REDDING, Calif., May 22, 2024 /PRNewswire/ -- According to a new market research report titled, 'Dairy Alternatives Market Size, Share, Forecast, & Trends Analysis by Product Type (Plant-Based Milk, Cheese, Yogurt, Ice-cream), Source (Almond, Soy, Pea, Oat), Formulation (Unflavored, Flavored), Distribution Channel (B2B, B2C)- Global Forecast to 2031,' published by Meticulous Research®, the dairy alternatives market is projected to reach $73.95 billion by 2031, at a CAGR of 11.1% from 2024 to 2031.
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The growth of the dairy alternatives market is primarily driven by the increasing prevalence of lactose intolerance, increasing vegan and vegetarian population, nutritional benefits offered by plant-based dairy products, growing investments in dairy alternatives marketspace, and growing focus on animal welfare and sustainability. However, the preference for animal-based products and growing preference for soy and gluten-free products restrain the growth of this market to some extent.
Furthermore, the consumers' increasing inclination toward plant-based diets and emerging economies are expected to generate significant growth opportunities for the stakeholders in this market. However, the fluctuating raw material prices is a major challenge impacting the growth of the dairy alternatives market.
Moreover, the rising awareness of health and wellness and mergers and acquisitions in the dairy alternatives market are major trends in the dairy alternative market.
Key Players:
The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past five years (2021-2024). The dairy alternatives market has witnessed several product launches, partnerships, agreements, and collaborations in recent years. The key players operating in the dairy alternatives market are Danone S.A. (France), Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium Health and Wellbeing Company (Australia), Axiom Foods, Inc. (U.S.), Daiya Foods, Inc. (A Part of Otsuka Pharmaceutical Co., Ltd.) (Canada), Earth's Own Food Company Inc. (Canada), SunOpta Inc. (Canada), Valsoia S.p.A. (Italy), Plamil Foods Ltd. (U.K.), Nestlé S.A. (Switzerland), Oatly Group AB (Sweden), Sunrise Soy Foods (Canada), Miyoko's Creamery (U.S.), and Blue Diamond Growers (U.S.).
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The dairy alternatives market is mainly segmented by product type (plant-based milk {almond milk, soy milk, coconut milk, oat milk, rice milk, and other plant-based milks}, cheese, yogurt, butter, ice-cream, creamer, and other dairy alternatives), source (almond, soy, wheat, pea, rice, and oat other sources), formulation (unflavored and flavored), distribution channel (business-to-business, and business-to-consumer {modern groceries, convenience stores, specialty stores, online retail stores, and other B2C distribution channels}), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyses the regional and country-level markets.
Key Findings in the Dairy Alternatives Market Study:
Among all the product types studied in this report, in 2024, the plant-based milk segment is expected to account for the largest share of 70% of the dairy alternatives market. However, the yogurt segment is projected to register the highest CAGR of 12.3% during the forecast period of 2024-2031, owing to the increasing demand for plant-based yogurts from developed countries due to the rising number of vegan and health-conscious consumers. The plant-based yogurt is allied with various benefits, such as being lower in saturated fat and cholesterol, high in fiber, and rich in proteins, vitamins, minerals, and antioxidants further expected to boost the market growth significantly in the next few years.
Among all the sources studied in this report, the almond segment is expected to account for the largest share of the dairy alternatives market in 2024. This segment is also slated to register the highest growth rate during the forecast period, owing to its increasing preference for almond protein-based milk, easy availability, high nutrition value, higher consumer acceptance level, and increasing application of almond protein in various plant-based dairy product categories. The production of almond ingredients generally has a lower environmental impact compared to dairy ingredients, as it requires less water and produces fewer greenhouse gas emissions.
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Among all the formulations studied in this report, the flavored segment is projected to register a higher CAGR during the forecast period of 2024-2031, owing to the changing lifestyle, shifting consumer taste preferences, and growing demand for ready-to-drink beverages.
Among all the distribution channel studied in this report, the business-to-consumer segment is projected to register a higher CAGR during the forecast period of 2024-2031, owing to the rapidly growing online retail sector and rising demand for dairy alternatives from these distribution channels with the growing urbanization and related rise in the number of supermarkets and hypermarkets.
Based on geography, the dairy alternatives market is majorly segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 45.1% of the dairy alternatives market, followed by North America and Europe. Moreover, this region is also slated to register the highest growth rate during the forecast period. Asia-Pacific's significant market share and highest growth can be attributed to several key factors, including the region's continuously growing population, increasing health-conscious population, rising spending on health and wellbeing, increasing acceptance of Western diets, high presence of vegan & vegetarian population, and growing adoption of advanced technologies in the F&B industry.
Additionally, China is expected to account for the largest share of 45.4% of the dairy alternative market in Asia-Pacific, followed by India and Japan.
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Scope of the Report:
Dairy Alternatives Market Assessment-by Product Type
- Plant-Based Milk
- Almond Milk
- Soy Milk
- Coconut Milk
- Oat Milk
- Rice Milk
- Other Plant-based Milk
- Cheese
- Yogurt
- Butter
- Ice-Cream
- Creamer
- Other Dairy Alternatives
Dairy Alternatives MarketAssessment-by Source
- Almond
- Soy
- Wheat
- Pea
- Rice
- Oat
- Other Sources
Dairy Alternatives Market Assessment-by Formulation
- Unflavored
- Flavored
Dairy Alternatives Market Assessment-by Distribution Channel
- Business-to-Business (B2B)
- Business-to-Consumer (B2C)
- Modern Groceries
- Convenience Stores
- Specialty Stores
- Online Retail Stores
- Other B2C Distribution Channels
Dairy Alternatives Market Assessment-by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Spain
- Italy
- France
- Netherlands
- Belgium
- Austria
- Poland
- Portugal
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Thailand
- South Korea
- Rest of East Asia
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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