by The global Dairy Alternative Market is estimated to be valued at US$ 26.01 billion in 2022 and is expected to exhibit a CAGR of 12.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Dairy Alternative Market offers a wide range of plant-based products that serve as alternatives to dairy-based products. These products are targeted towards individuals who are lactose intolerant, have milk allergies, or follow a vegan lifestyle. Dairy alternatives are typically made from ingredients such as soy, almond, coconut, and rice, and are available in various forms such as milk, yogurt, cheese, and ice cream. The advantages of consuming dairy alternatives include a lower risk of lactose intolerance, reduced cholesterol intake, and a decreased environmental impact. The growing awareness about these benefits among consumers is driving the demand for dairy alternative products.
Market Key Trends:
One key trend in the Dairy Alternative Market is the rising popularity of plant-based milk. With a growing number of individuals opting for plant-based diets, there is a high demand for milk alternatives. Consumers are becoming more conscious about their health and are choosing dairy-free options due to concerns about lactose intolerance, allergies, or ethical reasons. Plant-based milk alternatives, such as soy milk, almond milk, and oat milk, are gaining popularity due to their health benefits, including a lower calorie count and reduced saturated fat content compared to traditional dairy milk. Additionally, these milk alternatives are available in various flavors and can be easily incorporated into a wide range of recipes, making them a versatile choice for consumers. As a result, the demand for plant-based milk alternatives is expected to witness significant growth in the coming years.
PEST Analysis:
- Political: The political factors influencing the dairy alternative market include government regulations and policies related to food safety and labeling. Governments play a crucial role in ensuring that dairy alternatives meet certain quality standards and are accurately labeled. Additionally, political stability in various countries can affect the supply chain and availability of dairy alternatives.
- Economic: The economic factors influencing the dairy alternative market include consumer purchasing power, inflation rates, and disposable income. The increasing disposable income of consumers, particularly in emerging economies, drives the demand for dairy alternatives as they are considered a healthier and more sustainable option. Furthermore, the affordability and accessibility of dairy alternatives play a significant role in their market growth.
- Social: The social factors influencing the dairy alternative market include changing consumer preferences and lifestyles. The rising awareness of lactose intolerance, allergies, and ethical concerns regarding animal welfare has led to an increased demand for dairy alternatives. Moreover, the adoption of vegan and vegetarian diets has further fueled the growth of the market.
- Technological: The technological factors influencing the dairy alternative market include advancements in food processing techniques and packaging. Technological innovations enable manufacturers to develop new and improved dairy alternative products with enhanced taste and texture. Additionally, advancements in packaging technology help in preserving the quality and extending the shelf life of dairy alternatives.
Key Takeaways:
The Global Dairy Alternative Market Growth is expected to witness high, exhibiting a CAGR of 12.6% over the forecast period of 2023-2030. This growth can be attributed to several factors, including the increasing prevalence of lactose intolerance and allergies, rising consumer awareness about the health benefits of dairy alternatives, and the growing demand for plant-based products due to environmental concerns.
In terms of regional analysis, North America is projected to be the fastest-growing and dominating region in the dairy alternative market. The region has a high concentration of key players and a strong consumer preference for plant-based products. Additionally, the growing trend of veganism and the increasing availability of dairy alternative products in retail stores contribute to the market’s growth in North America.
Key players operating in the dairy alternative market include The Whitewave Foods Company, SunOpta, Hain Celestial, Pascual Group, Elden’s Fresh Foods & Media Solutions Corp., Healthy Brands Collective, Earth’s Own Food Company Inc., Blue Diamond Growers, Freedom Foods Group, Oatly AB, Stremick’s Heritage Foods, and Vitasoy Holdings Limited. These companies play a significant role in driving innovation, expanding product portfolios, and meeting the evolving consumer demands in the dairy alternative market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
