PUNE, India, July 25, 2024 /PRNewswire/ -- According to Maximize Market Research "Dairy Alternatives Market" report by Source (Soy, Almond, Coconut, Rice, Oats, Others), and Distribution Channel (Supermarket & Hypermarkets, Convenience Stores, Online retail, others) is expected to reach 61.49 Billion by 2030 from 26.76 Billion in 2023 at a CAGR of 12.62%. Veganism has risen as a lifestyle choice that avoids eating animal-derived products, including dairy. The growing global awareness of animal cruelty has increased demand for dairy alternatives at a rapid pace. Customers consider a vegan diet for a healthy choice, preferring dairy substitutes as an alternative.

Global Dairy Alternatives Market 2023-2030: Key Highlights:

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Key Findings of the report

1. Milk alternative sales rose by 14.5% showing significant growth compared to cow milk sales which decreased by 1.2% in 2023.
2. Oat milk sales volume increased by 117.9% indicating that consumers are interested in buying new, alternative forms of milk beyond cow and nut-based milk.
3. APAC is a leading region in the global dairy alternatives market. India, China, Japan, and South Korea collectively held the maximum market share of more than 70%, exhibiting significant consumption of dairy alternatives in recent years, compared to other Asian countries.
4. U.S. American households spent an average of 6.3% more on milk alternatives, showing consumers have made the switch to non-dairy lifestyles.

The Oats and Almond Segment sales to grow in volume during the forecast period

The dairy alternatives market is positioned for growth in volume in the oats and almond segment during the forecast period. In 2022, Almond milk held a significant market share with 41% of plant-based milk consumers opting for it in the U.S. Oat milk has experienced growth with a 50% increase in sales over the last year due to popular brands like Oatly and Califia Farms. The creamy texture and environmental advantages of oat milk, such as its lower water usage compared to almond milk have contributed to its rising popularity. Additionally, almond milk's nutritional benefits including its high vitamin E content and low calorie count are attractive to health-conscious individuals. Companies like Blue Diamond and Alpro are widening their almond-based product offerings to meet the growing demand. In Europe, oat milk is the preferred choice for 36% of plant-based beverage consumers, indicating its global appeal. The segment's growth is further supported by advancements in processing technologies, which improve taste and texture to compete with traditional dairy products.

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US in North America to dominate the Dairy Alternative Market during the forecast period

The United States in the North American Dairy Alternative Market has been dominant in 2023. As lactose intolerance affects over 65% of the global population, the US market has responded by introducing a variety of alternatives, including oats, almonds, soy, and coconut milk. Concerning their perception of the health benefits, 45% of US consumers choose plant-based alternatives as they prioritize their health. The market includes leading brands like Silk, which holds a 17% share of the U.S. plant-based milk market, and Beyond Meat, which has recently entered into the dairy alternatives industry with Beyond Milk. Growth in the North American market is fueled by substantial investments in research and development. For instance, Danone North America has invested $60 million in plant-based beverage production. Additionally, educational campaigns for ethical and sustainable consumption have inspired 38% of millennials to choose dairy-free products. The regulatory framework established by the U.S. Food and Drug Administration has made it possible for new entrants to grow within the dairy alternative industry. Consumers in North America are shifting towards plant-based options because of the growing popularity of flexitarian diets and environmental concerns, which presents significant growth opportunities.

Competitive Landscape

The Dairy Alternatives Market companies include significant key players like Danone North America Public Benefit Corporation (US, Elmhurst Milked Direct LLC (US), The Hain Celestial Group, Inc. (US), Blue Diamond Growers (US), Vly (Germany), Valsoia S.p.A (Italy) among others.

• NewMoo is revolutionizing the cheese industry with its plant-based casein protein. By leveraging plant molecular farming, NewMoo offers a sustainable, cost-effective, and animal-free alternative to dairy milk. Their casein protein replicates the exact properties of dairy milk, enabling cheesemakers to produce authentic, dairy-like cheese without compromising taste, texture, or nutritional value. This breakthrough technology presents a promising solution for consumers seeking delicious, cruelty-free, and environmentally friendly cheese options.
• Bel Group and Climax Foods are partnering to revolutionize the plant-based cheese market. By combining Bel's expertise in dairy and non-dairy products with Climax's AI-driven technology, they aim to create indistinguishable plant-based alternatives to popular cheese brands like Laughing Cow, Kiri, Boursin, and Babybel. This collaboration focuses on delivering high-quality, sustainable, and nutritious plant-based options that meet the growing demand for alternative protein sources without compromising taste or texture.

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Milk Alternatives Market: The market size is expected to reach nearly US$ 59.59 Bn by 2030 with a CAGR of 10% during the forecast period.

Almond Milk Market: The market is worth USD 15.99 Billion in 2023 and is estimated to grow at a CAGR of 14.2% in the forecasted period. The forecast revenue hints at a growth of around 40.52 billion USD by 2030.

Milk Powder Market: The market size was valued at US$ 35.98 Bn. in 2023 and the total revenue is expected to grow at a CAGR of 4.4% from 2024 to 2030, reaching nearly US$ 48.64 Bn.

Flavoured Milk Market: The market reached a value of US$ 57.62 Bn. in 2023. The global market is expected to grow at a CAGR of 8.2% during the forecast period. The market is expected to reach a value of US$ 100.05 Bn. by 2030.

Milk Packaging Market: The market size was valued at USD 44.55 Bn in 2023 and is expected to reach USD 60.63 Bn by 2030, at a CAGR of 4.5 %.

Milk Protein Market: The market size was valued at USD 10.84 Bn in 2023 and the market is expected to reach USD 16.45 Bn by 2030 at a CAGR of 6.14 %.

Almond Butter Market: The market size was valued at USD 843.32 Mn in 2023 and the total Almond Butter Market revenue is expected to grow at a CAGR of 8.3 % from 2024 to 2030, reaching nearly USD 1473.64 Mn.

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