Dairy Alternatives Market to Reach $73.95 Billion by 2031

Dairy Alternatives Market Size, Share, Forecast, & Trends Analysis by Product Type (Plant-Based Milk, Cheese, Yogurt, Ice-cream), Source (Almond, Soy, Pea, Oat), Formulation (Unflavored, Flavored), Distribution Channel (B2B, B2C) - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, 'Dairy Alternatives Market Size, Share, Forecast, & Trends Analysis by Product Type (Plant-Based Milk, Cheese, Yogurt, Ice-cream), Source (Almond, Soy, Pea, Oat), Formulation (Unflavored, Flavored), Distribution Channel (B2B, B2C) - Global Forecast to 2031.'

According to this latest publication from Meticulous Research^®, the dairy alternatives market is projected to reach $73.95 billion by 2031, at a CAGR of 11.1% from 2024 to 2031.The increasing prevalence of lactose intolerance, increasing vegan & vegetarian population, nutritional benefits offered by plant-based dairy products, growing investments in dairy alternatives marketspace, and growing focus on animal welfare and sustainability contribute to the growth of the dairy alternatives market. However, the preference for animal-based products and growing preference for soy and gluten-free products are expected to hinder market growth to some extent.

Moreover, the consumers’ increasing inclination toward plant-based diets and emerging economies are expected to provide market growth opportunities for the stakeholders operating in this market. Nevertheless, the substantial challenge faced by stakeholders in this market is the fluctuating raw material prices.

Key Players:

The dairy alternatives market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the dairy alternatives market are Danone S.A. (France), Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium Health and Wellbeing Company (Australia), Axiom Foods, Inc. (U.S.), Daiya Foods, Inc. (A Part of Otsuka Pharmaceutical Co., Ltd.) (Canada), Earth’s Own Food Company Inc. (Canada), SunOpta Inc. (Canada), Valsoia S.p.A. (Italy), Plamil Foods Ltd. (U.K.), Nestlé S.A. (Switzerland), Oatly Group AB (Sweden), Sunrise Soy Foods (Canada), Miyoko's Creamery (U.S.), and Blue Diamond Growers (U.S.).

The dairy alternatives market is mainly segmented by product type (plant-based milk {almond milk, soy milk, coconut milk, oat milk, rice milk, and other plant-based milks}, cheese, yogurt, butter, ice-cream, creamer, and other dairy alternatives), source (almond, soy, wheat, pea, rice, and oat other sources), formulation (unflavored and flavored), distribution channel (business-to-business and business-to-consumer {modern groceries, convenience stores, specialty stores, online retail stores, and other B2C distribution channels}), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyses the regional and country-level markets.

Based on product type, the dairy alternatives market is segmented into plant-based milk, cheese, yogurt, butter, ice-cream, creamer, and other dairy alternatives. In 2024, the plant-based milk segment is expected to account for the largest share of 69.9% of the dairy alternatives market. The large market share of this segment can be attributed to the growing prevalence of lactose intolerance and hypercholesterolemia prevalence, consumer preference for vegan diets, rising health & environmental concerns, and various nutritional benefits offered by plant-based milk. The ease of availability of various flavors of plant-based milk is further supporting the market growth.

Based on source, the dairy alternatives market is segmented into almond, soy, wheat, pea, rice, oat, and other sources. In 2024, the almond segment is expected to account for the largest share of the dairy alternatives market. The large market share of this segment is attributed to its easy availability, high nutrition content, higher acceptance level among people, and growing application of almond protein in various plant-based dairy product categories. The production of almond ingredients generally has a lower environmental impact linked to dairy ingredients, as it requires less water and produces fewer greenhouse gas emissions.

Based on formulation, the dairy alternatives market is segmented into unflavored and flavored dairy alternatives. In 2024, the unflavored segment is expected to account for the larger share of the dairy alternatives market. The large market share of this segment can be attributed to the rising consumer demand for low-added sugars, artificial flavors, and preservatives. The variety of unflavored plant-based dairy alternatives is used as milk substitute products in culinary applications, further supporting the growth of the market.

Based on distribution channel, the dairy alternatives market is segmented into business-to-business and business-to-consumer. In 2024, the business-to-consumer segment is expected to account for the larger share of the dairy alternatives market. The large market share of this segment can be attributed to the rising number of supermarkets and hypermarkets and increased overall product sales from these outlets; consumers' preference for shopping from brick-and-mortar grocers due to easy access and availability; and rising consumer expenses on vegan food products, especially dairy alternatives.

Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, U.K., Spain, Italy, France, Netherlands, Belgium, Austria, Poland, Portugal, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, Thailand, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and Middle East & Africa.

In 2024, Asia-Pacific is expected to account for the largest share of 45.1% of the dairy alternatives market. The large market share of this region is mainly attributed to the region’s rising population, growing health-conscious population, increasing spending on health and wellbeing, rising popularity of Western diets, high presence of vegan & vegetarian population, and growing adoption of advanced technologies in the F&B industry.

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Key Questions Answered in the Report-

What is the value of revenue generated by the sale of dairy alternatives?
At what rate is the global demand for dairy alternatives projected to grow for the next 5-7 years?
What is the historical market size and growth rate for the dairy alternatives market?
What are the major factors impacting the growth of this market at global and regional levels?
What are the major opportunities for existing players and new entrants in the market?
Which product type, source, formulation, and distribution channel segments create major traction for the manufacturers in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the dairy alternatives market?
Who are the major players in the dairy alternatives market? What are their specific product offerings in this market?
What recent developments have taken place in the dairy alternatives market? What impact have these strategic developments created on the market?

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