Market Size:

The global dairy alternatives market size was valued at USD 28.55 billion in 2023 and is projected to grow from USD 32.38 billion in 2024 to USD 91.15 billion by 2032, exhibiting a CAGR of 13.81% during the forecast period. (2024-2032)

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, 2024-2032".

Segments:

Soy Segment to Lead the Market Due to High Availability

By source, the market is categorized into soy, almond, coconut, rice, oats, and others. The soy segment is anticipated to hold a dominating market position during the forecast period owing to increasing availability and rising demand for soy milk.

Non-dairy Milk Segment to Dominate Owing to Increasing Demand

Based on product type, the market is segregated into non-dairy milk, butter, cheeses, yogurts, ice cream, and others. The non-dairy milk segment is anticipated to lead the market share due to increasing demand from the vegan population.

Supermarket/Hypermarkets to Hold Highest Share Due to Their Affordability

On the basis of distribution channel, the market is divided into supermarkets/hypermarkets, convenience stores, online retail, and others. The supermarkets/hypermarkets segment is expected to dominate the market owing to its accessibility, affordability, and proximity.

Geographically, the market share is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Source: https://www.fortunebusinessinsights.com/industry-reports/dairy-alternatives-market-100221

Report Coverage:

This report analyzes recent industry trends and current market conditions using both qualitative and quantitative data. It explores key developments, advancements, drivers, and restraints that will influence market growth in the coming years. The report also examines the impact of COVID-19 and provides insights into regional markets and leading industry players.

Drivers & Restraints:

Increasing Veganism and Inclination Towards Plant-Based Foods to Bolster Market Growth

The market for plant-based food and vegan products is booming, driven by the growing popularity of dairy alternatives, plant-based ingredients, and meat and dairy substitutes. Consumers are increasingly drawn to these options due to their environmental benefits, as plant-based products typically have a lower water and carbon footprint compared to traditional dairy 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