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Dairy Alternatives Market Projected to Augment at a Notable CAGR During the Forecast Period by 2024

Dairy Alternatives Market

The global dairy alternatives market is fueled by increasing consumers’ preference towards vegan food, growing instances of lactose intolerant consumers, and nutritional benefits provided by such foods. The increasing urbanization leading to change in lifestyle is further driving the growth of the global dairy alternatives market.

The dairy farms are consolidating worldwide, owing to declining profitability of the small scale dairy farmers. This is also affecting the raw milk production globally, thus creating demand of milk extracted from non-dairy sources. The increasing demand for nutritional products and flavored health drinks has been observed to increase in the recent years.

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The demand for dairy products, such as cheese, snacks, and desserts prepared from milk alternatives is also increasing globally. The increasing on-the-go health drinks consumption is boosting the growth of beverages segment in the application category of the global dairy alternatives market.

North America and Europe leads the global dairy alternatives market globally, however Asia-Pacific is expected to witness fastest growth among the regions, during the forecast period. Soy and almond milk are the most preferred milk alternatives in the U.S. Rice milk is most consumed among cereal-based milk in the country.

The major markets in Europe are France, Italy, Germany, the U.K., and Spain. The key markets in Asia-Pacific are China, Japan, Australia, and New Zealand.

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The key competitors in the global dairy alternatives market include Archer Daniels Midland Company, WhiteWave Foods Company, Sanitarium Health and Wellbeing, Hain Celestial Group, Freedom Nutritional Products Group, SunOpta Inc., Nutriops S.L., Eden Foods Inc. and Earth’s Own Food Company Inc.

Global Dairy Alternatives Market Segmentation

By Type

  • Soy Milk
  • Almond Milk
  • Rice Milk
  • Others

By Formulation

  • Plain-Sweetened
  • Plain-Unsweetened
  • Flavored-Sweetened
  • Others

By Application

  • Food

Beverages

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