July 18, 2024

Dairy Alternative Market Is Estimated To Witness High Growth Owing To Rising Health Consciousness And Increasing Lactose Intolerance

The Dairy Alternative Market is estimated to be valued at US$ 26.01 billion in 2022 and is expected to exhibit a CAGR of 12.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The Dairy Alternative Market offers a wide range of plant-based products that serve as alternatives to conventional dairy products. These products are derived from various sources such as soy, almond, rice, coconut, and others. The market caters to individuals who are lactose intolerant, have dairy allergies, or follow a vegan or vegetarian diet. The popularity of plant-based diets and the rising health consciousness among consumers are driving the demand for dairy alternatives. These products are rich in nutrients, low in fat, and provide various health benefits, including improved digestion, reduced cholesterol levels, and better weight management.

Market Dynamics:

The growth of the Dairy Alternative Market can be attributed to two key drivers. Firstly, the increasing prevalence of lactose intolerance among individuals is compelling them to switch to dairy alternatives. Lactose intolerance is common among adults and contributes to digestive discomfort and other health issues upon consuming dairy products. Secondly, the rising health consciousness among consumers is fueling the demand for dairy alternatives. These products are perceived as healthier options due to their low fat and cholesterol content. Additionally, the demand is further driven by the expanding vegan and vegetarian population, who seek plant-based alternatives to meet their dietary preferences. Overall, these drivers are expected to propel the growth of the Dairy Alternative Market over the forecast period.

SWOT Analysis:

  • Strength:
    • Growing consumer preference for plant-based products drives the demand for dairy alternatives.
    • Strong distribution networks of key players help in expanding the market reach.
    • Increasing availability of a wide variety of dairy alternative products provides consumers with more choices.
  • Weakness:
    • Higher prices of dairy alternatives compared to traditional dairy products may limit market penetration.
    • Lack of awareness and misconceptions about the nutritional value of dairy alternatives among consumers.
  • Opportunity:
    • Rising health consciousness among consumers promotes the adoption of dairy alternatives as a healthier option.
    • Growing lactose intolerance and milk allergies drive the demand for dairy alternative products.
  • Threats:
    • Intense competition from established dairy product manufacturers who are increasingly entering the dairy alternatives market.
    • Fluctuating prices of raw materials used in the production of dairy alternatives may affect profitability.

Key Takeaways:

The Global Dairy Alternative Market Size is expected to witness high growth, exhibiting a CAGR of 12.6% over the forecast period (2023-2030), due to increasing consumer preference for plant-based products and rising health consciousness. Europe is expected to be the fastest-growing and dominating region in the market, driven by the presence of key players, strong distribution networks, and a high prevalence of lactose intolerance among the population. Key players operating in the dairy alternative market include The Whitewave Foods Company, SunOpta, Hain Celestial, Pascual Group, Elden’s Fresh Foods & Media Solutions Corp., Healthy Brands Collective, Earth’s Own Food Company Inc., Blue Diamond Growers, Freedom Foods Group, Oatly AB, Stremick’s Heritage Foods, and Vitasoy Holdings Limited. These key players contribute to the market growth through their innovative product offerings, extensive distribution networks, and strategic partnerships.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it