Milk Substitutes (Non dairy milk) Market Expansion 2024-2033: Growth Drivers and Dynamics

Overview and Scope

The milk substitutes (non-dairy milk) market consists of sales of milk substitutes. This industry includes establishments that produce milk substitutes such as soy milk, almond milk, and rice milk.

Sizing and Forecast

The milk substitutes (non dairy milk) market size has grown rapidly in recent years. It will grow from $34.24 billion in 2023 to $39.15 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The growth in the historic period can be attributed to health and wellness trends, lactose intolerance awareness, vegan and plant-based lifestyle, diversity of product offerings, environmental and ethical concerns.

The milk substitutes (non dairy milk) market size is expected to see rapid growth in the next few years. It will grow to $68.34 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The growth in the forecast period can be attributed to rising demand for plant-based protein, innovations in product formulations, expansion of distribution channels, culinary applications and food trends, governmental support and regulations. Major trends in the forecast period include rise of blended and functional varieties, customization and personalization, expansion of distribution channels, health and wellness positioning, rising demand for barista-grade varieties.

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Segmentation & Regional Insights

The milk substitutes (non dairy milk) market covered in this report is segmented –

1) By Type: Soy Milk, Almond Milk, Rice Milk, Other Types
2) By Formualtion: Plain-Sweetened, Plain-Unsweetened, Flavored-Sweetened, Other Formulations
3) By Distribution Channel: Supermarkets, Hypermarkets, Convenience Stores, Specialty Stores, Online Retail Stores, Other Distribution Channels
4) By Application: Food, Beverages

North America was the largest region in the milk substitutes (nondairy milk) market in 2023. Western Europe was the second largest region in the global milk substitutes (nondairy milk) market share. The regions covered in the milk substitutes (non dairy milk) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The increasing consumer’s preference for vegan food is driving the milk substitute market. Consumers are increasingly becoming aware of animal abuse at dairy farms and are avoiding animal-based products. Vegan milk is cholesterol-free, rich in vitamin D and proteins and provides more calcium than animal milk. According to a report by Mintel, sales of non-dairy milk in the USA grew 61% over the last five years. The rising shift towards veganism and health consciousness is driving the milk substitute market.

Key Industry Players

Major companies operating in the milk substitutes (non dairy milk) market report are Archer Daniels Midland Company, Nutriops S.L., WhiteWave Foods Company, Hain Celestial Group Inc., Blue Diamond Growers Inc., CP Kelco ApS, Organic Valley Cooperative, SunOpta Inc., Chobani LLC, Vitasoy International Holdings Limited, Oatly AB, Freedom Foods Group Limited, Sanitarium Health and Wellbeing Company, Valsoia S.p.A., Califia Farms LLC, Eden Foods Inc., Earth’s Own Food Company, Daiya Foods Inc., Ripple Foods Inc., Miyoko’s Creamery, Mariani Nut Co. Inc., Dohler GmbH, Panos Brands LLC, NadaMoo! LLC, Triballat Noyal SAS, Malk Organics Inc., Violife Foods Inc., Good Karma Foods LLC, Yofix Probiotics Inc., Elmhurst 1920 Inc., Pacific Foods of Oregon LLC, Silk North America LLC, So Delicious Dairy Free, Alpro (UK) Limited, Coconut Dream Inc., Dream Products LLC, Forager Project LLC, Happy Planet Foods Inc., Kite Hill Foods LLC, Milkadamia Inc., Mooala Brands LLC, Nutpods LLC, Rude Health Inc., Sproud Limited

The milk substitutes (non dairy milk) market report table of contents includes:

1. Executive Summary
2. Milk Substitutes (Non dairy milk) Market Characteristics
3. Milk Substitutes (Non dairy milk) Market Trends And Strategies
4. Milk Substitutes (Non dairy milk) Market – Macro Economic Scenario
5. Global Milk Substitutes (Non dairy milk) Market Size and Growth
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32. Global Milk Substitutes (Non dairy milk) Market Competitive Benchmarking
33. Global Milk Substitutes (Non dairy milk) Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Milk Substitutes (Non dairy milk) Market
35. Milk Substitutes (Non dairy milk) Market Future Outlook and Potential Analysis
36. Appendix

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