Dairy Alternatives Market is Expected to Be Valued at USD 35.06 Dairy Alternatives Market 2024

Dairy Alternatives Market is Expected to be Valued at USD 35.06
billion by 2024: Radiant Insights, Inc
Dairy alternatives market is expected to reach USD 35.06 billion by 2024, according to a new report.
Dairy alternatives market is expected to witness significant growth over the projected period owing to
rising consumer awareness towards health coupled with increasing number of lactose intolerance cases
across various parts of the world. Increasing penetration of plant-based milk such as almond milk, soy
milk and, coconut milk to replace cow milk is anticipated to propel demand.
Increasing consumer preference for lactose-free food products including cheese, desserts, and snacks are
anticipated to drive demand. Rising consumer focus on the nutritional values offered by the product such
as low calories and high proteins and vitamins is likely to have a positive impact on the industry.
Furthermore, the shift of consumer base towards vegan diet owing to factors including animal rights and
environment protection are anticipated to drive demand for dairy alternatives over the forecast period.
However, high cost associated with these products as compared to dairy products is likely to hamper
industry growth.
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The global dairy alternatives market has numerous players, however, is dominated by a few including
Danone, Vitasoy International, Sunopta, Earth's Own Food, and Blue Diamond Growers. These
companies are engaged in developing and launching innovative and new products to consolidate their
presence in the industry. However, growing consumer demand and rising consumer preference for highquality products with low costs are anticipated to open new avenues for the new players over the next
eight years. The industry players are likely to establish and expand their business in the Asian Market in
order to tap the increasing consumer demand associated with the changing lifestyle, growing population,
rising disposable income and increasing number of lactose intolerance cases in the countries such as
China, Australia, New Zealand, India, Japan, and Korea.
Further key findings from the report suggest:
Soy milk is the most common non-dairy item for consumption and anticipated to be the largest product
segment of the market in 2015 accounting over 40% of the total market. Soy milk contains isoflavones
compounds, which reduces the risk of breast cancer and heart diseases, which is likely to raise the
popularity of the product, especially among women and elderly consumers.
Plain unsweetened formulation of the dairy milk alternatives is anticipated to account for a major share in
the industry and is expected to grow at a CAGR of over 15% over the next eight years. Growing demand
for unsweetened soy and almond milk for manufacturing various food items such as yogurt, desserts and
cheese are anticipated to have a positive impact on the industry growth.