The global dairy alternatives market size is estimated to be valued at USD 27.3 billion in 2022 and is projected to reach USD 44.8 billion by 2027, recording a CAGR of 10.4% during the forecast period in terms of value. The demand for dairy alternatives is increasing due to increasing demand for plant-based beverages across the world.
Key players in this market include Danone North America Public Benefit Corporation (US), The Hain Celestial Group, Inc. (US), Blue Diamond Growers (US), SunOpta (Canada), Sanitarium (New Zealand), Freedom Foods Group Limited (Australia), Eden Foods, Inc. (US).
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The key players are fixated upon improving their market shares, while their newer start-ups are being established rapidly in the market. The dairy alternatives market can be classified as a competitive market as it has the presence of a large number of organized players, accounting for a major part of the market share, present at the global level, as well as unorganized players present at the local level in several countries. There are numerous existing and emerging companies, particularly in the Asian markets.
Danone North America public benefit corporation manufactures and distributes fresh dairy products, baby nutrition, medical nutrition, and beverages. Plant-based foods and beverages, as well as premium dairy, are the companys three business segments. Its plant based foods and beverages business segment offers dairy alternatives like soymilk, almond milk, and coconut milk under the silk, Alpro, and So Delicious brands.
The hain celestial group, Inc, is involved in manufacturing, distribution, marketing and sales of natural and organic personal care products under different brand names. The business offers products in the following categories: groceries, snacks, personal care, and tea. It has a diverse range of dairy-free products offered through its line of grocery products. It offers dairy-free products under the Dream and MaraNatha brands.
Dairy alternatives Market by Source (Soy, Almond, Coconut, Oats, Rice, Hemp), Application (Milk, Yogurt, Ice creams, Cheese, Creamers), Distribution Channel (Supermarkets, Health Food Stores, Pharmacies), Formulation and Region - Forecast to 2027
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