Dairy Alternatives Market 2028 - Future Opportunity and Growth Analysis Report

1. Dairy Alternatives Market - Demand Outlook, Competitive Analysis, Application Scope and Forecasts To 2028

2. Dairy Alternatives Market Size is expected to surpass USD 49 Billion by 2028. Increasing consumption of dairy alternatives due to their lactose free characteristics will drive the market demand. • According to market analysis, some major findings of the dairy alternatives market report include: • Increasing demand for lactose-free products from the food & beverage industry is driving the market growth. • High consumption of plant-based beverages owing to their low sugar and low calories content is boosting the market demand. • Rising demand for rice milk and oat milk for their high nutrient value will positively impact the growth of the market. • Soy-based dairy substitutes are expected to be the prominent product category of the market with a market size of over USD 10 billion in 2021 and a CAGR of more than 10% during the forecasted timeframe owing to its various health benefits. • Beverage application to capture a significant share of over 85% in 2021. Rising health care awareness and busy lifestyles will drive the market growth. • Increasing consumption of light-tasting unsweetened non-dairy food will positively influence the growth of the sector. • Growing numbers of mainstream stores in urban area will boost the dairy alternatives business.

3. The dairy alternatives market from beverage application constitutes a significant share of market size with more than USD 21 billion in 2021. Changing consumers’ preference for lactose-free plant-based products is expected to drive the demand for dairy alternatives during the forecasted timeframe. In the beverage industry, dairy alternatives are utilized to increase stability, viscosity, flavoring, and taste in drinks. The growing inclination towards adoption of plant-based product content in a beverage for milk allergy, lactose intolerance, and phenylketonuria amongst consumers will fuel product demand. • The dairy alternatives market from sweetened and unsweetened formulations will surpass over USD 45 billion by 2028. Unsweetened milk does not contain any added sugar or sweetening ingredient, typically comprising half the calorie contents found in cow milk. Rising intake of light-tasting unsweetened dairy-free products by diabetic consumers will positively influence the market demand. • Online stores will emerge as one of the fastest-growing types of dairy alternatives segment with a 10% CAGR up to 2028. It utilizes the web, mobile phones, and applications to conduct sales between manufacturers and end-users. Online stores are providing a wide variety of dairy-free food and beverage products by offering discounted rates compared to the traditional retail prices for attracting customers. Further, online services have also increased in developed as well as developing countries due to their cost-effectiveness and easy accessibility. The rising adoption of online sales channels has influenced the market positively.

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5. Regional Analysis • Europe is the third-largest market for dairy alternatives after the Asia Pacific and North America and will surpass USD 6 billion in revenue by 2028. Key benefits associated with the product such as lactose-free, sugar-free, cholesterol-free, and gluten-free, will provide a strong outlook for business expansion in the European region. Further, growing mainstream stores, specialty stores, and online stores showcasing non-dairy beverages under private labels coupled with increasing demand for plant-based derivatives are the major factors contributing to the growth of European manufacturers. • Competitive Analysis • The market share is moderately fragmented with the presence of multinational corporations and growing regional manufacturers such WhiteWave Foods, Blue Diamond Growers, SunOpta, Inc, So Delicious, Freedom Foods, ValsoiaSpA, Pacific Foods, New Barn, Califia Farms, and MALK Organics. Key players are anticipated to invest in new product launches, acquisitions, and expansion to gain a competitive advantage and enhancement of the consumer base. In November 2021, Blue Diamond Growers has expanded its product portfolio by the launch of new almond breeze products by the name almond breeze extra creamy almond milk.

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