey Trust Company's brand sofit is offered in Kesar Pista flavour and has been tailored to Indian consumers. The businesses creating items for further market penetration exhibit comparable variations.
• Most makers of dairy substitutes have vertical integration through well-established end-user phase-in value chain procedures. As a result, several producers create foods that contain dairy substitutes as well as beverages that use substitutes like soy or almond milk.

Regional Analysis:

North America accounted for the highest xx% market share in terms of revenue in the Dairy Alternatives market and is expected to expand at a CAGR of xx% during the forecast period. This growth can be attributed to the growing adoption of Dairy Alternatives. The market in APAC is expected to witness significant growth and is expected to register a CAGR of xx% over upcoming years, because of the presence of key Dairy Alternatives companies in economies such as Japan and China.

The objective of the report is to present comprehensive analysis of Global Dairy Alternatives Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.

Dairy Alternatives Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Reasons to Purchase:

• To gain insightful analyses of the Dairy Alternatives market and have comprehensive understanding of the global market and its commercial landscape.

Assess the production processes, major issues, and solutions to mitigate the development risk.

• To understand the most affecting driving and restraining forces in the market and its impact in the global market.

Learn about the Dairy Alternatives market strategies that are being adopted by leading respective organizations.

• To understand the future outlook and prospects for the Dairy Alternatives market. Besides the standard structure reports, we also provide custom research according to specific requirements.

Research Scope of Dairy Alternatives Market:

• Historic year: 2018- 2021
• Base year: 2022
• Forecast: 2023 to 2031
• Representation of Market revenue in USD Million

Dairy Alternatives Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: