Rockville, Dec. 12, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Plant-based Dairy Market is projected to climb at a CAGR of 10.9% to land at a US$34.9 Bn by the end of 2033.
Plant-based dairy refers to dairy alternatives made entirely from plant-derived ingredients, such as almond, soy, or oat milk. It caters to individuals who are lactose intolerant, have dairy allergies, or follow a vegetarian or vegan lifestyle. Compared to traditional dairy, plant-based options are often considered more environmentally sustainable, as they require fewer resources and have a lower carbon footprint.
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Key Segments of Plant-based Dairy Industry Research Report
| By Plant-based Milk | By Nature | By End Use | By Sales Channel |
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Choosing plant-based dairy aligns with ethical considerations for animal welfare and offers a cholesterol-free option for better heart health. These alternatives also come in diverse nutritional profiles, allowing consumers to select options that suit their dietary preferences.
The rise of the plant-based dairy market is primarily driven by increasing consumer awareness and demand for healthier and sustainable food options. Concerns about environmental impact, animal welfare, and health considerations have led to a rising preference for plant-based alternatives.
Transitioning from traditional to plant-based dairy in the market faces challenges due to differences in taste and texture. Consumers struggle with the unique flavors of plant-based options and varying consistencies, impacting the shift. Additionally, sourcing and securing a consistent and reliable supply of key plant-based ingredients can be a struggle.
Key Takeaways:
- Almond milk is poised for a substantial CAGR of 14% in the coming decade. This notable expansion can be credited to its increasing applications in desserts, as well as its growing presence in the cosmetic and personal care product sectors.
- Currently, the United States holds the dominant position as the largest market in North America and is anticipated to experience a profound CAGR of 10% from 2023 to 2033. Factors such as an expanding vegan demographic, heightened health consciousness, and a growing demand for organic and plant-based food products are influencing the market's growth.
- The plant-based cheese sector is projected to witness a 15% CAGR throughout the forecast period (2023 to 2033). During this timeframe, brands in the plant-based cheese industry are concentrating on introducing new products to broaden their business reach.
Increasing consumer demand for sustainable and healthy food options, advancements in food technology enhancing the taste and texture of plant-based products, and growing awareness with concerns about environmental impact and animal welfare are driving the market’s expansion - Says Fact.MR Expert
Market Competition
In this highly competitive market, the main players are securing funds and ramping up investments in research and development of innovative technologies to optimize their growth prospects. Prominent market participants include Arla Foods, Daiya Foods Inc., Danone S.A., General Mills, Saputo, Chobani, Earth's Own Food Company Inc., and Unilever.
- In December 2022, NotCo, a food technology firm, disclosed a successful Series D1 funding round, securing a total of $70 Mn. The raised funds are anticipated to facilitate innovation collaboration with other consumer packaged goods (CPG) brands, leveraging NotCo's patented AI technology named Giuseppe. This initiative aims to expedite advancements in the plant-based product industry.
Winning strategies
- Major players in the industry are teaming up with key ingredient suppliers. By forming these strategic partnerships, companies ensure a steady and high-quality supply chain for their plant-based products.
- Companies are making their products healthier by adding essential vitamins, minerals, and nutritional elements which is a successful strategy in the industry. This is done to improve the overall nutritional value of plant-based alternatives, making them more appealing to health-conscious consumers.
- Recognizing the importance of taste in consumer adoption, leading brands are investing in taste-testing events and sampling initiatives to allow consumers to experience the quality and flavor of their plant-based offerings firsthand.
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| Report Attribute | Details |
| Value Projection (2033) | USD 34.9 Billion |
| Growth Rate (2023-2033) | 10.9% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 168 Tables |
| No. of Figures | 245 Figures |
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Dairy Whiteners Market: the global dairy whiteners market stands at US$ 11.30 billion in 2023 and is projected to grow at a CAGR of 6.1% and reach US$ 20.43 billion by the end of 2033.
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