Global Dairy Alternatives Market Overview
The global dairy alternatives market, valued at USD 29.07 billion in 2023, is projected to grow at a Compound Annual Growth Rate (CAGR) of 11.22% from 2024 to 2032, reaching an estimated value of USD 75.70 billion by 2032.
Dairy alternatives encompass foods and beverages that substitute dairy products, often made from plant sources like soy, rice, and almonds. They are regarded as healthy substitutes for dairy, being lactose-free and low in fat and cholesterol, while offering a variety of essential vitamins and minerals.
The shift towards dairy alternatives reflects changing consumer trends, with more individuals opting for plant-based diets due to health, ethical, and environmental considerations. This shift has fueled a rise in demand for dairy-free products as consumers aim to reduce or eliminate dairy from their diets.
Trends in the Global Dairy Alternatives Market
Rise in Lactose Intolerance
The increasing prevalence of lactose intolerance and milk allergies is a significant driver for the dairy alternatives market. Lactose-intolerant individuals prefer plant-based, lactose-free options, contributing to the market’s growth. The UN Food and Agriculture Organization estimates that between 2% and 6% of people globally are allergic to milk proteins, while the National Institute of Diabetes and Digestive and Kidney Diseases reports that lactose malabsorption affects approximately 68% of the global population.
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Growth of the Vegan Lifestyle and Nutrient-Rich Diets
The growing adoption of veganism and nutrient-rich diets is propelling the market forward. The popularity of plant-based diets is driving demand for dairy alternatives. The World Animal Foundation estimates that around 88 million people worldwide identify as vegans. Health, environmental concerns, and animal welfare are key factors contributing to this trend.
Expanding Product Offerings and Market Share
The increasing popularity of veganism is likely to lead to greater market share and faster growth for plant-based milk and milk products compared to traditional dairy. Major companies are introducing various dairy alternatives made from soy, coconut, almond, and other sources. Marketing efforts featuring vegan products and endorsements by celebrities further promote this market. For example, Silk’s print and out-of-home campaign in 2023, a tribute to the classic “Got Milk?” ad, featured celebrity offspring with plant-based “milk mustaches.”
Asia-Pacific Dairy Alternatives Market
Asia-Pacific is a significant consumer of dairy alternatives, influenced by a long-standing tradition of plant-based diets in countries like China and India. The World Animal Foundation reports that 13% of India’s population are vegans. The region’s governments have also played a role in promoting plant-based products through supportive laws and policies.
Global Dairy Alternatives Market Company News
The global dairy alternatives industry features several prominent companies, including Danone S.A., SunOpta Inc., Blue Diamond Growers Inc., Noumi Limited, Vitasoy International Holdings Limited, Oatly Group AB, The Hain Celestial Group Inc., and Archer-Daniels-Midland Company.
- February 2024: Califia Farms, a California-based plant-based beverage company, launched Califia Farms Complete, a plant-based milk with a blend of pea, fava bean, and chickpea protein, offering 50% less sugar than traditional dairy milk.
- January 2024: Plenish, a leading manufacturer of plant-based beverages, launched its first comprehensive campaign showcasing its entire product range with a new tagline, “It’s all good.”
- January 2024: Oatly Group AB introduced two new beverage innovations, Super Basic Oatmilk and Unsweetened Oatmilk, to the U.S. market.
- February 2023: Kagome USA, a leading international sauce manufacturer, launched savory and sweet vegan butter blends in the United States.
- June 2022: Strive Nutrition Corp., a manufacturer of plant-based beverages, partnered with Perfect Day to introduce a new line of dairy substitutes enhanced with vegan whey protein.
- April 2022: Wicked Food Inc. launched a first-to-market offering in the United States, presenting a line of plant-based ice creams and novelties made with lupini beans.
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