The dairy alternative market is estimated to be valued at US$ 23,082 million in 2024. The demand for dairy alternatives is projected to rise at a CAGR of 7.3% from 2024 to 2034.
The better nutritional value and functional profile of plant-based dairy substitutes are predicted to be a key growth driver for the industry forecast. Nondairy beverages are regarded to be lower in nutrients than milk and dairy products. Aside from supporting lactose intolerant individuals in achieving their daily dietary needs, avoiding animal-based products lowers cholesterol.
Dairy alternatives encompass the sale of both items and services related to dairy. Dairy replacements are foods and beverages that can be consumed in place of dairy products. Plants are the source of grains (teff, quinoa), legumes (soy), seeds (hemp, flax), nuts (peanuts), and cereals (rice, oats).
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Dairy milk substitutes include soy milk, rice milk, oat milk, coconut milk, and flaxseed milk; cheese substitutes include soft and hard cheese; and butter substitutes include nut butter, coconut butter, vegetable oil blends, and cultured vegan butter.
Nondairy milk, butter, cheese, yoghurts, ice cream, and other products are among 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 foods are dairy alternatives. Dairy substitutes can be found at supermarkets, health food stores, pharmacies, convenience stores, and online.
Misconceptions among consumers regarding the nutritional benefits of dairy replacements are projected to stymie business expansion. Dairy substitutes, according to many dairy consumers, are less nutritious than cow’s milk and other dairy products. According to the Cargill Study, only 4% of Americans consume only non-dairy meals, although dairy products are used in 90% of American households on a daily basis. As a result, future market growth will be impeded by a lack of public understanding of the nutritional benefits of dairy alternatives.
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.
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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
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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