Categories: Food & Beverages

Dairy Alternatives Market 2024 – Market Trends, Latest Growth Opportunities, Top Players And Forecast To 2033 | Danone S.A., Blue Diamond Growers, The Hain Celestial Group, Inc., Oatly Group AB, Vitasoy International Holdings Packard Enterprise Company

The Dairy Alternatives by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Dairy Alternatives, The dairy alternatives market size has grown rapidly in recent years. It will grow from $13.87 billion in 2023 to $15.26 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to global population growth, rise in disposable income, growing number of health-conscious consumers, shift towards vegan eating and low interest rate environment.

The dairy alternatives market size is expected to see strong growth in the next few years. It will grow to $21.34 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to the influence of digital media marketing and social media, government initiatives towards milk alternatives, increase in lactose intolerance, rising penetration of organized retail and improvement in cold chains. Major trends in the forecast period include offering new and innovative products to increase their competitive strengths and revenue, focus on investing in r&d labs and initiatives that will drive innovation and cater to wider consumer base, invest in modern separation technologies to increase liquid yield and improve efficiency, consider planning and implementing marketing campaigns to promote their products, expanding their product portfolio to dairy-free alternative products and consider acquiring and partnering with other milk-alternative producers and other businesses to expand their product portfolios.

Increasing cases of lactose intolerance and milk allergies are projected to contribute to the dairy alternatives market’s growth. Lactose intolerance or congenital lactase deficiency is a situation wherein the small intestine is incapable of making the enzyme lactase to break down or digest lactose, moving undigested lactose to the large intestine, causing symptoms such as diarrhoea, gas, and bloating. According to the Cleveland Clinic, more than 30 million people in America are lactose intolerant. This scenario is likely to generate higher demand for dairy alternatives, which in turn, is anticipated to boost the market’s revenue over the forecast period.

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The dairy alternatives market covered in this report is segmented –
1) Dairy Alternatives Market By Product Type: Non-Dairy Milk, Butter, Cheese, Yogurts, Ice Cream, Others
2) Dairy Alternatives Market By Source: Almond, Soy, Oats, Hemp, Coconut, Rice, Other Sources
3) Dairy Alternatives Market By Distribution Channel: Supermarkets, Health Food Stores, Pharmacies, Convenience Stores, Online Stores, Other Distribution Channels

Top Major Players

Danone S.A.

Blue Diamond Growers

The Hain Celestial Group, Inc.

Oatly Group AB

Vitasoy International Holdings Packard Enterprise Company

Major companies operating in the dairy alternative market are developing innovative products such as NOT M’LK to meet the needs of consumers with dietary restrictions. NOT M’LK is a plant-based milk alternative made from oats. For instance, in October 2023, Velike, a Germany-based organic oat drink producer launched NOT M’LK, a dairy-free, gluten-free, and nut-free vegan milk that is suitable for people who are lactose intolerant or who choose to follow a plant-based diet. NOT M’LK is made from oats sourced exclusively from farms in the Black Forest and other regions of Baden-Württemberg. The use of locally sourced oats also supports the local economy and reduces the carbon footprint of the product.

The dairy alternatives market report table of contents includes:

1. Executive Summary

2. Dairy Alternatives Market Characteristics

3. Dairy Alternatives Market Trends And Strategies

4. Dairy Alternatives Market – Macro Economic Scenario

5. Global Dairy Alternatives Market Size and Growth

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32. Global Dairy Alternatives Market Competitive Benchmarking

33. Global Dairy Alternatives Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Dairy Alternatives Market

35. Dairy Alternatives Market Future Outlook and Potential Analysis

36. Appendix