PUNE,
India, July 25, 2024 /PRNewswire/ -- According to
Maximize Market Research "Dairy Alternatives Market" report
by Source (Soy, Almond, Coconut, Rice, Oats, Others), and
Distribution Channel (Supermarket & Hypermarkets, Convenience
Stores, Online retail, others) is expected to reach 61.49
Billion by 2030 from 26.76 Billion in 2023 at a CAGR of 12.62%.
Veganism has risen as a lifestyle choice that avoids eating
animal-derived products, including dairy. The growing global
awareness of animal cruelty has increased demand for dairy
alternatives at a rapid pace. Customers consider a vegan diet for a
healthy choice, preferring dairy substitutes as an alternative.
Global Dairy Alternatives Market 2023-2030: Key
Highlights:
Market Size in
2023
|
USD 26.76
Billion
|
Market Size in
2030
|
USD 61.49
Billion
|
CAGR
|
12.62 %
|
Forecast
Period
|
2024-2030
|
Base
Year
|
2023
|
Number of
Pages
|
229
|
No. of
Tables
|
135
|
No. of Charts and
Figures
|
193
|
Segment
Covered
|
By Source and
Distribution Channel
|
Regional
Scope
|
North America, Europe,
Asia Pacific, Middle East and Africa, South America
|
Report
Coverage
|
Market Share, Size, and
Forecast by Revenue | 2024−2030, Market Dynamics, Growth Drivers,
Restraints, Investment Opportunities, and Key Trends, Competitive
Landscape, Key Players Benchmarking, Competitive Analysis, MMR
Competition Matrix, Competitive Leadership Mapping, Global Key
Players' Market Ranking Analysis.
|
Get your Sample
PDF:https://www.maximizemarketresearch.com/request-sample/25430/
Key Findings of the report
- Milk alternative sales rose by 14.5% showing significant growth
compared to cow milk sales which decreased by 1.2% in 2023.
- Oat milk sales volume increased by 117.9% indicating that
consumers are interested in buying new, alternative forms of milk
beyond cow and nut-based milk.
- APAC is a leading region in the global dairy alternatives
market. India, China, Japan,
and South Korea collectively held
the maximum market share of more than 70%, exhibiting significant
consumption of dairy alternatives in recent years, compared to
other Asian countries.
- U.S. American households spent an average of 6.3% more on milk
alternatives, showing consumers have made the switch to non-dairy
lifestyles.
The Oats and Almond Segment sales to grow in volume during
the forecast period
The dairy alternatives market is positioned for growth in volume
in the oats and almond segment during the forecast period. In 2022,
Almond milk held a significant market share with 41% of plant-based
milk consumers opting for it in the U.S. Oat milk has experienced
growth with a 50% increase in sales over the last year due to
popular brands like Oatly and Califia Farms. The creamy texture and
environmental advantages of oat milk, such as its lower water usage
compared to almond milk have contributed to its rising popularity.
Additionally, almond milk's nutritional benefits including its high
vitamin E content and low calorie count are attractive to
health-conscious individuals. Companies like Blue Diamond and Alpro
are widening their almond-based product offerings to meet the
growing demand. In Europe, oat
milk is the preferred choice for 36% of plant-based beverage
consumers, indicating its global appeal. The segment's growth is
further supported by advancements in processing technologies, which
improve taste and texture to compete with traditional dairy
products.
Request a Free Sample of the Dairy Alternatives Market Report
–https://www.maximizemarketresearch.com/inquiry-before-buying/25430/
US in North America to
dominate the Dairy Alternative Market during the forecast
period
The United States in the North
American Dairy Alternative Market has been dominant in 2023. As
lactose intolerance affects over 65% of the global population, the
US market has responded by introducing a variety of alternatives,
including oats, almonds, soy, and coconut milk.
Concerning their perception of the health benefits, 45% of US
consumers choose plant-based alternatives as they prioritize their
health. The market includes leading brands like Silk, which holds a
17% share of the U.S. plant-based milk market, and Beyond Meat,
which has recently entered into the dairy alternatives industry
with Beyond Milk. Growth in the North American market is fueled by
substantial investments in research and development. For instance,
Danone North America has invested $60
million in plant-based beverage production. Additionally,
educational campaigns for ethical and sustainable consumption have
inspired 38% of millennials to choose dairy-free products. The
regulatory framework established by the U.S. Food and Drug
Administration has made it possible for new entrants to grow within
the dairy alternative industry. Consumers in North America are shifting towards plant-based
options because of the growing popularity of flexitarian diets and
environmental concerns, which presents significant growth
opportunities.
Competitive Landscape
The Dairy Alternatives Market companies include significant key
players like Danone North America Public Benefit Corporation (US,
Elmhurst Milked Direct LLC (US), The Hain Celestial Group, Inc.
(US), Blue Diamond Growers (US), Vly
(Germany), Valsoia S.p.A (Italy) among others.
- NewMoo is revolutionizing the cheese industry with its
plant-based casein protein. By leveraging plant molecular farming,
NewMoo offers a sustainable, cost-effective, and animal-free
alternative to dairy milk. Their casein protein replicates the
exact properties of dairy milk, enabling cheesemakers to produce
authentic, dairy-like cheese without compromising taste, texture,
or nutritional value. This breakthrough technology presents a
promising solution for consumers seeking delicious, cruelty-free,
and environmentally friendly cheese options.
- Bel Group and Climax Foods are partnering to revolutionize the
plant-based cheese market. By combining Bel's expertise in dairy
and non-dairy products with Climax's AI-driven technology, they aim
to create indistinguishable plant-based alternatives to popular
cheese brands like Laughing Cow, Kiri, Boursin, and Babybel. This
collaboration focuses on delivering high-quality, sustainable, and
nutritious plant-based options that meet the growing demand for
alternative protein sources without compromising taste or
texture.
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–
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Browse for Related Reports: Food & Beverage
Market Research Report & Consulting
Milk Alternatives Market: The market size is expected to
reach nearly US$ 59.59 Bn by 2030
with a CAGR of 10% during the forecast period.
Almond Milk Market: The market is worth
USD 15.99 Billion in 2023 and is
estimated to grow at a CAGR of 14.2% in the forecasted period. The
forecast revenue hints at a growth of around 40.52 billion USD by 2030.
Milk Powder Market: The market size was valued at
US$ 35.98 Bn. in 2023 and the total
revenue is expected to grow at a CAGR of 4.4% from 2024 to 2030,
reaching nearly US$ 48.64 Bn.
Flavoured Milk Market: The market reached a value
of US$ 57.62 Bn. in 2023. The global
market is expected to grow at a CAGR of 8.2% during the forecast
period. The market is expected to reach a value of US$ 100.05 Bn. by 2030.
Milk Packaging Market: The market size was valued at
USD 44.55 Bn in 2023 and is expected
to reach USD 60.63 Bn by 2030, at a
CAGR of 4.5 %.
Milk Protein Market: The market size was valued at
USD 10.84 Bn in 2023 and the market
is expected to reach USD 16.45 Bn by
2030 at a CAGR of 6.14 %.
Almond Butter Market: The market size was valued
at USD 843.32 Mn in 2023 and the
total Almond Butter Market revenue is expected to grow at a CAGR of
8.3 % from 2024 to 2030, reaching nearly USD
1473.64 Mn.
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