The dairy alternatives market is expected to grow substantially in the years to come, reaching a market value of $44.8 billion in 2027, up from $27.3 billion in 2022, with a 10.4% CAGR through 2022 to 2027. This growth is being driven by the growing demand for plant-based dairy alternatives, as consumers are becoming more health-conscious and environmentally aware. Dairy alternatives are used in food & beverages that are dairy-free or do not contain lactose.
These food products are especially suitable for lactose-intolerant consumers. Globally, the health benefits of dairy alternatives have led to their large-scale adoption in numerous applications. Changing lifestyles, growing health awareness, increasing instances of lactose allergies, and growing application sectors are some factors driving the growth of the market.
Dairy Alternatives Market Growth Dynamics
Plant-based dairy replacements’ nutritional benefits, such as lower cholesterol levels, enhanced cardiovascular health, and diabetes control, have led to an increase in their consumption. Soy milk is popular because it is high in omega-3 fatty acids, protein, and fibre. It contains isoflavones, which are anti-estrogenic and anticancer. Dairy-alternative milks typically have less calories, less fat (except for coconut-based milk), more water (for better hydration), and some products are supplemented with additional vitamins and nutrients. Dairy substitutes with minimal carbohydrate and fat content aid in fat loss. Such nutritional advantages help to drive the expansion of the dairy substitute industry.
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Asia Pacific’s expansion might be due to rising demand for natural products with health advantages. The region’s demand for dairy substitutes is expanding due to changing consumer lifestyles and a preference for dairy-free food and beverage items. The presence of big economies such as China and India contributes to the region’s market growth. Soy protein components are mostly exported by Chinese enterprises to Europe and Southeast Asia. Rising consumer spending power as a result of China’s economic development has resulted in increased demand for high-quality dairy replacements.
Key players in dairy alternatives market include Danone North America Public Benefit Corporation (US), The Hain Celestial Group, Inc. (US), Blue Diamond Growers (US), SunOpta (Canada), Sanitarium (New Zealand), Freedom Foods Group Limited (Australia), Eden Foods, Inc. (US), Nutriops, S.L. (Spain), Earth’s Own Food Company Inc. (Canada), Triballat Noyal (France), Valsoia S.p.A (Italy), Panos Brands (US), Green Spot Co., Ltd. (Thailand), and Hiland Dairy (US).
Dairy Alternatives Market Trends
- Increasing demand: The dairy alternatives market was witnessing a surge in demand due to various factors such as growing consumer awareness of lactose intolerance, dietary restrictions, ethical concerns, and environmental sustainability. Consumers were increasingly seeking plant-based alternatives to traditional dairy products.
- Diversification of product offerings: The market saw a diversification of dairy alternative products beyond the traditional soy-based options. Almond milk, coconut milk, rice milk, and oat milk gained popularity as viable alternatives. Additionally, manufacturers started exploring new plant-based sources to create innovative products.
- Innovation and product development: Companies were investing in research and development to create dairy alternatives that closely mimicked the taste, texture, and nutritional profile of dairy products. Technological advancements were aiding the development of better-tasting and more appealing alternatives, driving consumer acceptance.
- Retail expansion and availability: Dairy alternatives were becoming more accessible, with an increased presence in mainstream grocery stores and online platforms. Improved distribution networks and strategic partnerships with retailers contributed to the wider availability of dairy alternatives.
- Marketing and branding: Companies were adopting creative marketing strategies to promote their dairy alternative products. They focused on highlighting the health benefits, environmental sustainability, and ethical aspects associated with plant-based alternatives. Influencer marketing and social media campaigns played a significant role in reaching target consumers.
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