Dairy Alternatives Market Size & Share Growth Forecast 2024 To 2032

 IMARC Group, a leading market research company, has recently released a report titled “Dairy Alternatives Market Report by Source (Almond, Soy, Oats, Hemp, Coconut, Rice, and Others), Formulation Type (Plain, Flavored), Nutrient (Protein, Starch, Vitamin, and Others), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Stores, and Others), Product Type (Cheese, Creamers, Yogurt, Ice Creams, Milk, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global dairy alternatives market trends, share, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The global dairy alternatives market size reached US$ 31.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 73.3 Billion by 2032, exhibiting a growth rate (CAGR) of 9.7% during 2024-2032.

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Global Dairy Alternatives Market Trends:

The rising awareness of the environmental impact of dairy farming, including greenhouse gas (GHG) emissions and water usage, which is prompting consumers to opt for more sustainable dairy alternatives, is driving the market growth.

Additionally, the heightened concerns about animal welfare in the dairy industry, which are motivating consumers to switch to plant-based alternatives, are propelling the market growth. Besides this, the ongoing innovations and the development of a variety of dairy alternatives, which have increased product availability and diversity, attracting more consumers, are fostering the market growth.

Factors Affecting the Growth of the Dairy Alternatives Industry:

·         Increasing Lactose Intolerance and Dairy Allergies:

Lactose intolerance and dairy allergies are becoming increasingly prevalent, propelling the growth of the dairy alternatives market. Lactose intolerance, characterized by the inability to digest lactose, the sugar found in milk and dairy products, affects a significant portion of the global population. Dairy allergies, although less common than lactose intolerance, can cause severe allergic reactions, including anaphylaxis, prompting individuals to avoid dairy entirely. As awareness of these conditions grows, more consumers are seeking alternatives that allow them to enjoy similar flavors and nutritional benefits without adverse effects. 

Additionally, the food and beverage (F&B) industry has responded by developing a wide range of dairy-free products, including plant-based milk, cheeses, yogurts, and ice creams. These products are formulated to mimic the taste and texture of dairy, making the transition easier for consumers.

·         Health Consciousness: 

Health consciousness among consumers is a major driving force behind the rise of the dairy alternatives market. As more individuals become aware of the link between diet and health, they are making more informed choices about the foods they consume. Many dairy alternatives, such as almond milk, soy milk, and oat milk, are perceived as healthier options compared to traditional dairy products. These plant-based alternatives often contain lower levels of saturated fats and cholesterol, making them attractive to health-conscious consumers. 

Additionally, they are often fortified with essential vitamins and minerals, such as calcium, vitamin D, and vitamin B12, ensuring that consumers do not miss out on vital nutrients. 

·         Veganism and Plant-Based Diets:

The rise of veganism and the popularity of plant-based diets are significantly boosting the dairy alternatives market. Veganism, which involves abstaining from all animal products, has transitioned from a niche lifestyle choice to a mainstream movement. This shift is driven by a combination of ethical, environmental, and health motivations. Ethically, many individuals choose veganism to avoid contributing to animal suffering and exploitation. Environmentally, the substantial carbon footprint and resource demands of the dairy industry are leading consumers to seek more sustainable dietary choices. Health-wise, numerous studies suggest that plant-based diets can reduce the risk of chronic diseases such as heart disease, diabetes, and certain cancers. This holistic approach to diet and lifestyle has created a robust demand for plant-based alternatives to traditional dairy products.

Dairy Alternatives Market Report Segmentation:

By Source:

·         Almond

·         Soy

·         Oats

·         Hemp

·         Coconut

·         Rice

·         Others

Soy holds the majority of the market share because it has been a widely accepted and nutritionally rich alternative with a long history in the dairy alternatives market.

By Formulation:

Plain

·         Sweetened

·         Unsweetened

Flavored

·         Sweetened

·         Unsweetened

Plain formulation accounted for the largest market share due to its versatility and ability to be used in various culinary applications without altering flavors.

By Nutrient:

·         Protein

·         Starch

·         Vitamin

·         Others

Protein represented the largest segment because consumers are increasingly seeking high-protein alternatives to meet their dietary needs.

By Distribution Channel:

·         Supermarkets and Hypermarkets

·         Convenience Stores

·         Online Stores

·         Others

Supermarkets and hypermarkets hold the majority the market share because they offer wide availability and convenience for consumers seeking dairy alternatives.

By Product Type:

·         Cheese

·         Creamers

·         Yogurt

·         Ice Creams

·         Milk

·         Others

Milk accounted for the largest market share as it is the most common and versatile dairy alternative, used widely in beverages, cooking, and baking.

Regional Insights:

·         North America

·         Asia Pacific

·         Europe

·         Latin America

·         Middle East and Africa

Asia Pacific's dominance in the market is attributed to the high prevalence of lactose intolerance and a strong cultural acceptance of plant-based diets.

Competitive Landscape with Key Players:

The competitive landscape of the dairy alternatives market size has been studied in the report with the detailed profiles of the key players operating in the market.

Some of These Key Players Include:

·         AK Globaltech Corp.

·         Akers Biosciences Inc.

·         Alcohol Countermeasure Systems (International) Inc.

·         BACtrack Inc.

·         Drägerwerk AG & Co. KGaA

·         EnviteC-Wismar GmbH

·         Intoximeters Inc.

·         Lifeloc Technologies

·         Mpd Inc.

·         Quest Products LLC.

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Key Highlights of the Report:

·         Market Performance (2018-2023)

·         Market Outlook (2024-2032)

·         Market Trends

·         Market Drivers and Success Factors

·         Impact of COVID-19

·         Value Chain Analysis

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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