Global Dairy Alternative Market - 2023-2030

Global Dairy Alternative Market - 2023-2030

Global Dairy Alternative Market reached US$ 22.2 billion in 2022 and is expected to reach US$ 44.6 billion by 2030 growing with a CAGR of 8.9% during the forecast period 2023-2030. The increased prevalence of lactose intolerance and growing plant-based milk preferences drive the global dairy alternatives market.

The dairy alternatives demand is expected to increase due to growing cases of milk allergies and lactose intolerances. According to the National Center of Biotechnology Information, 65% of the world’s population is suffering from lactose intolerance. The rising shift in consumer eating patterns, changes in diet trends, health, and environmental concerns, and various innovative product launches drive market growth.

Most food and beverage manufacturers use non-dairy milk products to appeal to the growing consumer base that opts for plant-based and other dairy & milk alternatives. For instance, in February 2023, Kagome USA, a leading global sauce-producing company, launched sweet and savory vegan butter blends in the U.S. market.

Market Dynamics
The Increasing Vegan Population is Estimated to Drive the Dairy Alternatives Market Growth.

The increasing health & environmental concerns, changing lifestyles, growing disposable incomes, and the increasing population of lactose-intolerance consumers are making people choose a vegan diet. According to the Vegan Society, if the world goes vegan, it could save up to 8 million human lives by 2050.

Most people are now educated and aware of the impact of animal-based diets on health and the environment. The plant-based diet helps to reduce carbon emissions and fight against the climate change. Most people prefer veganism for health reasons. A vegan diet is treated healthy because of the typically higher fibre and lower cholesterol. The vegan diet lowers the risk of heart disease and premature death, helps manage type 2 diabetes, and reduces cancer risk.

Increasing Lactose Intolerance and Rising Health Advantages of Dairy Alternatives Drive the Market Growth.

Dairy alternatives provide various health benefits. Some of those include reduced cholesterol levels, improved cardiovascular health, and diabetes control. Dairy-alternative milk tends to have fewer calories, less fat, and more water content, and some products are fortified with other vitamins and nutrients. Dairy alternatives help reduce fat as they are low in carbs and fat. Such nutritional benefits contribute to the growth of the dairy alternatives market.

Lactose intolerance has become more common overwide. The National Center of Biotechnology Information, states that 65% of the world’s population is lactose intolerant. With increasing lactose intolerance, people look for dairy alternatives in all fields. Lactose intolerance rates vary between regions. Northern Europe has low lactose intolerance of about 10%, and it is higher in parts of Asia and Africa at about 95%. The increase in lactose intolerance is raising the demand for dairy alternatives.

Allergies and Lack of Awareness Among People Restrain the Dairy Alternatives Market Growth.

The increasing prevalence of food allergies has become a problem for consumers and food manufacturers. Food Allergy Research & Education Organization U.S. declared soy among the top eight food allergens. It is responsible for most of the severe food allergy reactions in the US. The anti-nutritional components in soy could cause soy allergy. The almond milk, oat milk, hemp milk, and coconut milk are more expensive than dairy milk adding fuel to restrains.

The need for more awareness about the nutritional benefits of dairy substitutes hinders the growth of the dairy alternatives market. There are some misconceptions that the nutritional content in dairy alternatives is less than that of cow’s milk. These misunderstandings are more common among people in underdeveloped and developing countries. These factors are hindering the dairy alternatives market growth.

COVID-19 Impact Analysis
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis
The global dairy alternatives market is segmented based on type, application, formulation type, and region.

In the Global Dairy Alternatives Market, the Almond Milk Segment Holds the Largest Market Share.

The global dairy alternatives market has been segmented by type into almond milk, soy milk, coconut milk, cashew milk, and others. The almond segment held the largest dairy alternatives market share of 38.8% in 2022 in the dairy alternatives market analysis report. The increasing health consciousness and rising awareness about the health benefits of almonds are driving the increasing demand for this segment.

Almond milk is nutritious. It is primarily made of water and is lower in calories than cow’s milk. It is rich in vitamin E and contains healthy fats & proteins. Drinking it regularly may benefit the heart by maintaining blood vessels. It helps maintain a sound immune system. The people who are concerned about weight loss or reducing calories, almond milk may be a lower-calorie substitute for cow's milk. All these benefits are driving the segment’s growth.

Geographical Analysis
The Asia-Pacific Region Held the Largest Dairy Alternative Market Share.
The global dairy alternatives market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The Asia-Pacific dairy alternatives market held the largest market share of 38.6% in 2022 in the dairy alternatives market analysis. The increased vegan population is increasing the dairy alternative market growth in this region.

The changing lifestyles of consumers, the rising preference for dairy-free food & beverage products, and the increasing demand for natural products that offer health benefits contribute to the largest share of this segment. The growing population and rising disposable incomes in emerging countries are expected to increase the dairy alternative market demand in this region.

Competitive Landscape
The major global players in the market include Blue Diamond Growers, Earth’s Own Food Company, Inc., Valsoia, Triballat Noyal, The Whitewave Foods Company, Sunopta Inc., Döhler GmBH, Free-dom Foods Group Limited, Eden Foods Inc. and Nutriops S.L.

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:
Covid-19 Impact:
The unprecedented COVID-19 pandemic in 2020 profoundly affected the food industry. Covid-19 has considerably impacted the global food supply chain phases involving dairy alternatives production, processing, distribution, and consumption due to lockdowns and restrictions imposed by various governments.

Everything has changed due to the COVID-19 epidemic. It has influenced practically every industry, whether positively or negatively. The COVID-19 pandemic's effects on world economic conditions have had an influence. They could impact interest rates, foreign exchange rates, commodities and energy prices, and the efficient operation of financial and capital markets.

The COVID-19 pandemic issue has had an impact on the food industry as well. The COVID-19 pandemic is upending life, and the food sector is seeing increased trends like organic dairy alternatives. The food businesses are launching innovative programs, including dairy alternatives, which are readily available.

Why Purchase the Report?
• To visualize the global dairy alternatives market segmentation based on type, application, formulation type, and region and understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of dairy alternatives market-level with all segments.
• The PDF report includes a comprehensive market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.
The Global Dairy Alternatives Market report would provide approximately 61 tables, 61 figures and 165 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies