Dairy Alternative Market Expected To Reach USD 26.01 Billion By 2023
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| Dairy Alternative Market |
Market Overview:
Dairy alternative products are gaining significant popularity due to their numerous advantages. These products are plant-based, making them suitable for individuals with lactose intolerance or those following a vegan diet. They offer similar nutritional benefits as traditional dairy products such as milk, cheese, and yogurt, while also addressing concerns related to animal welfare and environmental sustainability. The growing demand for dairy alternative products among health-conscious consumers is driving market growth.
Market Key Trends:
One key trend observed in the dairy alternative market is the increasing preference for plant-based milk substitutes. Plant-based milk alternatives such as almond milk, soy milk, and oat milk, among others, are gaining traction among consumers as a healthier and more sustainable option compared to traditional dairy milk. These plant-based milk alternatives offer various benefits such as being lactose-free, cholesterol-free, and lower in calories and saturated fats.
The rising awareness about the potential health benefits associated with plant-based milk substitutes, including improved digestion, enhanced heart health, and better skin health, is driving their adoption. Additionally, the growing trend of veganism and the increasing number of people opting for a dairy-free lifestyle are further contributing to the market growth of dairy alternatives.
With the introduction of innovative flavors and formulations, manufacturers are constantly striving to provide a wide range of options to cater to the diverse consumer preferences. Moreover, advancements in technology and production processes are enabling better quality and taste in dairy alternative products, further boosting their popularity in the market.
The global Dairy Alternative Market Share is estimated to be valued at US$26.01 Billion in 2023 and is expected to exhibit a CAGR of 12.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis:
The dairy alternative market can be segmented based on type, formulation, application, and distribution channel. One of the dominating sub-segments in this market is the soy-based dairy alternatives. Soy-based products like soy milk, soy cheese, and soy yogurt have gained significant popularity among consumers due to their high protein content and health benefits. Additionally, soy-based dairy alternatives are suitable for individuals with lactose intolerance or dairy allergies. The rising awareness about the health benefits of soy products and the increasing number of people adopting vegan or plant-based diets are driving the demand for soy-based dairy alternatives. Furthermore, soy-based dairy alternatives offer a taste and texture similar to traditional dairy products, making them a preferred choice for consumers.
Key Takeaways:
The global dairy alternative market is expected to witness high growth, exhibiting a CAGR of 12.6% from 2023 to 2030. This growth can be attributed to increasing consumer demand for plant-based milk and milk products due to health concerns, environmental sustainability, and ethical reasons. The rising prevalence of lactose intolerance and milk allergies is also a significant driver for the market.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the dairy alternative market. This can be attributed to the increasing adoption of vegan and plant-based diets, along with the growing awareness about the health benefits of dairy alternatives. The presence of key market players in this region, along with the availability of a diverse range of dairy alternative products, further contributes to the market growth.
Key players operating in the dairy alternative market include The Whitewave Foods Company, SunOpta, Hain Celestial, Pascual Group, Elden’s Fresh Foods & Media Solutions Corp., Healthy Brands Collective, Earth’s Own Food Company Inc., Blue Diamond Growers, Freedom Foods Group, Oatly AB, Stremick’s Heritage Foods, and Vitasoy Holdings Limited. These companies are focusing on product innovation, expanding their distribution channels, and strategic collaborations to gain a competitive edge in the market.
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