The global the dairy alternatives market size was USD 25.19 billion in 2022, the market is projected to reach USD 28.55 billion in 2023 to USD 69.84 billion by 2030 at a CAGR of 13.63% during the 2023-2030 period. Rise in the plant-based food substitutes has led to the demand for non-dairy products or dairy alternatives. Such alternative products are made from essentially legumes, nuts, or cereals. As per the report, the market is projected to grow during the projected period due to increasing veganism and rising inclination of consumers toward plant-based foods. Fortune Business Insights™ publishes this information in a report titled, "Dairy Alternatives Market, 2023-2030".
List of Key Players Profiled in the Market:
Danone S.A. (France)
Archer-Daniels-Midland Company (U.S.)
Blue Diamond Growers (U.S.)
SunOpta, Inc. (Canada)
Vitasoy International Holdings Ltd (Hong Kong)
Daiya Food, Inc. (Canada)
Goya Foods, Inc. (U.S.)
Living Harvest Foods, Inc. (India)
Organic Valley (U.S.)
Eden Foods, Inc. (U.S.)
Drivers & Restraints:
Increasing Veganism and Inclination Towards Plant-Based Foods to Bolster Market Growth
Plant-based food products and veganism is expected to offer market with opportunities for growth. Recent surge in demand for dairy alternatives and robust popularity of plant-based ingredients along with rising adoption rates for meat and dairy substitutes is anticipated to drive market development. Furthermore, water and carbon footprint of milk and dairy commodities is significantly higher than that of horticultural products.
However, low consumer awareness and sub-optimal market penetration may hamper market growth.
Regional Insights:
Asia Pacific Dominates Global Market Share Due to Rising Cases of Lactose Intolerance
Asia Pacific held a dominating part in the global dairy alternatives market share owing to rising cases of cow milk allergy and lactose intolerance among the population. Calorie concerns and higher prevalence of hypercholesterolemia and obesity are the major reasons for regional market growth.
North America is anticipated to hold the second-leading position due to the increasing demand for plant-based food products and surging veganism. Also, consumers intend to adopt a highly nutritional diet and develop their immunity.
Growth in South America is influenced by the rising shifts toward reduction in the consumption of animal-based products due to improving health, animal, and environmental welfare concerns.
Competitive Landscape:
New Product Launch Allow Companies to Improve their Business Performance
The leading companies focus on introducing products to attract customers and enhance their product portfolio. Rising adoption of the latest technologies and integration of emerging consumer demand allow companies to build their business performance. Key market players have also been trying to create more products. For instance, Danone S.A. acquired several leading plant-based brands recently to strengthen its vegan products portfolio. Products includes Silk, Vega, and Alpro.
Key Industry Development:
February 2023: Kagome USA launched sweet and savory vegan butter blends in the U.S. market. Kagome USA a leading global sauce producing company.
Browse Detailed Summary of Research Report with TOC:
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