Dairy Alternative Market Projected to Surpass US$ 46,832.6 Million by 2034: Analysis of Market Trends | Future Market Insights

Dairy Alternative Market

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 improved nutritional value and functional profile of plant-based dairy substitutes are expected to be a major development driver in the market. Nondairy beverages are thought to be less nutritious than milk and dairy products. Avoiding animal-based products not only helps lactose intolerant people meet their daily dietary needs, but it also decreases cholesterol.

Dairy alternatives include the sale of dairy-related products and services. Dairy replacements are foods and beverages that can be consumed instead of dairy products. Plants produce 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

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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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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.

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