Dairy Alternatives Market Will Hit Big Revenues In Future

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• Dairy Alternatives Market Exploring the Growth
  and Importance
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2

• What is the current size of the global dairy
  alternatives market?
• The dairy alternatives market 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.
• Which are the key players in the market?
• Danone North America Public Benefit Corporation
  (US)
• The Hain Celestial Group, Inc. (US)
• Blue Diamond Growers (US)
• 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)

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• Drivers Consumers are increasingly showing a
  preference for vegan food options
• The growth of the dairy alternatives market is
  primarily driven by the global shift towards
  vegetarian and flexitarian diets. These dietary
  preferences have gained significant popularity,
  influenced by various factors such as concerns
  about animal welfare, environmental issues, and
  personal health. Veganism has emerged as a
  lifestyle choice that abstains from consuming
  animal-derived products, including dairy. The
  increasing worldwide condemnation of animal
  cruelty has further boosted the demand for dairy
  substitutes. Many consumers view a vegan diet as
  a healthy choice and opt for dairy alternatives
  like soy milk, almond milk, rice milk, and other
  plant-based options instead of traditional dairy
  milk.
• Significant growth in the vegan population has
  been observed in major economies like the United
  States and the United Kingdom. Consumers in
  developed nations embrace plant-based milk as it
  offers energy, health benefits, aids in weight
  management, and enhances the taste of food.
  According to The Vegan Society, avoiding meat and
  dairy consumption plays a crucial role in
  reducing the environmental impact, particularly
  concerning carbon emissions. Currently, the
  livestock industry contributes an estimated 18
  to total greenhouse gas emissions across the five
  major sectors for greenhouse gas reporting.
  Within the agricultural sector, farmed animals
  are responsible for nearly 80 of all emissions.
  This environmental concern has prompted
  environmentally conscious consumers to shift
  towards dairy alternatives.

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• Key factors contributing to the growth of the
  dairy alternatives market include
• Increasing Health Awareness
• Growing awareness about health and wellness,
  coupled with concerns about lactose intolerance
  and allergies, has led consumers to seek
  alternatives to traditional dairy products.
• Rising Vegan and Plant-Based Trends
• The increasing adoption of vegan and plant-based
  diets has driven the demand for dairy
  alternatives made from plant sources such as
  almond, soy, rice, coconut, and oats.
• Environmental and Ethical Concerns
• Consumer awareness about the environmental impact
  of conventional dairy farming, including issues
  related to land use, water consumption, and
  greenhouse gas emissions, has led to a shift
  toward more sustainable and ethical choices.

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Europe is estimated to grow at the fastest CAGR
in the dairy alternatives market.

• The European Union is one of the biggest dairy
  exporters in the world. Thus, conventional dairy
  has a huge share in the European market as
  compared to dairy alternatives. However, despite
  the dominance of the dairy sector in the region,
  a surge in the growth of the dairy and
  plant-based alternatives sector has been observed
  in recent years. Many retailers and supermarket
  giants are adding soy drinks and rice drinks to
  their product shelves as they are witnessing an
  increase in sales of dairy alternatives.
• The prevalence of dairy intolerance and allergies
  has spurred the exploration of dairy-free
  alternatives. Such alternatives serve as a remedy
  for those grappling with digestive discomfort or
  adverse reactions following the consumption of
  traditional dairy items. Plant-based milk
  substitutes, such as almond milk and coconut
  milk, have garnered popularity for providing a
  nourishing and easily digestible alternative for
  individuals with sensitivities. Dairy
  alternatives are increasingly being developed to
  offer not simply basic nutrition but also
  functional benefits. These products are often
  enriched with essential nutrients, including
  vitamins, minerals, and antioxidants, to support
  overall well-being. Consumers are drawn to dairy
  alternatives that offer specific functional
  advantages, such as plant-based milk fortified
  with added calcium to promote bone health or
  omega-3 fatty acids to bolster heart health.
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