Dairy Alternatives Market to Hit $68 Billion by 2032, Says Global Market Insights inc.
Dairy alternatives industry is expected to register 9% CAGR between 2023 and 2032 propelled by high nutritional value and functionality profile of plant…
Dairy alternatives industry is expected to register 9% CAGR between 2023 and 2032 propelled by high nutritional value and functionality profile of plant based dairy alternatives.
Selbyville, Delaware, Dec. 19, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the Global Dairy Alternatives Market was estimated at USD 27.5 billion in 2022 and is expected to surpass a valuation of $68 billion by 2032, progressing at a CAGR of 9% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
High nutritional value and functionality profile of plant based dairy alternatives is likely to act as a major growth driver for the industry forecast. Non-dairy beverages are believed to have superior nutritional values as compared to traditional milk and milk products. Besides supporting the lactose intolerant population to reach their daily nutritional intake value, it also enables them to combat cholesterol by not relying on animal-based products.
The COVID-19 pandemic had quite a positive impact on the market. With the implementation of lockdowns, there was shortage of milk and dairy products. As a result, people began to use dairy substitutes on a large scale. During the pandemic, sales of plant-based dairy alternatives also skyrocketed due to the availability of online distribution channels. In order to attract more customers, online stores discounted alternative dairy products.
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Sales of organic rice to see considerable uptick in the industry
Dairy alternatives market share from rice is expected to reach more than USD 3 billion by 2032, growing with more than 8% CAGR. Rice-based dairy alternatives are derived from rice grains, majorly brown rice. It contains more carbohydrates, it is supplemented with iron, vitamin D, and vitamin B12. Even though it is more expensive, the organic variety of rice milk is gaining traction over the traditional product. The high product cost is due to the production and distribution costs, as well as consumers' desire to spend extra for organic products owing to the less preservatives.
Key reasons for dairy alternatives market growth:
- Vast population suffering from milk allergy and lactose intolerance.
- High nutritional value and functionality profile of plant-based dairy alternatives.
Numerous health benefits of soy milk to appeal a wider consumer-base in the market
Global dairy alternatives market share from soy segment is likely to account for over USD 27 billion by 2032. Soy-based dairy alternatives are available in a variety of forms such as milk, ice cream, cheese, yogurt, etc. They are considered a rich source of protein and possess similar nutritional values like dairy products. Soy milk is expected to gain popularity among elderly and female consumers in the United States as it contains isoflavones, which lowers the risk of heart disease and breast cancer. It also contains phytoestrogen, which works in the same way as the female hormone estrogen.
Higher health consciousness levels to drive North America market statistics
North America dairy alternatives market size is expected to be valued at more than USD 19.5 billion in 2032. Increased disposable income and changes in lifestyle patterns are contributing to the surge in demand for dairy substitutes in the United States and Canada. Evolving dietary habits have increased the prevalence of obesity and diabetes in the U.S. Roughly two out of three U.S. adults are overweight. As more consumers re-think their food and beverage choices for weight and health management, the demand for organic milk is likely to grow. Organic milk offers higher concentrations of antioxidants including vitamin E and iron than non-organic milk to the consumers. Furthermore, allergies to dairy products, as well as growing environmental concerns, are driving the uptake of dairy substitutes in North America market.
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Competitive landscape of global dairy alternatives industry
Some of the key companies offering their products in the dairy alternatives market are Danone, Oatly AB, Hain Celestial Group, The WhiteWave Foods Company, Blue Diamond Growers, SunOpta, Inc, So Delicious, Freedom Foods, Valsoia SpA, Pacific Foods, New Barn, Inc, Califia Farms, Tofutti Brand Inc, MALK Organics, Ripple Foods, Triballat Noyal, and Earth’s Own Food Company Inc.
Partial chapters of report table of contents (TOC):
Chapter 3 Dairy Alternatives Market Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.3 Technology landscape
3.4 Regulatory landscape
3.5 Consumer buying behavior
3.6 Pricing analysis, 2018-2032
3.7 Industry impact forces
3.8 Innovation & sustainability
3.9 Growth potential analysis, 2021
3.10 Porter’s analysis
3.11 PESTEL Analysis
3.12 COVID-19 impact on market, by application
3.13 COVID-19 overview of the world economy
Chapter 4 Competitive landscape
4.2 Company market share analysis by region, 2021
4.3 Competitive analysis of major market players
4.4 Vendor adoption matrix
4.5 Strategic outlook matrix
Chapter 5 By Product
5.1 Key product trends
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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