Dairy Alternative Market is Anticipated to Witness High Growth owing to Rising Awareness about Plant-based Nutrition

 

The global dairy alternative market is estimated to be valued at US$ 27.0 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030. Dairy alternatives are plant-based beverages and food products that mimic dairy in various applications such as cheese, yogurt, creamers, and ice cream. They are usually derived from soy, almonds, coconuts, rice, and cashew. Dairy alternatives provide a solution to lactose intolerance and suit vegan lifestyles. The rising vegan population worldwide combined with growing awareness about the negative health impacts of dairy is boosting the demand for dairy alternative products.

Key Takeaways

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), and Sanitarium (New Zealand).

Key opportunities in the market include new product development according to changing consumer preferences and emerging trend of clean label products. Companies are focusing on healthy nutrition and sustainability aspects of dairy alternatives. For example, soy milk is being enriched with calcium and vitamins to provide similar nutrition to dairy milk.

Major players are exploring opportunities in emerging markets through acquisitions and partnerships with local companies. For instance, in 2020, Danone acquired Follow Your Heart, a US-based vegan cheese and spread brand to expand globally. The Hain Celestial Group acquired UK-based dairy alternative brand, Elizabeth's Homemade and Yves Veggie Cuisine in Canada to accelerate growth.

Market Drivers

Rising health awareness among consumers about lactose intolerance and milk allergies as well as growing vegan population are driving the dairy alternatives market. As per reports, over 68% of the global population shows some level of lactose intolerance after infancy which amplifies the demand for dairy-free products.

Market Restrain

High production costs compared to dairy makes dairy alternatives expensive. Also, complex flavors and textures of certain products like cheese and yogurt are challenging to mimic, limiting product range.

Key Takeaways

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), and Sanitarium (New Zealand).

Key opportunities in the market include new product development according to changing consumer preferences and emerging trend of clean label products. Companies are focusing on healthy nutrition and sustainability aspects of dairy alternatives. For example, soy milk is being enriched with calcium and vitamins to provide similar nutrition to dairy milk.

Major players are exploring opportunities in emerging markets through acquisitions and partnerships with local companies. For instance, in 2020, Danone acquired Follow Your Heart, a US-based vegan cheese and spread brand to expand globally. The Hain Celestial Group acquired UK-based dairy alternative brand, Elizabeth's Homemade and Yves Veggie Cuisine in Canada to accelerate growth.

Market drivers and restrain:
Market Drivers

Rising health awareness among consumers about lactose intolerance and milk allergies as well as growing vegan population are driving the dairy alternatives market. As per reports, over 68% of the global population shows some level of lactose intolerance after infancy which amplifies the demand for dairy-free products.

Market Restrain

High production costs compared to dairy makes dairy alternatives expensive. Also, complex flavors and textures of certain products like cheese and yogurt are challenging to mimic, limiting product range.

Segment Analysis
The dairy alternative market is dominated by the milk sub-segment. Milk constitutes over 50% of the global dairy alternative market share. This is because milk is the most commonly consumed dairy product worldwide and alternatives such as plant-based milks are easily substituted. Coconut milk is another major sub-segment owing to the increased awareness about its health benefits and growing preference for tropical flavors. The creamers sub-segment is also growing in popularity due to rise in coffee consumption and launch of various plant-based creamers.

Global Analysis
North America accounts for the largest share of the dairy alternative market currently. This is attributed to factors such as rising lactose intolerance, increase in vegan population, and presence of major manufacturers in the region. Growth is especially high in the US and Canada. The Asia Pacific region is expected to show fastest growth during the forecast period due to expanding middle class, booming food and beverage industry, and changing dietary habits in countries like China, India, and Japan. Rising health consciousness is driving demand for dairy alternatives across European countries as well.

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