The global Dairy Alternative Market Growth Accelerated by Rising Demand for Plant-Based and Lactose-free Products

 

Dairy alternative products such as plant-based beverages, yogurt, cheese and butter produced from soy, almonds, coconuts, rice and other plant sources are being widely adopted by lactose intolerant population and vegans/vegetarians. These products provide similar taste and experience of dairy products with added advantage of plant-based, lactose-free and cholesterol-free. Growing health consciousness among consumers and inclination towards vegan diets is fueling 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 rising demand for plant-based and lactose-free products is one of the key trends driving the growth of the global dairy alternative market. As consumers are becoming increasingly health conscious and environmental friendly, the demand for vegan diet and sustainable products has been rapidly increasing. According to data, nearly 20% of British consumers are following vegan diet while over 60% of Canadians and Americans avoid lactose. Product innovations incorporating natural, organic and nutritious ingredients without compromising on taste are attracting more consumers towards dairy alternative products. Major companies are extensively research and developing superior quality and innovative dairy alternative products to leverage the growing opportunities in this evolving market.

Segment Analysis

The global dairy alternative market is dominated by plant-based milk segment owing to rising demand for vegan and plant-based products from health-conscious consumers. Plant-based milk accounted for over 60% of the global market share in 2022. Almond milk emerged as the most popular non-dairy milk and witnessed highest growth in sales. Soy milk is another major segment in the global market.

Key Takeaways

The global dairy alternative market is expected to witness high growth over the forecast period of 2023 to 2030. Growing population of lactose intolerant consumers, veganism trends and increasing environmental and health concerns surrounding the dairy industry are major factors fueling 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.

Regional analysis

North America led the global dairy alternative market and accounted for over 35% of the total sales in 2024. Major players operating in the region are undertaking strategic initiatives like new product launches, marketing campaigns to cater to increasing demand. Europe is also one of the prominent markets for dairy alternatives. Asia Pacific region is expected to grow at the fastest pace during the forecast period, driven by growing health awareness and expanding retail landscape in populous countries like China and India.

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 emerged as the global leader with strong presence across major product segments and regions. Hain Celestial Group widened its portfolio through acquisitions and branded wellness platform. Blue Diamond expanded into new geographies and enhanced distribution footprint.

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