Dairy alternatives market is anticipated to register a robust CAGR of 10.8% During 2023-2031. Key company profiles are SunOpta, Blue Diamond Growers, Nestle SA, Danone S.A., Oatly Inc, Califia Farms, LLC, Valsoia S.p.A, Lactasoy co.th, Sanitarium, Valio Ltd, etc.

US & Canada, Feb. 04, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the dairy alternatives market is observing significant growth owing to the rising trend of veganism and the increasing prevalence of lactose intolerance.

The dairy alternatives market analysis focuses on an array of applications of dairy alternatives that are expected to determine the market strength in the coming years. The report runs an in-depth analysis of market trends, key players, and future opportunities.

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Overview of Report Findings

Market Growth: The dairy alternatives market size is expected to reach US$ 70.60 billion by 2031 from US$ 30.13 billion in 2023; it is anticipated to register a CAGR of 10.8% during the forecast period. Dairy alternatives such as milk, yogurt, ice cream, cheese, and butter are made from soymilk, pea milk, almond milk, and coconut milk. Soymilk is more affordable than other plant-sourced milk variants, and it provides a similar amount of protein as whole milk. Consumers are highly inclined toward plant-based or vegan-friendly products due to increasing health concerns and burgeoning awareness of animal welfare. Plant-based products are generally perceived to be healthier than conventional ones. Moreover, the negative impacts of dairy farming on the overall environment are leading to climate change. Thus, the health benefits of non-dairy products and ill-effects of dairy operations on ecosystems fuel the growth of the dairy alternatives market.

Increasing Prevalence of Lactose Intolerance: Lactose intolerance is defined as the reduced ability of the human body to digest lactose. According to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), an average of 68% of the world’s population suffers from lactose intolerance. The prevalence of lactose intolerance or lactose malabsorption is high across Asia Pacific and Africa due to the lack of gene or genetic mutations causing the inability to digest lactose.

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According to the National Institute of Health (NIH), lactose intolerance is quite common in the adult population in East Asia, affecting 75–95% of the people in these communities. Thus, countries such as China, Japan, South Korea, and Taiwan are potential markets for dairy alternatives. According to Food Allergy Research and Education, 6.1 million Americans of all ages showed compelling milk allergy symptoms as of 2019. People with lactose intolerance are recommended to have a lactose-free diet to avoid allergies and digestive problems such as diarrhea, abdominal bloating, and nausea. Moreover, people who are allergic to milk are recommended to consume plant-based dairy products. Therefore, such people are seeking alternatives that are easy to digest and help them fulfill their daily nutritional needs.

Product Innovation: Dairy alternative manufacturers are investing significantly in product innovation to appeal to many consumers. Product innovation strategy offers a competitive edge to the players operating in the market, boosting their profitability. The manufacturers of dairy alternatives offer certified organic, non-GMO, gluten-free, clean-label, and allergen-free products to cater to emerging customer requirements. Moreover, they are emphasizing offering unsweetened and low-sugar plant-based dairy products in line with the growing consumer inclination toward health-conscious eating habits, including low-calorie and low-fat products.

For instance, in February 2021, Hasla Foods launched zero-sugar oat milk yogurt in a 24 oz family size. The product contains only 90 calories per serving and has no added sugar. In June 2021, the same company expanded its retail footprint by making its products available across 160 National Grocers by Vitamin Cottage stores in the US. Such strategies are expected to provide lucrative opportunities to the dairy alternatives market over the forecast period. Manufacturers in the market are experimenting with different plant-based milk sources, such as barley, peas, hemp, chia seeds, bananas, and cashews. For instance, Take Two Foods, one of the key manufacturers of plant-based milk, offers nutrient-enriched barley milk, which has a complete portfolio of nutrients, such as protein, fiber, calcium, and unsaturated fats. The company uses spent barley or upcycled barley from the beer-brewing process to manufacture its barley milk.

Geographical Insights: In 2023, Asia Pacific led the dairy alternatives market with a substantial revenue share, followed by North America and Europe, respectively. It is also expected to register the highest CAGR in the market during the forecast period.

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Market Segmentation

• Based on source, the dairy alternatives market is segmented into soy, almond, coconut, oats, and others. The soy segment held the largest share of the market in 2023.
• In terms of product type, the dairy alternatives market is segmented into milk, ice cream, yogurt, cheese, and others. The milk segment held the largest share of the market in 2023.
• Based on distribution channel, the dairy alternatives market is supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held the largest share of the market in 2023.
  
  

Competitive Strategy and Development

• Key Players: Major companies operating in the dairy alternatives market include SunOpta, Blue Diamond Growers, Nestle SA, Danone SA, Oatly Inc, Califia Farms LLC, Valsoia SpA, Lactasoy co th, Sanitarium, and Valio Ltd.
• Trending Topics: Plant-based dairy innovations, fermented dairy alternatives, consumer preferences and taste, diverse milk sources, sustainability and environmental impact, etc.

Global Headlines on Dairy Alternatives

• Oxbow Brands launched the Vegan Drink Company to cater to lactose-intolerant and vegan lifestyles, expanding its presence in retail and food service across India.
• Sproud introduced Barista ZERO, a sugar-free product for baristas, offering a smooth, creamy texture, neutral taste, and twice the protein of oat milk, perfect for latte art creation.
• Bel Group partnered with California-based Perfect Day to launch its first cheese alternative, "Nurishh Incredible Dairy," containing animal-free dairy proteins through precision fermentation in the American market.
• Oato launched its Fresh Oat Milk into Waitrose Nationwide with ambitions to become the UK’s leading dairy alternative.
• ADM and New Culture formed a strategic partnership to accelerate the development and commercialization of alternative dairy products, promoting a more sustainable food future.
• WMF partnered with vly to expand its dairy alternative offering, proactively catering to increased demand for plant-based products in its office coffee machines.

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Conclusion

The dairy alternatives market is primarily driven by an increasing number of individuals opting for healthier alternatives to dairy products, among other factors. Increased disposable income, lifestyle changes, and eating patterns contribute to a surge in demand for dairy substitutes. Moreover, the dairy alternatives market is significantly growing due to product innovations by manufacturers to introduce products aligning with evolving consumer preferences.

The report from The Insight Partners provides several stakeholders—including dairy alternative providers, dairy alternatives suppliers, and dairy alternatives manufacturers—with valuable insights into navigating this evolving market landscape and unlocking new opportunities.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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