The dairy alternatives market was worth US$ 21.2 billion in 2023 and is expected to grow to US$ 47.1 billion by 2033, with an 8.3% CAGR from 2023 to 2033.
Plant-based dairy substitutes’ superior nutritional value and functional profile are expected to be a key growth driver for the industry forecast. Milk and dairy products are thought to be lower in nutrients than nondairy beverages. Aside from assisting lactose intolerant individuals in meeting their nutritional needs on a daily basis, eliminating animal-based products decreases cholesterol.
Dairy alternatives include the sale of both products and related services. Foods and beverages that can be consumed in lieu of dairy products are known as dairy replacements. Grains (teff, quinoa), legumes (soy), seeds (hemp, flax), nuts (peanuts), and cereals (rice, oats) are all made from plants.
Unlock Growth Potential in Your Industry – Get Your Sample Report Now!
https://www.futuremarketinsights.com/reports/sample/rep-gb-4852
Soy milk, rice milk, oat milk, coconut milk, and flaxseed milk are dairy milk replacements; soft cheese and hard cheese are cheese substitutes; and butter substitutes include nut butter, coconut butter, vegetable oil blends, and cultured vegan butter.
The most popular product categories are nondairy milk, butter, cheese, yoghurts, ice cream, and others. Churning cow’s milk cream into a solid emulsion of fat globules, water, and inorganic salts produces butter. Dairy substitutes include almond, soy, oats, hemp, coconut, rice, and other foods. Dairy alternatives are available in supermarkets, health food stores, pharmacies, convenience stores, and online.
Consumer misunderstanding about the nutritional benefits of dairy alternatives is expected to hamper industry growth. Many dairy consumers believe that dairy replacements are less nutritious than cow’s milk and other dairy products. According to the Cargill Study, only 4% of Americans consume only non-dairy meals, but 90% of American households utilise dairy products on a daily basis. As a result, future market growth will be hampered by a lack of public understanding of dairy substitutes’ nutritional benefits.
Key Points
- The Dairy Alternatives Market is expected to develop at an 8.3% CAGR between 2023 and 2033.
- More than 80% of Southeast Asians are lactose intolerant, according to the National Institutes of Health.
- In the dairy substitutes market, the soy category held the biggest share.
Recent Developments
- In July 2017, SunOpta sold equipment on one of two Lehigh Valley production lines.
- April 2017 – Danone S.A. (France) was created by WhiteWave Foods Company, an industry entrepreneur. This acquisition will assist Danone S.A in focusing on increasing sales of factory-based products.
- In December 2019, Nestle’s iconic health-drink brand Nesquik announced the debut of GoodNes, the company’s first plant-based health drink created from a blend of pea protein and oat milk. Nestle claims that its new dairy alternative health beverages have the same nutritional content as regular milk, including 2g of dietary fibre and 6g of protein per cup.
- April 2022 – Wicked foods, Inc., an American plant-based food manufacturer, revealed its new line of plant-based ice creams and novelty goods.
- January 2022 – Chobani LLC introduced a new range of four plant-based coffee creamers that are free of GMOs, artificial flavors, and sweeteners.
Explore the Depth of Our Methodological Insights
https://www.futuremarketinsights.com/request-report-methodology/rep-gb-4852
Key Segments Covered in Dairy Alternatives Industry Analysis
By Source:
- Soy
- Almond
- Rice
- Coconut
- Oats
- Others
By Product:
- Regular/ Unflavoured
- Soy Milk
- Almond Milk
- Coconut Milk
- Oat Milk
- Others (Hemp, Flax, etc.)
- Flavored
- Soy Milk
- Almond Milk
- Coconut Milk
- Oat Milk
- Others (Hemp, Flax, etc.)
By Nature:
- Organic
- Conventional
By Distribution Channel:
- Direct Sales/ B2B
- Indirect Sales/ B2C
- Hypermarkets/ Supermarkets
- Convenience Stores
- Mass Grocery Retailers
- Specialty Stores
- Online Retail-
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
