The global Dairy Alternative Market Growth Accelerated by Rising Health Consciousness

 

Dairy alternative products such as plant-based milk, yogurt, butter and cheese are gaining popularity due to the increasing health consciousness among consumers globally. These products are lactose-free and contain nutrients such as vitamins, minerals, proteins and probiotics offering several health benefits. The rising prevalence of milk allergies, lactose intolerance and veganism has boosted the demand for dairy alternatives.

The global Dairy Alternative Market is estimated to be valued at US$ 27.0 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growing trend of health and wellness has significantly accelerated the demand for dairy alternative products in the recent years. Consumers are increasingly opting for plant-based dairy products for various health reasons such as weight management, digestive issues and heart health. Plant-based milk made from almonds, cashews, coconuts, oats and soy are gaining immense popularity due to their low calorie and fat content as compared to cow milk. Moreover, rising awareness about dairy allergies, lactose intolerance and issues related to antibiotics in conventional milk is compelling consumers to switch to dairy alternative products. This key trend has propelled major players to launch innovative dairy-free offerings catering to the evolving taste and preferences of health-conscious customers worldwide.

Segment Analysis

The global dairy alternative market is segmented on the basis of source into almond, soy, coconut, oats and others. The soy segment currently dominates the market with over 30% share due to the high protein content of soy and increasing awareness regarding its health benefits. Soy milk has emerged as a popular alternative for lactose intolerant consumers and vegans.

Key Takeaways
The global dairy alternative market is expected to witness high growth over the forecast period. According to MarketsandMarkets, the market is projected to grow at a CAGR of 10% between 2023 to 2030 and reach a valuation of US$ 54.2 Bn by 2030.

Regional analysis
North America currently accounts for the largest share of the global dairy alternative market owing to changing dietary habits and rising veganism in the region. The US holds over 40% share of the North America dairy alternative market. Growing lactose intolerance in the region is also driving the demand for dairy-free products. Asia Pacific is expected to witness the fastest growth over the coming years led by countries like China, India and Japan. Rising disposable incomes, growing health consciousness and expanding vegan population provide substantial opportunities in Asia Pacific.

Key players
Key players operating in the dairy alternative market are Danone North America Public Benefit Corporation (US), The Hain Celestial Group, Inc. (US), Blue Diamond Growers (US), SunOpta (Canada), Sanitarium (New Zealand). Danone and Hain Celestial are the global leaders in the market with presence across various dairy alternative categories like plant milk, yogurt, ice cream etc. Blue Diamond dominates the almond milk segment while SunOpta is a major player in the oat milk space.

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