Dairy Alternatives Market Worth $ 62.58 Billion By 2030 | CAGR: 12.10%

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The global Dairy Alternatives market size is expected to be worth around US$ 62.58 billion by 2030, according to a new report by Vision Research Reports.

The global Dairy Alternatives market size was valued at US$ 20.60 billion in 2020 and is anticipated to grow at a CAGR of 12.10% during forecast period 2021 to 2030.

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Growth Factors

The rise in demand for plant-based alternatives and changing consumer diets utilizing milk alternatives are driving the demand for dairy alternatives.

Increasing occurrence of milk allergies or cases of lactose intolerance is expected to drive the market further. People with lactose intolerance are increasingly opting for milk alternatives, which has made beverage manufacturers adopt dairy alternatives to appeal to the respective consumer base, further propelling the demand for dairy alternatives.

Changing consumer preferences caused by environmental or moral concerns resulting in the mass adoption of vegan or similar diets are expected to positively impact the market growth over the forecast period. Europe has a well-established food and beverages industry and has seen significant growth in the vegan population, resulting in the high market growth in the region.

Moreover, consumers are opting for more variety in their food and beverage products such as almond milk coffee or coconut panna kotta. Similar dishes with dairy alternatives are becoming available across major industries such as hotels, restaurants, and cafes as well as in. The increased availability of the products has made it easier for consumers to opt for dairy alternatives and products consisting of the same.

Asia Pacific has been the most dominant regional market as it consists of numerous emerging economies, along with a growing population. The growing middle-class population, coupled with the increasing disposable income, has empowered consumers to opt for variety in their food choices. Moreover, exposure to westernized foods and diet trends is driving the market further in the region.

Report Highlights

Soy led the market in 2020 and accounted for more than 35.0% share of the global revenue. Soy milk is rich in nutrients and has a high protein content compared to other dairy alternatives, which is expected to drive the segment over the forecast period. Soy milk has been traditionally used in the Asia Pacific region over centuries and is a part of numerous recipes, which is expected to keep the product demand consistently stable over the forecast period. It is used for the purpose of lowering obesity and blood cholesterol levels. It also helps in reducing the risk of several postmenopausal issues, along with improving cardiovascular health, which, in turn, has made it a preferred supplement.

Almond milk held the second-largest share in 2020. It is rich in vitamin B, which helps raise the basal metabolic rate of the body, enabling it to burn fats and calories more efficiently. Increasing demand for almond milk due to these nutritional benefits is likely to contribute to the segment growth.

Almond milk has essential minerals such as iron, magnesium, phosphorous, zinc, and copper that help in controlling blood pressure, improving blood oxygenation, and providing protection to the body against diseases. In addition, almond milk is rich in vitamin E and manganese, making it a more powerful drink for improving skin quality and protecting against cancer.

Increasing consumer preference for plant-based products, coupled with an ease of raw material availability, is a significant factor driving the market. Moreover, the rising demand for rice milk to manufacture various food and beverage items, such as ice creams, snacks, and beverages, is expected to drive the demand for the product over the forecast period.

Rice milk is made with white or brown rice and is usually unsweetened, however, it has more carbohydrates and is therefore fortified with iron, vitamin D, and vitamin B12. The organic form of rice milk in the market is gaining momentum over the conventional product even though it is priced at a premium. The high price is because of the moderately high production and distribution overheads as well as the willingness of the consumers to pay more for organic products as they observe them being free from preservatives. This is also anticipated to be one of the major drivers for the source demand.

The milk-based dairy alternatives product segment led the market and accounted for a revenue share of more than 67.0% in 2020. The increasing old age population has resulted in people preferring milk-based dairy alternatives in Europe. However, growing health concerns over soymilk, especially for breast cancer survivors, are likely to hamper the market growth. In Europe, increasing demand for low-calorie content food, coupled with the rising popularity of plant-based nutritional products, is likely to augment the demand for the product over the next eight years.

The milk product segment includes various new and innovative beverage options with dairy alternatives as the base ingredient. The manufacturers of beverages are introducing new products for higher market capitalization. The increasing demand among consumers for varied beverage options has resulted in varied options of flavored beverages consisting of dairy alternatives. The flavored beverages also appeal to lactose-intolerant consumers who are looking for a variety of milk-based dairy alternative beverages.

The growing demand for dairy alternatives-based cheese products, such as soy and almond-based cream cheese, sour creams, and regular cheese, is expected to propel the demand for dairy alternative products over the forecast period. Consumers who are lactose intolerant and have allergies to milk products are switching over to various cheeses made from almond and soy, which drives the market.

Market penetration of dairy alternatives-based cheese products is likely to grow over the forecast period on account of the presence of companies like Galaxy Nutritional Foods, Tofutti, and Trader Joe’s that provide the famous dairy-free soy cream cheeses. In addition, Daiya Foods Inc. makes a variety of cheeses, which are nut, gluten, dairy, and soy-free, making them a great choice for those with allergies to these ingredients.

