Global Dairy Alternatives Market Overview
The global dairy alternatives market, valued at USD 29.07 billion in 2023, is projected to grow at a Compound Annual Growth Rate (CAGR) of 11.22% from 2024 to 2032, reaching an estimated value of USD 75.70 billion by 2032.
Dairy alternatives encompass foods and beverages that substitute dairy products, often made from plant sources like soy, rice, and almonds. They are regarded as healthy substitutes for dairy, being lactose-free and low in fat and cholesterol, while offering a variety of essential vitamins and minerals.
The shift towards dairy alternatives reflects changing consumer trends, with more individuals opting for plant-based diets due to health, ethical, and environmental considerations. This shift has fueled a rise in demand for dairy-free products as consumers aim to reduce or eliminate dairy from their diets.
Trends in the Global Dairy Alternatives Market
Rise in Lactose Intolerance
The increasing prevalence of lactose intolerance and milk allergies is a significant driver for the dairy alternatives market. Lactose-intolerant individuals prefer plant-based, lactose-free options, contributing to the market’s growth. The UN Food and Agriculture Organization estimates that between 2% and 6% of people globally are allergic to milk proteins, while the National Institute of Diabetes and Digestive and Kidney Diseases reports that lactose malabsorption affects approximately 68% of the global population.
Request for free Sample Report: https://www.renub.com/request-sample-page.php?gturl=dairy-alternatives-market-consumption-forecast-global-analysis-by-plant-based-milk-regions-companies-p.php
Growth of the Vegan Lifestyle and Nutrient-Rich Diets
The growing adoption of veganism and nutrient-rich diets is propelling the market forward. The popularity of plant-based diets is driving demand for dairy alternatives. The World Animal Foundation estimates that around 88 million people worldwide identify as vegans. Health, environmental concerns, and animal welfare are key factors contributing to this trend.
Expanding Product Offerings and Market Share
The increasing popularity of veganism is likely to lead to greater market share and faster growth for plant-based milk and milk products compared to traditional dairy. Major companies are introducing various dairy alternatives made from soy, coconut, almond, and other sources. Marketing efforts featuring vegan products and endorsements by celebrities further promote this market. For example, Silk’s print and out-of-home campaign in 2023, a tribute to the classic “Got Milk?” ad, featured celebrity offspring with plant-based “milk mustaches.”
Asia-Pacific Dairy Alternatives Market
Asia-Pacific is a significant consumer of dairy alternatives, influenced by a long-standing tradition of plant-based diets in countries like China and India. The World Animal Foundation reports that 13% of India’s population are vegans. The region’s governments have also played a role in promoting plant-based products through supportive laws and policies.
Global Dairy Alternatives Market Company News
The global dairy alternatives industry features several prominent companies, including Danone S.A., SunOpta Inc., Blue Diamond Growers Inc., Noumi Limited, Vitasoy International Holdings Limited, Oatly Group AB, The Hain Celestial Group Inc., and Archer-Daniels-Midland Company.
Renub Research is a Market Research and Information Analysis company with more than 15 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 9000 syndicated reports and worked on more than 750 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.
Company Name: Renub Research
Contact Person: Rajat Gupta, Marketing Manager
Phone No: +1-478-202-3244 | +91-120-421-9822 (IND)
Address: 225 Kristie Ln, Roswell, GA 30076
Email: info@renub.com
LinkedIn: https://linkedin.com/company/renub-research
Website: www.renub.com
WhatsApp us