According to a new report by Fortune Business Insights, the global market for dairy alternatives is valued at an eye-opening $22.25 billion.
Even more eye-opening is the report’s prediction that this number will almost triple by 2029, growing to $61.43 billion. This would be a compound annual growth rate of 13.58% between 2022 and 2029.
“The market is anticipated to grow significantly over the forecast period due to rising concerns for processed dairy products and increasing lactose intolerant population”, states the report. “Furthermore, product innovation strategies implemented by the leading market players are expected to fuel the market growth. Also, the rising consumption of vegan food and increasing veganism are expected to bolster the market during the forecast period.”
According to the report, the list of key players in the market include:
- 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.)
The top sources of dairy alternatives include:
- Soy
- Almond
- Coconut
- Rice
- Oats
- Others
The most popular types of dairy alternatives include:
- Non-Dairy Milk
- Butter
- Cheeses
- Yogurts
- Ice Cream
According to the report, “Asia Pacific held a dominating global dairy alternatives market share in 2021 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.”
