The dairy alternative market is projected to be worth US$ 23,082 million in 2024. The market is expected to rise at a CAGR of 7.3% and reach a valuation of US$ 46,832.6 million by 2034.
The market growth is driven by increasing health consciousness among individuals and the growing popularity of plant-based diets. The rise in the number of lactose-intolerant people also fuels the demand for dairy alternatives. These alternatives, rich in essential nutrients such as vitamins and minerals, appeal to health-conscious consumers.
Additionally, rising concerns about environmental impact, animal welfare, and sustainability contribute to the surge in sales of dairy alternatives. The growing trend of veganism, particularly in European countries, further propels the market. Consumers favor options like soy, rice, and almond milk, which are rich in zinc, magnesium, iron, phosphorus, and copper, enhancing the immune system and serving as effective dairy substitutes.
Key Market Highlights
- The growing health consciousness among consumers drives demand for dairy alternatives with lower cholesterol and lesser saturated fats.
- The rising cases of lactose intolerance stimulate sales of dairy alternatives such as soy milk, almond milk, rice milk, etc.
- The trend toward veganism and adopting plant-based diets is fueling growth in the market. Dairy alternatives are considered a healthier option as they are rich in essential vitamins and minerals.
Notable Developments
- In June 2023, Oatly Group AB introduced two flavors of oat-based cream cheese for vegans in the United States.
- In November 2021, Blue Diamond introduced an extra creamy textured almond milk made from quality California-grown Blue Diamond almonds.
“Consumers are inclined toward the adoption of nutrient-rich dairy alternatives due to rising concerns related to the environment and sustainability. The market is expected to grow over the forecast period as awareness about plant-based food products is rising,” – Nandini Roy Choudhury, Client Partner at Future Market Insights
Dairy Alternative Market Survey
- The dairy alternative market is projected to rise at a CAGR of 7.3% from 2024 to 2034.
- The demand for dairy alternatives is expected to reach US$ 46,832.6 million by 2034.
- The market grew at a CAGR of 7.0% during the historical period.
- The soy segment is set to lead the market, holding a share of 48.2% in 2024.
- The B2C segment commands a share of 90.8% of the market by distribution channel in 2024.
- The market in Germany is projected to grow rapidly at a CAGR of 8.8% over the forecast period.
- The market in the United States is expected to rise at a CAGR of 4.3% through 2034.
- The market in India is expected to record a CAGR of 6.8% through 2034.
- The market in China is anticipated to increase at a CAGR of 3.5% over the forecast period.
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