Dairy Alternatives Market Key Players, Competitive Landscape, Growth, Statistics, Revenue and Industry Analysis
Rising Trend of Veganism to Drive Dairy Alternatives Market
According to our latest market study on “Dairy Alternatives Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Source (Soy, Almond, Coconut, Oats, and Others), Product Type (Milk, Ice Cream, Yogurt, Cheese, and Others), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others),’’ the market is projected to reach US$ 51,656.58 million by 2028 from US$ 28,181.76 million in 2022; it is expected to grow at a CAGR of 10.6% from 2022 to 2028.
Dairy alternatives are non-dairy, dairy-free, or plant-based dairy products, such as milk, ice cream, yogurt, cheese, butter, and cream. Dairy alternatives are manufactured using plant-based milk, such as soy milk, almond milk, coconut milk, and pea milk. Dairy alternatives are lactose-free and can be consumed by the lactose intolerant population. Moreover, dairy alternatives' calorie and fat content are less than conventional dairy milk, which makes them popular among calorie-conscious people and fitness enthusiasts. The rising health-consciousness among consumers and the increasing popularity of plant-based diets are the key factors driving the growth of the dairy alternatives market.
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Over the past few years, the veganism trend has been evolving at a faster pace. According to Veganuary (a non-profit organization that encourages individuals worldwide to go vegan for the whole month of January), in 2022, more than 620,000 people registered for the Veganuary campaign, and the registrations increased by 200% in the last three years. People are increasingly switching to a vegan diet owing to increasing health and sustainability concerns. The rising health consciousness among people due to the increasing prevalence of obesity, diabetes, and other diseases is compelling people to change their dietary habits. People generally perceive plant-based products to be healthier than conventional ones. This factor is significantly boosting the growth of the dairy alternatives market.
The key players operating in the global dairy alternatives market include SunOpta; Blue Diamond Growers; Nestle SA; Danone S.A.; Oatly Inc.; Califia Farms, LLC; Valsoia S.p.A.; Lactasoy co.th.; Sanitarium; and Valio Ltd. These companies are making significant investments in R&D to develop innovative products such as gluten-free, organic, clean-label, genetically modified organisms-free (GMO-free), allergen-free, and high-protein products, to expand dairy alternatives market size.
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