by The dairy alternative market has seen huge growth in recent years due to rising demand for plant-based milk alternatives. Products like almond milk, soy milk and coconut milk are increasingly popular as consumers look for non-dairy choices that provide similar nutrition to cow’s milk without any animal products. These milk alternatives can be a good option for individuals with dairy sensitivities or who follow a vegan or lactose-free diet. Dairy alternatives provide nutrients like vitamins, minerals, and proteins while being lower in saturated fat and cholesterol than cow’s milk. Products are available in various flavors and are easy to consume on their own or use in cooking and recipes as a milk substitute.
The global dairy alternative market is estimated to be valued at US$ 27.0 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the biggest trends in the dairy alternative market is the rising popularity of plant-based yogurt and ice cream products. Companies are innovating new dairy-free flavors and textures to replicate yogurt and ice cream made from cow’s milk. Almond, coconut and oat yogurts and ice creams provide dietary benefits while satisfying cravings. Protein-fortified options containing natural sources of protein like almonds or peas further enhance the nutritional profile of these products. The variety of non-dairy options now available allow nearly anyone to enjoy their favorite frozen treats and snacks without concerns over dairy or lactose intolerance. This trend is expected to drive significant market growth in the coming years.
Porter’s Analysis for Dairy Alternative Market
- Threat of new entrants: Low barriers to entry like requirement of relatively lower capital and technology. However, established brands have strong customer loyalty and distribution networks.
- Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, demand for plant-based, sustainable and vegan products is increasing buyer power.
- Bargaining power of suppliers: Suppliers of raw materials like almonds, soy, oats etc have moderate bargaining power due to availability of substitute materials. Suppliers may shift to competitors if not offered fair prices.
- Threat of new substitutes: Threat of substitutes is high as various alternatives made from soy, almonds and rice are easily available.
- Competitive rivalry: Intense competition among existing rivals. Players differentiate through variety in product categories, health attributes, taste and quality.
Key Takeaways
The global dairy alternative market is expected to witness high growth. Regional analysis: North America dominates the market currently owing to rising vegan and vegan population. Asia Pacific is expected to grow at fastest pace during the forecast period led by countries like China, Japan and India.
Key players: Key players operating in the dairy alternative market are Danone North America Public Benefit Corporation (US), The Hain Celestial Group, Inc. (US), Blue Diamond Growers (US), SunOpta (Canada), Sanitarium (New Zealand). Danone and Hain Celestial have wide portfolio and geographical presence while Blue Diamond specializes in almond milk.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
