Fort Collins, Colorado, Oct. 16, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the dairy alternative market size was valued at USD 24.9 Billion in 2022 and is expected to arrive at a market size of USD 89.7 Billion by 2032 with a CAGR of 13.8%.
Dairy alternatives are gaining popularity due to the increasing cases of lactose malabsorption and milk allergy. These substitutes do not contain lactose, casein, or other milk contents. Plant-based options like soy, nut, and hemp milk are becoming popular among vegans. Switching to plant-based dairy alternatives is crucial for environmental sustainability as it reduces carbon footprints and helps preserve the environment.
The increasing focus on good health has contributed to the growth of the market for dairy alternatives. These products offer numerous health benefits, including low fat and calories and lack of hormones. Plant-based alternatives like soy and hemp milk are nutritionally balanced and provide similar benefits to dairy milk. In fact, according to the American Society of Nutrition, a cup of plant-based milk contains less fat and sugar than dairy milk.
The market growth is being boosted by the increasing prevalence of lactose intolerance and milk allergies among the population. At least 36% of the U.S. is lactose intolerant, according to The National Institute of Diabetes & Digestive & Kidney Diseases. This condition causes digestive symptoms such as diarrhea and bloating. Patients with Crohn's disease can also suffer from lactose intolerance, and consuming lactose-containing foods like milk, cheese, or butter can lead to disease flare-ups. Crohn's & Colitis Foundation reports that one in 100 people in the U.S. have Crohn's disease.
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Segmentation Overview:
The global dairy alternative market has been segmented into source, application, distribution channel, and region. The plant-based milk market is segmented into soy, almond, coconut, rice, oats, hemp, and others. Soy milk holds the largest market share in 2022, with 8g of protein per 244 gm. This is comparable to cow's milk and useful for consumers allergic to dairy milk or lactose intolerant.
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Dairy Alternative Market Report Highlights:
- The global dairy alternative market growth is anticipated at a CAGR of 13.8% by 2032.
- The market is seeing high demand due to changes in consumer eating habits and the rise of milk allergies and lactose intolerances.
- Supermarkets & hypermarkets are the primary distribution channels, with Asia Pacific holding the largest market share due to increased lactose intolerance and milk protein allergy cases.
- Some prominent players in the dairy alternative market report include include ADM, The Whitewave Foods Company, Danone S.A, The Hain Celestial Group, Inc., Daiya Foods Inc., DSM, Eden Foods, Inc., Nutriops, S.L., Blue Diamond Growers, Earth’s Own Food Company, SunOpta Inc., and Freedom Foods Group Ltd.
Industry Trends and Insights:
- Danone Institute North America has announced the winners of its "One Planet. One Health" grant program, with each team receiving $30,000 USD to create community-based projects in five different locations.
- Blue Diamond, the largest almond processor and marketer globally, implemented SAP's Transportation Management and SAP Business Network for Logistics solutions to improve their supply chain and SAP Integrated Business Planning. This resulted in significant benefits for the company.
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Dairy Alternative Market Segmentation:
- By Source: Soy, Almond, Coconut, Rice, Oats, Hemp and Others
- By Application: Milk, Yogurt, Ice-cream, Cheese, Creamers and Others
- By Distribution Channel: Supermarkets & Hypermarkets, Convenience Stores, Online Retail and Others
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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