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3. Dairy Alternatives Market Size & Share - Future Growth Prediction

The dairy alternatives market size is estimated at USD 27.0 billion in 2023 and is projected to reach USD 43.6 billion by 2028, at a CAGR of 10.1% from 2023 to 2028.

Factors Driving the Dairy Alternatives Market Growth

• Health Consciousness: Increasing awareness about lactose intolerance, milk allergies, and concerns over hormones and antibiotics in dairy products has led consumers to seek healthier alternatives. Dairy alternatives such as almond milk, soy milk, and oat milk are perceived as healthier options.
• Plant-Based Trend: The growing trend towards plant-based diets, whether for health, environmental, or ethical reasons, has fueled the demand for dairy alternatives. Plant-based milk alternatives are popular among vegans and vegetarians and are also attracting non-vegetarians looking to reduce their consumption of animal products.
• Environmental Concerns: Concerns about the environmental impact of dairy farming, including greenhouse gas emissions, water usage, and deforestation for grazing land, have prompted consumers to seek more sustainable alternatives. Plant-based milk alternatives generally have a lower environmental footprint compared to dairy milk.
• Product Innovation: Manufacturers are constantly innovating to develop new and improved dairy alternatives that mimic the taste, texture, and nutritional profile of dairy milk. This includes products made from almonds, soybeans, oats, coconut, rice, and other plant sources, as well as blends of different plant ingredients.
• Availability and Accessibility: Dairy alternatives are becoming increasingly available in mainstream grocery stores, cafes, and restaurants, making them more accessible to consumers. The variety of options and flavors available also contributes to their popularity.
• Health and Wellness Trends: With growing concerns about obesity, diabetes, and other health issues, many consumers are seeking out products perceived as healthier alternatives to traditional dairy. Dairy alternatives often offer lower fat and calorie content and may be fortified with vitamins and minerals.
• Marketing and Consumer Education: Effective marketing campaigns highlighting the benefits of dairy alternatives, such as their nutritional value, versatility, and environmental sustainability, have helped to raise awareness and drive demand.
• Allergen-Free and Dietary Preferences: Dairy alternatives cater to consumers with lactose intolerance, milk allergies, or dietary preferences such as veganism. As more people adopt these diets or have dietary restrictions, the demand for dairy alternatives continues to rise.

Overall, the global dairy alternatives industry is expected to continue growing as consumers increasingly prioritize health, sustainability, and ethical considerations in their purchasing decisions.

To know about the assumptions considered for the study download the pdf brochure

Dairy Alternatives Market Share - Competitive Landscape

The dairy alternatives industry features numerous key players vying for market dominance. Among the forefront are top companies such as:

• Freedom Foods Group Limited (Australia)
• Valsoia S.p.A (Italy)
• SunOpta (Canada)
• Qatly Group AB (Sweden)
• Sanitarium (New Zealand)
• Eden Foods, Inc. (US)
• Triballat Noyal (France)

Freedom Foods Group Limited (Australia):

Freedom Foods Group Limited is a leading Australian company in the dairy alternatives industry, offering a wide range of plant-based milk products such as almond milk, oat milk, and soy milk. The company is known for its commitment to innovation and quality, continuously introducing new products to meet evolving consumer preferences. With a focus on health and wellness, Freedom Foods Group emphasizes the nutritional benefits of its dairy alternatives, catering to consumers seeking lactose-free or vegan options. Leveraging its strong presence in the Australian market, the company has expanded its reach globally, capitalizing on the increasing demand for dairy alternatives worldwide.

Valsoia S.p.A (Italy):

Valsoia S.p.A is a prominent player in the dairy alternatives market, renowned for its expertise in plant-based products, particularly in Italy and across Europe. The company specializes in a diverse range of dairy-free alternatives, including plant-based milk, yogurt, cheese, and desserts, catering to the growing demand for vegan and lactose-free options. Valsoia's commitment to quality and sustainability resonates with consumers seeking environmentally-friendly alternatives to traditional dairy products. Through its innovative product offerings and strong brand reputation, Valsoia continues to capture market share and drive growth in the dairy alternatives segment.

SunOpta (Canada):

SunOpta is a key player in the dairy alternatives market, recognized for its extensive portfolio of organic and non-GMO plant-based products. The company's focus on sustainability and transparency appeals to consumers looking for ethically sourced and environmentally responsible alternatives to dairy. SunOpta's diverse product range includes almond milk, coconut milk, and other plant-based beverages, as well as ingredients used in the formulation of dairy-free foods and beverages.

Oatly Group AB (Sweden):

Oatly Group AB, formerly known as Qatly Group AB, is a Swedish company at the forefront of the dairy alternatives market, specializing in oat-based products. Oatly has gained widespread popularity for its oat milk, renowned for its creamy texture and nutritional benefits. The company's commitment to sustainability and ethical sourcing resonates with environmentally-conscious consumers seeking plant-based alternatives to dairy. Oatly's innovative marketing strategies and strong brand identity have propelled its growth both domestically and internationally, making it a significant player in the global dairy alternatives industry.

Sanitarium (New Zealand):

Sanitarium is a well-established player in the dairy alternatives market, offering a diverse range of plant-based products, particularly in New Zealand and Australia. The company is known for its emphasis on health and nutrition, producing dairy-free alternatives such as soy milk, almond milk, and plant-based yogurt. Sanitarium's commitment to quality and innovation aligns with consumer preferences for clean-label, nutrient-rich alternatives to traditional dairy products. Leveraging its reputation as a trusted health brand, Sanitarium continues to expand its product portfolio and capture market share in the competitive dairy alternatives segment.

Related Report:

Dairy Alternatives Market by Source (Soy, Almond, Coconut, Oats, Hemp), Application (Milk, Yogurt, Ice Creams, Cheese, Creamers), Distribution Channel (Retail, Online Stores, Foodservice), Formulation and Region - Global Forecast to 2028