Dairy Alternatives Market Projected to Surpass US$ 47.1 Billion by 2033 with an 8.3% CAGR

The dairy alternatives market was worth US$ 21.2 billion in 2023 and is expected to grow to US$ 47.1 billion by 2033, with an 8.3% CAGR from 2023 to 2033.

The better nutritional value and functional profile of plant-based dairy substitutes are anticipated to be a key growth driver for the industry forecast. Milk and dairy products are believed to be less nutrient-dense than nondairy beverages. In addition to helping lactose intolerant persons regularly satisfy their nutritional needs, avoiding animal-based products lowers cholesterol.

Dairy alternatives involve the sale of products as well as related services. Dairy substitutes are foods and beverages that can be consumed in place of dairy products. Plants provide the basis for all foods, including grains (teff, quinoa), legumes (soy), seeds (hemp, flax), nuts (peanuts), and cereals (rice, oats).

Unlock Growth Potential in Your Industry – Get Your Sample Report Now!

Soy milk, rice milk, oat milk, coconut milk, and flaxseed milk are dairy milk replacements; soft cheese and hard cheese are cheese substitutes; and butter substitutes include nut butter, coconut butter, vegetable oil blends, and cultured vegan butter.

Nondairy milk, butter, cheese, yoghurts, ice cream, and other product categories are the most popular. Butter is made by churning cow’s milk cream into a solid emulsion of fat globules, water, and inorganic salts. Almond, soy, oats, hemp, coconut, rice, and other food products are dairy replacements. Dairy substitutes are sold in supermarkets, health food stores, pharmacies, convenience stores, and on the internet.

It is predicted that consumer ignorance of the nutritional advantages of dairy substitutes will stifle industry growth. Many people who use dairy products think that dairy substitutes are less nutrient-dense than cow’s milk and other dairy products. The Cargill Study found that only 4% of Americans consume only non-dairy foods, whereas around 90% of American households include dairy products in their daily diets. As a result, future market growth will be hindered by a lack of public awareness of the nutritional advantages of dairy substitutes.

Key Points

  • The Dairy Alternatives Market is expected to develop at an 8.3% CAGR between 2023 and 2033.
  • More than 80% of Southeast Asians are lactose intolerant, according to the National Institutes of Health.
  • In the dairy substitutes market, the soy category held the biggest share.

Recent Developments

  • In July 2017, SunOpta sold equipment on one of two Lehigh Valley production lines.
  • April 2017 – Danone S.A. (France) was created by WhiteWave Foods Company, an industry entrepreneur. This acquisition will assist Danone S.A in focusing on increasing sales of factory-based products.
  • In December 2019, Nestle’s iconic health-drink brand Nesquik announced the debut of GoodNes, the company’s first plant-based health drink created from a blend of pea protein and oat milk. Nestle claims that its new dairy alternative health beverages have the same nutritional content as regular milk, including 2g of dietary fibre and 6g of protein per cup.
  • April 2022 – Wicked foods, Inc., an American plant-based food manufacturer, revealed its new line of plant-based ice creams and novelty goods.
  • January 2022 – Chobani LLC introduced a new range of four plant-based coffee creamers that are free of GMOs, artificial flavors, and sweeteners.

Explore the Depth of Our Methodological Insights

Key Segments Covered in Dairy Alternatives Industry Analysis

By Source:

  • Soy
  • Almond
  • Rice
  • Coconut
  • Oats
  • Others

By Product:

  • Regular/ Unflavoured
    • Soy Milk
    • Almond Milk
    • Coconut Milk
    • Oat Milk
    • Others (Hemp, Flax, etc.)
  • Flavored
    • Soy Milk
    • Almond Milk
    • Coconut Milk
    • Oat Milk
    • Others (Hemp, Flax, etc.)

By Nature:

  • Organic
  • Conventional

By Distribution Channel:

  • Direct Sales/ B2B
  • Indirect Sales/ B2C
    • Hypermarkets/ Supermarkets
    • Convenience Stores
    • Mass Grocery Retailers
    • Specialty Stores
    • Online Retail-

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani   


Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: 
Website: https://www.futuremarketinsights.com
LinkedInTwitterBlogs | YouTube

About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like these