Dairy Alternatives market size to grow by USD 18.49 billion in 2023, Archer Daniels Midland Co. and Blue Diamond Growers emerge as Key Contributors to growth, Technavio

NEW YORK, March 17, 2024 /PRNewswire/ -- The dairy alternatives market is set to grow by USD 18.49 billion from 2022 to 2027 progressing at a CAGR of 10.85% during the forecast period. Key companies include- Archer Daniels Midland Co., Blue Diamond Growers, Borges Agricultural and Industrial Nuts SA, Califia Farms LLC, Campbell Soup Co., Dohler GmbH, Earths Own Food Co. Inc., Eden Foods Inc., GreenSpace Brands Inc., J M Huber Corp., Living Harvest Foods, MALK Organics, Mariani Nut Co., Oatly Group AB, Otsuka Holdings Co. Ltd., PANOS Brands LLC, Sanitarium, SunOpta Inc., Tate and Lyle Plc, Vitasoy International Holdings Ltd.

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The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The growing demand for organic dairy alternatives is a key driver of the Dairy Alternatives Market. Organic alternatives, derived from fruits and plants grown without synthetic chemicals, cater to consumer preferences for healthier and environmentally friendly options. Market players offering organic products with transparent labeling contribute to market expansion, emphasizing ingredient sourcing and nutritional information. These factors are poised to propel market growth in the forecast period. 

• The product premiumization is an emerging trend fueling the growth during the forecast period. However, challenges such as cross-contamination may hamper the growth.

The dairy alternatives market analysis includes Distribution Channel, Product, and Geography landscape.

• The beverages-based dairy alternatives segment is significant during the forecast period. The segment comprises products based on non-dairy milk like soy milk, almond milk, rice milk, oat milk, coconut milk, hemp milk, and other plant-based milk. This includes products that include flavored milk, milkshakes, energy drinks, and fruit mixes. Its unique taste and flavor and the substantial amount of minerals present in almond milk drive the growing popularity of along milk among consumers. Hence, such factors fuel the growth of the beverages-based segment of the dairy alternatives market during the forecast period. 

This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View a Sample Report

Analyst Review

In recent years, the global dairy alternatives market has experienced remarkable growth, driven by various factors such as rising lactose intolerances and shifting consumer preferences towards healthier food and beverage products. Within this market landscape, the U.S. stands as a significant player, witnessing a surge in demand for dairy alternatives, especially among the elderly and the female consumer base.

One key component driving this trend is the presence of isoflavones in many dairy alternative products, known for their potential to mitigate risks associated with heart disease and breast cancer due to their resemblance to the female hormone estrogen. This aspect has particularly resonated with health-conscious individuals, including the health-savvy youth and those adhering to a vegan diet or a ketogenic diet.

Moreover, dairy alternatives are often fortified with essential nutrients such as lipids, fiber, and protein, catering to the needs of consumers seeking nutritional foods with low calories and high proteins. These products also boast added vitamins like Vitamin B and Vitamin D, crucial for supporting various bodily functions including base metabolic rate and immune system health.

In response to increasing demand, companies in the dairy alternatives sector are focusing on diversifying their product offerings while adhering to stringent certifications and emphasizing quality, sustainability, and environmental standards. This includes a commitment to corporate social responsibility (CSR) and the adoption of ethical and sustainable practices throughout the supply chain.

Competitive benchmarking, driven by historical data and forecasts, provides insights into company revenue shares and regional opportunities, shaping strategic decisions within the industry. Moreover, as consumer preferences continue to evolve, there's a notable shift towards dairy alternatives-based products such as soy-based cream cheeses, almond-based cream cheeses, and low-calorie soy and almond milk-based desserts.

Retail channels including supermarkets, hypermarkets, convenience stores, and online stores play a crucial role in distributing these products to a diverse consumer base. Understanding consumer eating patterns and latest trends is essential for companies to adapt to the dynamic nature of the market, catering to preferences for flavored beverages and plain dairy alternatives alike.

In conclusion, the dairy alternatives market presents vast opportunities fueled by consumer demand for plant-based options such as soy milk, almond milk, rice milk, hemp milk, and coconut milk. With a focus on innovation and meeting consumer needs, the market is poised for continued growth, both in the U.S. and Europe.

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Market Overview

The global dairy alternatives market continues to flourish as awareness of lactose intolerances grows. With an increasing demand for plant-based options, food and beverage products are innovating to cater to diverse dietary needs. In the U.S. dairy alternatives market, there's a notable focus on addressing the preferences of the elderly and the female consumer base. These alternatives often contain isoflavones, which are beneficial in mitigating heart disease risks and reducing the likelihood of breast cancer due to their phytoestrogen content. As consumers prioritize health-conscious choices, dairy alternatives serve as viable substitutes while offering a range of nutritional benefits.

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Related Reports:

The dairy alternative plant milk beverages market size is projected to increase by USD 10,586.05 million and the market size is estimated to grow at a CAGR of 7.95% between 2022 and 2027.

The dairy food market is estimated to grow at a CAGR of 2.73% between 2022 and 2027. The size of the market is forecast to increase by USD 114.46 billion.

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