Download Free Sample
Author
Sravani is a proficient Business Analyst with an MBA and a background in Computer Science, with seven years of expe.....
Dairy Alternatives Market: By Product Type, By Formulation, By Application, By Distribution Channel and Geography
Dairy Alternatives Market: By Product Type, By Formulation, By Application, By Distribution Channel and Geography
Dairy Alternatives Market size is valued at US$ 24.5 billion in 2022 and is poised to grow at a significant CAGR of 12.8% during the forecast period 2023-2029. The global market provides a detailed overview of the Dairy Alternatives market and which can be segmented by product type, formulation, application, distribution channel, and region.By product type, the dairy alternatives market has been segmented into coconut milk, soy milk, rice milk, almond milk, and others. Based on the product, the coconut milk segment is projected to account for the largest market share in the market. To extract the high-fat coconut cream, the grated meat is first pressed, then soaked in hot water and filtered through cheesecloth in order to strain out the milk. This milk provides a creamy texture and a rich taste. Coconut milk is highly popular in Asian, South American, and Caribbean countries as an alternative to dairy. By formulation, the dairy alternatives market has been segmented into sweetened products and unsweetened products. By application, the dairy alternatives market has been segmented into milk, ice cream, yogurt, cheese, creamers, and other applications. By application, milk is expected to dominate the global market, owing to increasing demand continuously, rising interest among the key players to develop milk from plant-based sources and strong growth potential for vegan beverages. However, segments, such as vegan ice cream, cheese, and yogurt, would observe faster growth rates than the non-dairy milk segment owing to their rising popularity among consumers across a large section of people. Based on the distribution channel, the segment has been segregated into supermarkets, food stores, convenience stores, and others. Supermarkets/Hypermarkets would be anticipated to dominate the market attributing to the offerings of novel products with their proximity, accessibility, and affordability.
Dairy Alternatives Market Key Development:
Study Period
2024-2030Base Year
2023CAGR
12.8%Largest Market
Asia PacificFastest Growing Market
Europe
Rising concerns for processed dairy products to drive market growth. The market for dairy alternatives is majorly driven by lactose-intolerant consumers. Apart from this, there is an increasing perception among mass consumers that lactose-free products are healthy alternatives to conventional dairy further propelling the market growth.
Asia Pacific growth is owing to the increasing demand for natural products that offer health benefits. The demand for dairy alternatives is increasing in the region due to the changing lifestyles of consumers and preference for dairy-free food & beverage products. Furthermore, the presence of major economies such as China and India is contributing significantly to the growth of the market in the region. Chinese companies mostly export soy protein ingredients to Europe and Southeast Asia. The increasing purchasing power of consumers due to the rise in disposable income among people in China has further led to rising demand for high-quality dairy substitutes.
Latin America
Europe
Asia Pacific
Middle East
North America
|
Report Benchmarks |
Details |
|
Report Study Period |
2024-2030 |
|
Market Size in 2022 |
US$ 24.5 billion |
|
Market CAGR |
12.8% |
|
By Product Type |
|
|
By Formulation |
|
|
By Application |
|
|
By Region |
|
Download Free Sample Report
Nutritional benefits having plant-based dairy alternatives and an increase in cases of lactose intolerance and milk allergies.
Rising incidences of food allergies and intolerances have negatively impacted the market growth. However, these days, the prevalence of food allergies has increased and has become a serious concern for consumers and food manufacturers. According to the Food Allergy Research & Education Organization (US), soy is among the top eight main food allergens responsible for most serious food allergy reactions.
Product innovation and extensive reach to ensure success for the market in foreseeable future.
The milk segment was the highest revenue contributor to the market, with US$ 24.5 billion in 2021, with a CAGR of 12.8%.
Key Market Players
Author
Sravani is a proficient Business Analyst with an MBA and a background in Computer Science, with seven years of experience in the field of market research. Sravani is adept at creating competitive evaluations, precise market estimations, and market projections, emphasizing the food and beverage and information and communication technology (ICT) industries. Her areas of competence are identifying important players, projecting market trends, and assessing the potential for industry growth. She applies a strong analytical approach to provide precise market estimates and thorough industry analysis, empowering organizations to make data-driven decisions. Sravani's estimating and forecasting abilities are essential for businesses to take advantage of new opportunities and effectively manage dynamic market environments.