- Coconut Milk
- Soy Milk
- Rice Milk
- Almond Milk
Dairy Alternatives Market size is valued at USD 24.5 billion in 2022 and is poised to grow at a significant CAGR of 12.8% during the forecast period 2023-2029. The global market provides a detailed overview of the Dairy Alternatives market and which can be segmented by product type, formulation, application, distribution channel, and region.By product type, the dairy alternatives market has been segmented into coconut milk, soy milk, rice milk, almond milk, and others. Based on the product, the coconut milk segment is projected to account for the largest market share in the market. To extract the high-fat coconut cream, the grated meat is first pressed, then soaked in hot water and filtered through cheesecloth in order to strain out the milk. This milk provides a creamy texture and a rich taste. Coconut milk is highly popular in Asian, South American, and Caribbean countries as an alternative to dairy. By formulation, the dairy alternatives market has been segmented into sweetened products and unsweetened products. By application, the dairy alternatives market has been segmented into milk, ice cream, yogurt, cheese, creamers, and other applications. By application, milk is expected to dominate the global market, owing to increasing demand continuously, rising interest among the key players to develop milk from plant-based sources and strong growth potential for vegan beverages. However, segments, such as vegan ice cream, cheese, and yogurt, would observe faster growth rates than the non-dairy milk segment owing to their rising popularity among consumers across a large section of people. Based on the distribution channel, the segment has been segregated into supermarkets, food stores, convenience stores, and others. Supermarkets/Hypermarkets would be anticipated to dominate the market attributing to the offerings of novel products with their proximity, accessibility, and affordability.
Dairy Alternatives Market Key Development:
Fastest Growing Market
Rising concerns for processed dairy products to drive market growth. The market for dairy alternatives is majorly driven by lactose-intolerant consumers. Apart from this, there is an increasing perception among mass consumers that lactose-free products are healthy alternatives to conventional dairy further propelling the market growth.
Nutritional benefits having plant-based dairy alternatives and an increase in cases of lactose intolerance and milk allergies.
Rising incidences of food allergies and intolerances have negatively impacted the market growth. However, these days, the prevalence of food allergies has increased and has become a serious concern for consumers and food manufacturers. According to the Food Allergy Research & Education Organization (US), soy is among the top eight main food allergens responsible for most serious food allergy reactions.
Product innovation and extensive reach to ensure success for the market in foreseeable future.
The milk segment was the highest revenue contributor to the market, with USD 24.5 billion in 2021, with a CAGR of 12.8%.