Dairy Alternative Plant Milk Beverages Market size is set to grow by USD 10.58 billion from 2023-2027, robust demand for plant-based milk boost the market, Technavio

NEW YORK, April 19, 2024 /PRNewswire/ -- The global dairy alternative plant milk beverages market  size is estimated to grow by USD 10586.05 mn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of  7.95%  during the forecast period.  The plant-based milk market has surged due to rising health consciousness, lactose intolerance, and ethical considerations. Isoflavones in these beverages may help reduce heart disease and breast cancer risks. Almond milk, among others, is popular for its low calories, high protein, and vitamins. Ethical production and nutritional benefits, including essential minerals and vitamins, fuel demand. Plant-based milks offer low saturated fat, fiber, and are suitable for ketogenic and vegan diets. They boost immune systems, promote healthy skin, hair, and nails, and support strong hearts and bones. Key players include Almond, Rice, Hemp, Cashew, and Coconut milk. 

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Segment Overview 

This dairy alternative plant milk beverages market report extensively covers market segmentation by Distribution Channel (Offline, Online) Source (Almond milk, Soy milk, Rice milk, Coconut milk, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa)

Market segmentation by Distribution Channel

The Dairy Alternative Plant Milk Beverages Market encompasses a range of milk alternatives, including soy milk, which caters to individuals with lactose intolerances or soy allergies. Soy milk production involves the use of soybean oil and soy lecithin. However, food allergens and sensitivities necessitate proactive measures for those with soy allergies. Immune responses to proteins in soy milk can cause symptoms such as hives or anaphylaxis. Soy-based cheese and yogurt are also available, but may contain traces of soy. Alternatives like almond milk, rice milk, and others gain popularity due to their nutritional value, including calcium, casein, and various nutrients. Cold climatic conditions favor the growth of rice, while almond milk offers isoflavones, phytochemicals, and phytosterols, which contribute to heart health and breast cancer recurrence prevention. Amino acids, potassium, vitamin B, and other essential nutrients are also present. Consumer eating patterns shift towards lactose-free, cholesterol-free, and high-digestibility options due to health concerns and hectic lifestyles. Convenience products like coconut milk, hemp, oats, flax, and others cater to busy lifestyles and health and fitness trends. Milk allergies and lactose intolerances affect various demographics, including the elderly.

Geography Overview

The Dairy Alternative Plant Milk Beverages market in the APAC region has experienced robust growth since 2016, driven by consumers' increasing focus on healthier options and the rise of lactose intolerance and milk allergies. Plant-based milk is favored for its lower saturated fat, cholesterol, and calorie content, making it an attractive choice for weight loss and older populations. Breast cancer survivors and individuals following vegetarian, flexitarian, or vegan diets also benefit from the diverse beverage options. Flavored plant milks, such as hemp, cashew, and coconut, are popular in desserts and baking, while unflavored and low-calorie products cater to those seeking convenience. Dairy alternatives offer health benefits for those with food allergies and ethical considerations for animal welfare. Environmental concerns, including carbon emissions and greenhouse gas emissions, further fuel the market's expansion. Convenience stores and online platforms provide easy access to these sustainable, plant-based products. 

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• The millennial shift towards ethical dairy-free options has fueled market growth for plant-based milk beverages. Vendors, like Danone, invest in reformulations and new product lines, such as soy, almond, rice, and coconut milk. Allergens like soy and nut sensitivities necessitate proactive measures, while nutritional benefits, including calcium and proteins, attract consumers with busy lifestyles. Key considerations include lactose-free, cholesterol-free, and high-digestibility options, addressing health concerns and consumer eating patterns. Other alternatives include hemp, oats, and flax milks.
• The dairy alternative plant milk beverage market caters to various consumer segments, including weight loss seekers and older adults. Breast cancer survivors and those with lactose intolerance or vegan/vegetarian diet preferences also drive demand. Beverages like almond, hemp, and cashew milk, as well as unflavored and low-calorie options, are popular. Convenience and online stores offer accessibility. Environmental concerns and food allergies, particularly to nuts like almonds, are challenges.

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Research Analysis

The Dairy Alternative Plant Milk Beverages Market has experienced significant growth due to various factors, including health concerns, lactose intolerance, and ethical considerations. Vegetarian and flexitarian diets, as well as veganism, have gained popularity, leading to increased demand for dairy alternatives. These beverages offer solutions for individuals with food allergies or sensitivities to dairy, cholesterol, or animal products. Almond milk and soy milk are two popular options in this market. While almond milk is lauded for its low carbon emissions and minimal impact on greenhouse gas emissions, soy milk offers a high protein content and is often used as a substitute in vegan cheese. However, it's essential to note that soy milk may contain soy lecithin and soybean oil, which can cause allergic reactions in some individuals. Proactive measures, such as labeling and ingredient transparency, are crucial in addressing immune responses and food allergens. As the market continues to evolve, it's essential to prioritize personal health, animal welfare, and environmental issues when considering dairy alternative plant milk beverages.

Market Research Overview

The Dairy Alternative Plant Milk Beverages market is experiencing significant growth due to increasing consumer preference for non-dairy options. These beverages, including Soy, Almond, Coconut, and Oat milk, are gaining popularity for their health benefits and ethical considerations. The market is driven by factors such as rising health consciousness, veganism, and lactose intolerance.  The market is segmented by type, application, and region. The market is projected to reach new heights with increasing consumer awareness and demand for eco-friendly and ethical food choices. The future of the Dairy Alternative Plant Milk Beverages market looks promising, with continued growth and innovation expected in the coming years.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio