Report Overview:

The global dairy alternatives market size was valued at USD 32.38 billion in 2024. The market is projected to grow from USD 36.76 billion in 2025 to USD 91.15 billion by 2032, exhibiting a CAGR of 13.85% during the forecast period.

Plant-based food substitutes have increased demand for non-dairy products or dairy alternatives. Such alternative products are made from essential legumes, nuts, or cereals. As per the report, the market is projected to grow during the projected period due to increasing veganism and the rising inclination of consumers toward plant-based foods. Fortune Business Insights™ publishes this information in a report titled, "Dairy Alternatives Market, 2025-2032".

List of Key Players Profiled in the Market:

• Danone S.A. (France)
• Archer-Daniels-Midland Company (U.S.)
• Blue Diamond Growers (U.S.)
• SunOpta, Inc. (Canada)
• Vitasoy International Holdings Ltd (Hong Kong)
• Daiya Food, Inc. (Canada)
• Goya Foods, Inc. (U.S.)
• Living Harvest Foods, Inc. (India)
• Organic Valley (U.S.)
• Eden Foods, Inc. (U.S.)

Segments:

Soy Segment to Lead the Market Due to High Availability

By source, the market is categorized into soy, almond, coconut, rice, oats, and others. The soy segment is anticipated to hold a dominating market position during the forecast period owing to increasing availability and rising demand for soy milk. 

Non-dairy Milk Segment to Dominate Owing to Increasing Demand

Based on product type, the market is segregated into non-dairy milk, butter, cheeses, yogurts, ice cream, and others. The non-dairy milk segment is anticipated to lead the market share due to increasing demand from the vegan population.

Supermarket/Hypermarkets to Hold Highest Share Due to Their Affordability

On the basis of distribution channel, the market is divided into supermarkets/hypermarkets, convenience stores, online retail, and others. The supermarkets/hypermarkets segment is expected to dominate the market owing to its accessibility, affordability, and proximity.

Geographically, the market share is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Source: https://www.fortunebusinessinsights.com/industry-reports/dairy-alternatives-market-100221

Report Coverage:

The report sheds light on qualitative and quantitative analysis of recent trends and current market conditions. Also, the developments and advancements in the industry are highlighted further in this report along with the drivers and restraints affecting the market growth during the forecast period. The impact of COVID-19 pandemic on market growth and expansion is given further in the report. Regional insights on segmented market areas are given with a list of leading market players in the industry.

Drivers & Restraints:

Increasing Veganism and Inclination Towards Plant-Based Foods to Bolster Market Growth

Plant-based food products and veganism is expected to offer market with opportunities for growth. Recent surge in demand for dairy alternatives and robust popularity of plant-based ingredients along with rising adoption rates for meat and dairy substitutes is anticipated to drive market development. Furthermore, water and carbon footprint of milk and dairy commodities is significantly higher than that of horticultural products.

However, low consumer awareness and sub-optimal market penetration may hamper market growth.

Regional Insights:

Asia Pacific Dominates Global Market Share Due to Rising Cases of Lactose Intolerance

Asia Pacific held a dominating part in the global dairy alternatives market share owing to rising cases of cow milk allergy and lactose intolerance among the population. Calorie concerns and higher prevalence of hypercholesterolemia and obesity are the major reasons for regional market growth.

North America is anticipated to hold the second-leading position due to the increasing demand for plant-based food products and surging veganism. Also, consumers intend to adopt a highly nutritional diet and develop their immunity.

Growth in South America is influenced by the rising shifts toward reduction in the consumption of animal-based products due to improving health, animal, and environmental welfare concerns.

Competitive Landscape:

New Product Launch Allow Companies to Improve their Business Performance

The leading companies focus on introducing products to attract customers and enhance their product portfolio. Rising adoption of the latest technologies and integration of emerging consumer demand allow companies to build their business performance. Key market players have also been trying to create more products. For instance, Danone S.A. acquired several leading plant-based brands recently to strengthen its vegan products portfolio. Products includes Silk, Vega, and Alpro.

Key Industry Development:

• February 2024 – Califia Farms, an American plant-based milk company, launched a creamy plant-based milk made from a blend of pea, chickpea, and fava bean protein that consists of nine essential nutrients and essential amino acids.
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