The Dairy Alternative Market was US$ 29.07 billion in 2023 and will reach US$ 75.70 Billion by 2032. It is projected to increase at a CAGR of 11.22% from 2024 to 2032.Global Dairy Alternative Market was US$ 22.01 Billion by 2021
Dairy alternatives are plant-based foods and beverages that can replace dairy products. They are made with plant-based milk that resembles dairy milk in texture and taste and contains fewer calories, fat, and sugar. Soy milk, rice milk, and almond milk are some of the most popular alternatives to milk worldwide. Cheese, butter, ice cream, and yogurt can also be made from plant-based milk. Vegan consumers remain a core base for dairy alternative consumption. The vegan dietary preference is unchanged as a niche at 2% of the US population.
Dairy Alternative Market Survey
- According to a 2023 survey by BENEO, 10% of Americans identify as vegans, vegetarians, or pescatarians, while 21% identify as flexitarians.
- In 2022, around 8 million people followed a vegetarian diet and 1.58 million people followed a vegan diet, as reported by the U.S. Department of Agriculture.
- 10% of UK dairy producers may stop producing milk by 2025. A study by Deliveroo and YouGov in December 2022 found that 26% of French people are willing to try veganism for a month.
- In November 2023, the China Vegan Society, along with several other organizations, released the first China Vegan Lifestyle Market Survey. The survey found that China's Gen Z, who make up 264 million people, are very open to eating plant-based food.
- In January 2023, Vegewel.com surveyed 2,418 people aged 20-60 about their experience with plant-based food in Japan.
- In 2023, A survey conducted by ProVeg International and VeganaGal has revealed that in Spain, 79% of individuals who identify as vegans are female.
- In 2023, According to a recent survey conducted by YouGov and Veganuary, more than 3 million Germans have taken part in Veganuary.
- According to a combined study report by the Associated Chambers of Commerce and Industry of India and Vegan First published in 2023, the plant-based dairy industry will grow by about 20% from 2023 to 2027 in India.
China Dairy Alternative Market
The vegan lifestyle is becoming more popular in China, particularly in larger cities such as Beijing, Shanghai, and Hong Kong. This shift is due to the influence of Western culture and growing concerns about animal welfare and sustainability. Non-dairy products, including butter, are increasingly being adopted, with nut-based butter being particularly popular due to its natural and healthy fats. Dairy foods still have a high penetration rate in first-tier cities, where online shopping is more prevalent.Only 20% of Chinese households in lower-tier cities and rural areas regularly consume dairy products. However, cross-border commerce and purchasing dairy products via Daigous are becoming increasingly popular, particularly among young urbanites. In October 2022, Vitasoy International Holdings Ltd plans to acquire shares from its joint venture Bega Cheese subsidiary, National Food Holdings Ltd, to expand its dairy alternative business.
Global Dairy Alternatives Company News
The global dairy alternative industry includes major companies such as Danone S.A., SunOpta Inc., Blue Diamond Growers Inc., Noumi Limited, Vitasoy International Holdings Limited, Oatley Group AB, The Hain Celestial Group Inc., and Archer-Daniels-Midland Company.- Feb 2024: Califia Farms has launched a new product called Califia Farms Complete. This plant-based milk is enriched with pea, fava bean, and chickpea protein, and has 50% less sugar than dairy milk.
- Jan 2024: Plenish, a plant-based beverage manufacturer, is launching a new campaign featuring all of its products and the tagline "It's all good."
- Jan 2024: Oatly Group AB has launched two new beverages in the US market, namely Super Basic Oatmilk and Unsweetened Oatmilk.
- Feb 2023: Kagome USA has launched a range of vegan butter blends in the US market, featuring both savory and sweet flavors.
- June 2022: Strive Nutrition Corp. partnered with Perfect Day to launch a new range of dairy substitutes using vegan whey protein.
- April 2022: Wicked Food Inc. introduced a first-to-market offering in the United States: an innovative line of plant-based ice creams and novelties created with the lupini bean.
Product - Market breakup in 6 viewpoints:
1. Milk2. Yogurt
3. Cheese
4. Ice Cream
5. Creamer
6. Others
Source - Market breakup in 6 viewpoints:
1. Soy2. Almond
3. Coconut
4. Rice
5. Oats
6. Others
Distribution Channel - Market breakup in 4 viewpoints:
1. Supermarkets and Hypermarkets2. Convenience Stores
3. Online Retail
4. Others
Country - Market breakup of 25 Countries:
1. North America1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherland
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 UAE
5.3 South Africa
All the key players have been covered from 4 Viewpoints:
- Business Overview
- Product Portfolio
- Recent Development
- Revenue Analysis
Key Players Analysis:
1. Danone S.A.2. SunOpta Inc.
3. Blue Diamond Growers Inc.
4. Noumi Limited
5. Vitasoy International Holdings Limited
6. Oatley Group AB
7. The Hain Celestial Group Inc.
8. Archer-Daniels-Midland Company
Table of Contents
Companies Mentioned
- Danone S.A.
- SunOpta Inc.
- Blue Diamond Growers Inc.
- Noumi Limited
- Vitasoy International Holdings Limited
- Oatley Group AB
- The Hain Celestial Group Inc.
- Archer-Daniels-Midland Company
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | May 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 29.07 Billion |
| Forecasted Market Value ( USD | $ 75.7 Billion |
| Compound Annual Growth Rate | 11.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
