The dairy alternatives market is experiencing significant growth driven by various factors such as increasing consumer awareness of lactose intolerance, a rise in the adoption of plant-based diets, and environmental concerns associated with traditional dairy production.
Dairy alternatives encompass a wide range of products, including plant-based milk alternatives like almond milk, soy milk, oat milk, and coconut milk, as well as substitutes for other dairy products such as yogurt, cheese, and ice cream. The market for these products has been expanding globally as more consumers seek plant-based and vegan options. The Dairy alternatives market size is expected to be worth USD 27.0 billion in 2023 and USD 43.6 billion by 2028, growing at a CAGR of 10.1% from 2023 to 2028.
Dairy alternatives market trends include:
- Plant-Based Milk Dominance: Plant-based milk alternatives, such as almond, soy, and oat milk, have gained popularity and a significant market share. Almond milk, in particular, has been one of the leading choices among consumers.
- Innovation in Product Offerings: Companies are investing in research and development to introduce new and innovative dairy alternative products. This includes the development of plant-based cheeses, yogurts, and ice creams to provide consumers with a broader range of choices.
- Retail Expansion: Dairy alternative products are becoming more widely available in grocery stores and supermarkets. The increased accessibility of these products has contributed to their growing popularity.
- Health and Wellness Trends: Consumers are increasingly opting for dairy alternatives due to health and wellness concerns. Plant-based options are often perceived as healthier, lower in saturated fats, and suitable for those with lactose intolerance.
- Sustainability and Environmental Concerns: Environmental considerations, such as the impact of traditional dairy farming on land use and greenhouse gas emissions, have influenced consumers to choose plant-based alternatives. Many individuals are opting for dairy alternatives as part of a more sustainable lifestyle.
- Partnerships and Acquisitions: Major food and beverage companies have entered the dairy alternatives market through partnerships, acquisitions, or by launching their own plant-based product lines. This has contributed to increased market competition and product availability.
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The prevalence of dairy intolerance and allergies has spurred the exploration of dairy-free alternatives. Such alternatives serve as a remedy for those grappling with digestive discomfort or adverse reactions following the consumption of traditional dairy items. Plant-based milk substitutes, such as almond milk and coconut milk, have garnered popularity for providing a nourishing and easily digestible alternative for individuals with sensitivities. Dairy alternatives are increasingly being developed to offer not simply basic nutrition but also functional benefits. These products are often enriched with essential nutrients, including vitamins, minerals, and antioxidants, to support overall well-being. Consumers are drawn to dairy alternatives that offer specific functional advantages, such as plant-based milk fortified with added calcium to promote bone health or omega-3 fatty acids to bolster heart health.
Europe is estimated to grow at the fastest CAGR in the global dairy alternatives market.
The European Union is one of the biggest dairy exporters in the world. Thus, conventional dairy has a huge share in the European market as compared to dairy alternatives. However, despite the dominance of the dairy sector in the region, a surge in the growth of the dairy and plant-based alternatives sector has been observed in recent years. Many retailers and supermarket giants are adding soy drinks and rice drinks to their product shelves as they are witnessing an increase in sales of dairy alternatives.
Consumers in the European market prioritize health, as well as demonstrate awareness of animal welfare and environmental sustainability. Consequently, they frequently scrutinize product ingredients prior to making purchases. This heightened awareness has led to an upsurge in demand for low-fat and lactose-free food options. As a result, major industry leaders are shifting their focus towards acquiring other businesses and broadening their product offerings to incorporate plant-based dairy alternatives. In 2017, French dairy player Danone acquired WhiteWave Foods, a specialist in dairy alternatives. According to Fi Global Insights 2021, Germany has recently replaced the UK as the top consumer of dairy alternatives in the region. The rise in demand for dairy-free food & beverage products that are environmentally sustainable and healthy is driving the dairy alternatives market in Europe.
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Key industry participants presented
- Danone North America Public Benefit Corporation (US)
- The Hain Celestial Group, Inc. (US)
- Blue Diamond Growers (US)
- Freedom Foods Group Limited (Australia)
- Valsoia S.p.A (Italy)
- SunOpta (Canada)
- Qatly Group AB (Sweden)
- Sanitarium (New Zealand)
- Eden Foods, Inc. (US)
Key Questions Addressed by the Dairy Alternatives Market Report:
How big is the dairy alternative market?
What are alternatives to dairy industry?
What are the trends in dairy alternatives?
Which alternative milk is currently the most popular?
