Dairy Alternatives Market: By Product Type (Coconut Milk, Soy Milk, Rice Milk, Almond Milk, and Others), By Formulation (Sweetened Products and Unsweetened Products), By Application (Food and Beverages), By Distribution Channel (Super Markets, Food Stores, Convenience Stores, and Others) and Geography  

Dairy Alternatives Market size is valued at USD 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:

• In November 2021, Blue Diamond introduced almond breeze extra creamy almond milk. this product is made from almond oil made from quality California-grown blue diamond almonds to make the product an extra creamy texture.
• In February 2021, SunOpta launched a new organic oat creamer brand. These creamers are smooth, creamy, and perfect as a delicious dairy alternative for coffee drinkers.