The dairy alternative market is estimated to be worth US$ 23,082 million in 2024. The market is expected to rise at a CAGR of 7.3% and reach a valuation of US$ 46,832.6 million by 2034.
The market growth is attributed to the rising health consciousness among individuals and the growing trend of adopting plant-based diets. The increase in lactose-intolerant people is also driving the demand for dairy alternatives. Dairy alternatives are rich in nutrients such as vitamins and minerals, which attract health-conscious people.
Rising concerns related to the environment, animals, sustainability, etc., are also responsible for surging sales of dairy alternatives. The increasing trend of veganism in European countries drives the market forwaard. Consumers prefer soy, rice, and almond milk, rich in zinc, magnesium, iron, phosphorus, copper, etc., which act as dairy alternatives and help boost the immune system.
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Key Market Highlights
- The growing health consciousness among consumers drives demand for dairy alternatives with lower cholesterol and lesser saturated fats.
- The rising cases of lactose intolerance stimulate sales of dairy alternatives such as soy milk, almond milk, rice milk, etc.
- The trend toward veganism and adopting plant-based diets is fueling growth in the market. Dairy alternatives are considered a healthier option as they are rich in essential vitamins and minerals.
Some factors restrict the growth of the market. Soy and nuts can cause allergies in individuals, inhibiting their demand. The limited availability of raw materials to produce dairy alternatives is expected to create challenges for market players.
“Consumers are inclined toward the adoption of nutrient-rich dairy alternatives due to rising concerns related to the environment and sustainability. The market is expected to grow over the forecast period as awareness about plant-based food products is rising,” – Nandini Roy Choudhury, Client Partner at Future Market Insights
Key Takeaways from the Market Study
- The dairy alternative market is projected to rise at a CAGR of 7.3% from 2024 to 2034.
- The demand for dairy alternatives is expected to reach US$ 46,832.6 million by 2034.
- The market grew at a CAGR of 7.0% during the historical period.
- The soy segment is set to lead the market, holding a share of 48.2% in 2024.
- The B2C segment commands a share of 90.8% of the market by distribution channel in 2024.
- The market in Germany is projected to grow rapidly at a CAGR of 8.8% over the forecast period.
- The market in the United States is expected to rise at a CAGR of 4.3% through 2034.
- The market in India is expected to record a CAGR of 6.8% through 2034.
- The market in China is anticipated to increase at a CAGR of 3.5% over the forecast period.
Competition Analysis
The dairy alternative market is highly competitive. Several players are vying for a larger market share. Key companies are focusing on the development of lactose-free, low-fat dairy alternatives, which attract health-conscious customers. They are emphasizing innovation to expand their market reach.
New players can easily enter the market as complex technologies are not involved in the production of dairy alternatives. They can capitalize on this opportunity to enhance their market presence. Kat players in the market include The Hain Celestial Group, Inc., SunOpta Inc., Danone, Oatly, Vitasoy International Holdings Limited, Daiya Foods Inc., Melt Organic, Living Harvest Foods Inc., Ripple Foods, Earth’s Own Food Company Inc., etc.