Supermarket and hypermarkets led the market and accounted for more than 40.0% share of the global revenue in the year 2020. Supermarkets and hypermarkets are large-sized retail outlets, which usually offer multiple categories of retail products under one roof. Supermarkets are usually located near a residential area in order to be accessible to the customers. However, due to the unavailability of land near residential areas, most of the supermarket and hypermarket chains are opening their new stores outside the city.

In developed regions such as Europe and North America, the penetration of supermarkets and hypermarkets is higher than that in the developing regions. Besides, the presence of a large variety of dairy alternatives in one place and ease of buying contributed to the growth of supermarkets and hypermarkets as distribution channels in 2020.

Convenience stores usually offer lower discounts in comparison to hypermarket and supermarket and online stores owing to their low-volume procurement from manufacturers or suppliers. Besides, convenience stores mainly focus on everyday items, thus, the availability of limited shelf size restricts them from keeping an extensive assortment of dairy alternatives products.

Owing to the limited availability of dairy alternative brands in convenience stores, consumers mainly prefer other distribution channels, which, in turn, is expected to restrain the growth of this segment over the forecast period. However, convenience stores offer better traction for fresh milk as consumers usually prefer it for everyday use.

Asia Pacific dominated the market and accounted for more than 44.0% share of the global revenue in 2020. Expanding population and rising disposable incomes in emerging countries, such as India, China, and Japan, are expected to augment the demand for the product in the Asia Pacific region. Increasing cases of lactose intolerance, coupled with the rising health issues associated with harmful additives used in dairy products, are anticipated to boost the demand for non-dairy products, such as soy milk, almond milk, rice milk, and other dairy alternatives.

North America is one of the major markets for dairy alternatives as a variety of dairy alternative products, such as ice cream and yogurt, are consumed on a large scale. Flavored milk accounts for over two-thirds of milk products sold in North American schools. Increasing consumer demand for sweetened flavored soy and almond milk is expected to be a key factor driving the dairy alternatives industry. Milk-based dairy alternatives are used for manufacturing various food items and desserts, which is expected to drive the industry over the forecast period in the North American region.

Despite dairy alternatives-based ice cream witnessing moderate demand in North America as compared to milk-based ice cream, the growth of this product category is expected to be much higher over the forecast period. As a result, the demand for dairy alternatives among ice cream manufacturers is anticipated to grow significantly over the forecast period.

The growing demand for plant-based products with high nutritional value is expected to drive the market over the forecast period. The increasing number of milk allergies and health-related issues associated with harmful additives used additionally in dairy products is expected to augment the demand for dairy alternative products, such as soymilk, almond milk, and rice milk.

The European market is expected to witness growth owing to the rising demand for healthy food and beverages in the region. Dairy alternative-based beverages are often consumed as alternatives to dairy beverages. Manufacturers are focusing on new product development, which includes soy juice mixes and fresh soy drinks.

Market Size US$ 62.58 billion by 2030
Growth Rate CAGR of 12.10% during forecast period 2021 to 2030
Base Year 2020
Forecast Period 2021-2030
Historical Year 2017-2020
Segments Covered Product, Sources, Distribution Channel
Report Scope North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Companies Mentioned The Hain Celestial Group, Inc., SunOpta Inc., Danone, Oatly, DAIYA FOODS INC., Melt Organic, Living Harvest Foods Inc., Ripple Foods

Key Players

  • The Hain Celestial Group, Inc.
  • SunOpta Inc.
  • Danone
  • Oatly
  • Vitasoy International Holdings Limited
  • DAIYA FOODS INC.
  • Melt Organic
  • Living Harvest Foods Inc.
  • Ripple Foods
  • Earth’s Own Food Company Inc.
  • ADM
  • The Whitewave Foods Company
  • Eden Foods, Inc.
  • Nutriops, S.L.
  • Freedom Foods Group Ltd.
  • Blue Diamond Growers
  • CP Kelco
  • Organic Valley Family of Farms

Market Segmentation

  • Source Outlook (Revenue, USD Million, 2017 – 2028)
    • Soy
    • Almond
    • Coconut
    • Rice
    • Oats
    • Others
  • Product Outlook (Revenue, USD Million, 2017 – 2028)
    • Milk
    • Yogurt
    • Ice Cream
    • Cheese
    • Creamer
    • Others
  • Distribution Channel Outlook (Revenue, USD Million, 2017 – 2028)
    • Supermarkets & Hypermarkets
    • Convenience Stores
    • Online Retail
    • Others
  • Regional Outlook (Revenue, USD Million, 2017 – 2028)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
    • Asia Pacific
      • China
      • Japan
      • India
      • Australia
    • Central & South America (CSA)
      • Brazil
    • Middle East & Africa (MEA)
      • South Africa

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market

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