Dairy Alternatives Market to be Worth $66.9 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, April 12, 2023 /PRNewswire/ -- The global dairy alternatives market size is expected to reach USD 66.9 billion by 2030, is anticipated to expand at a CAGR of 12.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing occurrence in cases of milk allergies and lactose intolerances are expected to drive the demand further in the forecast period. Numerous food and beverage products are thus making use of the product to appeal to the growing consumer base that is opting for plant-based and others.

Key Industry Insights & Findings from the report:

• Based on source, in 2022, the soy segment dominated the market with a revenue share of over 35.32%. Soy milk is rich in nutrients and has a high protein content compared to other alternatives, which is expected to drive the segment over the forecast period. Soy milk has been traditionally used in the Asia Pacific region for centuries and is a part of numerous recipes, which is expected to keep the product demand consistently stable over the forecast period. It is used for the purpose of lowering obesity and blood cholesterol levels and reducing the risk of several postmenopausal issues, along with improving cardiovascular health, which, in turn, has made it a preferred supplement.
• Based on product, the milk segment dominated the market in 2022 accounting for a share of 67.98%. In Europe, increasing demand for low-calorie content food, coupled with the rising popularity of plant-based nutritional products, is likely to augment the demand for the product over the forecast period. The milk product segment includes various new and innovative beverage options with dairy alternatives as a base ingredient. The manufacturers of beverages are introducing new products for higher market capitalization.
• The Asia Pacific region dominated the market in 2022 with a market share of 45.20% 2022. Increasing cases of lactose intolerance and the rising health issues associated with harmful additives used in dairy products are anticipated to boost the demand for non-dairy products such as soy milk, almond milk, rice milk, and other alternatives in the region.

Read 240 page full market research report for more Insights, "Dairy Alternatives Market Size, Share & Trends Analysis Report By Source (Soy, Almond, Coconut, Rice, Oats), By Product (Milk, Yogurt, Cheese, Ice-cream, Creamers), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Dairy Alternatives Market Growth & Trends

The increasing demand for vegan and vegetarian diets is one of the major drivers to the market. With the growing awareness about the benefits of plant-based diets, more consumers are opting for vegetarian and vegan food products. Consumers are also opting for alternate products as a means to cut back on calories consumed as dairy products generally contain a high number of calories. Consumers looking to lose weight have been increasingly substituting cow or buffalo milk with soy or almond milk. This, in turn, is expected to aid the growth of the market as the fitness-savvy consumer base is increasing across the globe.

Initiatives undertaken by manufacturers such as offering novel flavors, enriching with vitamin & mineral supplements, better quality, and attractive packaging are expected to have a positive impact on the industry over the forecast period. In 2022, numerous start-ups in the market received notable investments such as Remilk, Imagindairy, and Perfect Day which received USD 120 million, USD 13 million, and USD 350 million respectively in seed funding.

Dairy Alternatives Market Segmentation

Grand View Research has segmented the global dairy alternatives market based on source, distribution channel, product, and region:

Diary Alternatives Market - Source Outlook (Revenue, USD Million, 2017 - 2030)

• Soy
• Almond
• Coconut
• Rice
• Oats
• Others

Diary Alternatives Market - Product Outlook (Revenue, USD Million, 2017 - 2030)

• Milk
• Yogurt
• Cheese
• Ice-cream
• Creamers
• Others

Diary Alternatives Market - Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

• Supermarkets & Hypermarkets
• Convenience Stores
• Online Retail
• Others

Diary Alternatives Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Spain
• Italy
• Asia Pacific
• China
• India
• Japan
• Australia
• Central & South America
• Brazil
• Middle East & Africa
• South Africa

List of Key Players in Dairy Alternatives Market

• ADM
• The Whitewave Foods Company
• The Hain Celestial Group, Inc.
• Daiya Foods Inc.
• Eden Foods, Inc.
• Nutriops, S.L.
• Earth's Own Food Company
• SunOpta Inc.
• Freedom Foods Group Ltd.
• OATLY AB
• Blue Diamond Growers
• CP Kelco
• Vitasoy International Holdings Limited
• Organic Valley Family of Farms
• Living Harvest Foods Inc.

Check out more market research studies published by Grand View Research:

• Dairy Products Market - The global dairy products market size is anticipated to reach USD 586.11 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 2.5% from 2020 to 2027. Rising demand for dairy products and growth of the modern retail and logistics facilities are some of the major factors driving the market growth. The rising popularity of innovative dairy products, such as low-fat butter, no-sugar flavored milk, and flavored cheese, is also driving the market. However, the rise of veganism and vegan diet, especially in North America and Europe, is expected to restrict market growth.
• Gluten-Free Products Market - The global gluten-free products market size is expected to reach USD 13.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.8% from 2022 to 2030. The rising prevalence of lifestyle-related diseases has favoured in driving the product demand. Manufacturers and marketers are linking new product developments with other rising trends in the food and beverage industry, which is aiding gluten-free foods to gain traction. Clean labeling, transparent packaging, and the incorporation of plant proteins are among these developments, thereby driving the market.
• Dairy Blends Market - The global dairy blends market size is expected to reach USD 6.1 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.9% over the forecast period. The market is expected to witness significant growth due to increase in consumption of dairy products with high nutritional value. Dairy blends are low fat and cost effective alternatives to milk and butter. This is expected to increase market growth and drive the demand in the projected period.

Browse through Grand View Research's  Consumer F&B Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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