by Market Overview:
The Dairy Alternative Market offers a wide range of plant-based products that serve as substitutes for dairy-based products. These alternatives include soy milk, almond milk, rice milk, and coconut milk, among others. Dairy alternative products are gaining popularity among consumers who are lactose intolerant, have milk allergies, or follow a vegan lifestyle.
Market Dynamics:
The increasing number of individuals with lactose intolerance, growing awareness about the health benefits of plant-based diets, and the rising demand for vegan food products are the major drivers propelling the growth of the Dairy Alternative Market. The rise in consumer awareness about the ethical and environmental concerns associated with animal-based agriculture has also contributed to the demand for dairy alternatives. Additionally, advancements in technology and innovative product development have led to the introduction of new and improved dairy alternative products in the market, further fueling market growth.
Market Key Trends:
The key trend in the dairy alternative market is the increasing adoption of plant-based milk products as a substitute for traditional dairy products. This trend is driven by the growing awareness about the health benefits of plant-based products, such as reduced risk of lactose intolerance, allergies, and cardiovascular diseases. Additionally, the rising vegan and vegetarian population worldwide is also fueling the demand for dairy alternatives. Consumers are increasingly opting for plant-based milk options made from soy, almond, coconut, and rice, among others. The availability of a wide range of flavors and variations in plant-based milk products is further contributing to their popularity.
SWOT Analysis:
Strength: The dairy alternative market benefits from the increasing consumer inclination towards plant-based products due to their perceived health benefits.
Weakness: The higher cost of dairy alternatives compared to traditional dairy products may restrict the market’s growth, especially in price-sensitive markets.
Opportunity: The expanding distribution network and product innovations, such as flavored and fortified plant-based milk products, present significant growth opportunities for the dairy alternative market.
Threats: The availability of other substitute products, such as cow’s milk alternatives like goat milk and camel milk, poses a threat to the growth of the dairy alternative market. Additionally, fluctuations in the prices of raw materials used in dairy alternatives, such as soybeans and almonds, can impact the market.
The global Dairy Alternative Market Share is estimated to be valued at US$26.01 Billion in 2023 and is expected to exhibit a CAGR of 12.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways:
The global dairy alternative market is expected to experience significant growth with a CAGR of 12.6% over the forecast period due to increasing consumer awareness about the health benefits of plant-based milk products. The Asia-Pacific region is anticipated to be the fastest-growing and dominating region in the market. The region’s growing population, rising disposable incomes, and changing dietary preferences towards healthier and sustainable options are driving the demand for dairy alternatives. Key players operating in the dairy alternative market include The Whitewave Foods Company, SunOpta, Hain Celestial, Pascual Group, Elden’s Fresh Foods & Media Solutions Corp., Healthy Brands Collective, Earth’s Own Food Company Inc., Blue Diamond Growers, Freedom Foods Group, Oatly AB, Stremick’s Heritage Foods, and Vitasoy Holdings Limited. These players are focused on product innovations, expansion of distribution networks, and strategic partnerships to gain a competitive edge in the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
