Dairy Alternatives Market Expected to Reach $44.8 Billion by 2027, Fueled by Growing Health Awareness

Dairy Alternatives Market by Source (Soy, Almond, Coconut, Oats, Rice, Hemp), Application (Milk, Yogurt, Ice creams, Cheese, Creamers), Distribution Channel (Supermarkets, Health Food Stores, Pharmacies), Formulation and Region - Forecast to 2028


Northbrook, IL 60062 -- (SBWIRE) -- 08/30/2023 -- The global dairy alternatives market is poised for substantial growth, with an estimated value of USD 27.3 billion in 2022, projected to escalate to USD 44.8 billion by 2027, reflecting a commendable CAGR of 10.4%. This surge is underpinned by an increasing understanding of the health benefits offered by dairy alternatives. The market analysis, titled "Dairy Alternatives Market by Source, Application, Distribution Channel, Formulation, and Region - Forecast to 2027," delves into the profound insights.

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Diverse Sources Driving Growth: The almond segment is expected to witness the highest compound annual growth rate (CAGR) in the dairy alternatives market. Almond-based products are experiencing substantial demand due to their multifaceted benefits. Factors such as rich nutritional content, ready availability of raw materials, and surging popularity drive the growth of the almond-based dairy alternatives market.

Flavored Delights Taking the Lead: In terms of formulation, the flavored segment is poised to achieve the highest CAGR. The market is replete with various flavored plant-based products, notably vanilla and chocolate, followed by enticing options like peach, strawberry, blueberry, and mango. Market players are innovating with fruit-infused flavors to broaden their consumer base and enhance market share. For instance, The Hain Celestial's Dream frozen yogurt exemplifies the trend of flavored and sweetened dairy alternative products, often incorporating coconut or blended plant-based alternatives to achieve creamier textures.

Yogurt Segment Flourishing: Among applications, the yogurt segment is set to experience the highest CAGR. Noteworthy brands offering yogurt alternatives include Dream and Joya by The Hain Celestial Group Inc. (US), and Silk and So Delicious by Danone North America Public Benefit Corporation (US), offering consumers an array of options varying in flavor and formulation.

Online Stores Paving the Way: Online stores are anticipated to achieve the highest CAGR among distribution channels. Numerous key players are increasingly embracing online platforms to offer their products, streamlining the ordering and delivery process for consumers. Online retailers present a diverse array of dairy-free products at discounted rates compared to traditional retail, enhancing customer attraction.

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European Market's Conscious Consumption: Europe stands as the second-largest region in the dairy alternatives market during the forecast period. Health-conscious consumers in Europe prioritize animal welfare, environmental sustainability, and scrutinize product ingredients before purchasing. The rising demand for lactose-free and low-fat foods drives the inclusion of plant-based dairy alternatives in the portfolios of major industry players.

Leading Players and Strategies: The report encompasses an analysis of marketing strategies, product portfolios, and development approaches of key companies. It highlights the profiles of industry leaders, including Danone North America Public Benefit Corporation (US), The Hain Celestial Group, Inc. (US), Freedom Foods Group Limited (Australia), Sanitarium (New Zealand), Blue Diamond Growers (US), and SunOpta (Canada). These companies actively engage in diversification and acquisitions to cater to the shifting preferences towards plant-based dairy alternatives.

Overall, the report illuminates the robust growth trajectory of the dairy alternatives market, driven by evolving consumer preferences and a heightened focus on health and sustainability.

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