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The dairy alternatives market is estimated at USD 27.0 billion in 2023 and is projected to reach USD 43.6 billion by 2028, at a CAGR of 10.1% from 2023 to 2028.

Plant-based beverages have emerged as the favored substitutes for dairy products, experiencing a surge in popularity as people increasingly opt for dairy-free diets. This shift is primarily driven by the rising occurrences of lactose intolerance, milk allergies, and a growing preference for vegan and health-conscious lifestyles. Notably, plain and unsweetened versions of these dairy alternatives are particularly prevalent among consumers seeking low-calorie and low-fat options.

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Elevated health concerns and evolving consumer perceptions have ignited a greater demand for dairy alternatives. Boosting sales in this market can be achieved through strategic marketing approaches like diversification and segmentation. The goal is to generate heightened interest among health-conscious individuals, vegetarians, flexitarians, and vegans. The key lies in positioning the product effectively within the right sales channels.

Effective utilization of promotional strategies has significantly expanded growth opportunities within this sector. Almond milk producers, for instance, have achieved remarkable popularity and growth by positioning their brands adeptly in the realm of dairy alternatives. The dairy alternatives market continues to flourish thanks to increasing health awareness and lifestyle modifications. Furthermore, ongoing efforts by plant-based beverage manufacturers to introduce innovative flavors, extend shelf life, and enhance nutritional profiles are expected to drive market growth in the years ahead. Nevertheless, challenges such as high production costs and raw material shortages remain as constraints in this market.

Danone North America Public Benefit Corporation (US)

Danone North America Public Benefit Corporation is involved in manufacturing and marketing fresh dairy products, baby nutrition, medical nutrition, and beverages. The company operates through three business segments, namely, plant-based food & beverages, coffee creamers & beverages, and premium dairy. It offers dairy alternative products such as soymilk, almond milk, and coconut milk under the Silk, Alpro, and So Delicious brands under its plant-based food & beverages business segment. The company sells its products under the brands—Horizon, Silk, So Delicious, Alpro, Earthbound Farm, Vega, Wallaby Organic, and International Delight. It has a presence in North America, Latin America, Africa & the Middle East, Western & Central Europe, and Asia Pacific. It operates through its subsidiaries, such as Danone Dnipro (Ukraine), Danone India (India), Danone China (China), Danone SpA. (Italy), and Danone Hayat (Turkey).

The Hain Celestial Group, Inc. (US)

The Hain Celestial Group, Inc. is involved in the manufacture, distribution, marketing, and sales of natural & organic food and personal care products under different brand names. The company offers products under the categories: turbocharge brands, targeted investment brands, fuel brands, and simplify brands.

The Turbocharge brands are made up of snacks as well as plant-based meat and non-dairy beverages. The Targeted Investment brands are made up of tea, baby, yogurt, and personal care products. Fuel brands are made up of premium pantry brands with scale in categories such as soup, cooking oils, and nut butter. Fuel and Simplify brands include Spectrum culinary oils, vinegars & condiments, Spectrum Essentials nutritional oils & supplements, MaraNatha nut butter, Imagine broths, soups & gravies, Hain Pure Foods condiments, Health Valley cereal bars & soups, and Hollywood oils. It has a broad portfolio of dairy-free products offered through its line of grocery products. It offers dairy alternative products under the brands Joya, Lima, Natumi, and MaraNatha.

Blue Diamond Growers (US)

Blue Diamond Growers is an almond processing and marketing company. This agricultural cooperative and marketing organization specializes in providing almonds and almond products, including roasted almonds under the Blue Diamond brand and almond milk under the Almond Breeze brand. The company’s Member Relations Department focuses on helping the agricultural community and improving its crop production, providing technical advice, or consulting on variety selection to ensure crop quality.

The product portfolio of Blue Diamond Growers varies across the whole natural, roasted salted, honey roasted, lightly salted, sea salt, and snack almonds, which include oven-roasted almonds, flavored fruit almonds, bold-flavored almonds, coffee-flavored almonds, and cooking & baking almonds. The company also provides nut thins (a cracker food), almond breeze (a milk beverage), multi-seed, flaxseed, sesame seed, chia seed, and asiago cheese almonds.

SunOpta (Canada)

SunOpta is a leading manufacturer of healthy foods & beverage products involved in sourcing, processing, and packaging natural, organic, and specialty food products. Its portfolio includes raw materials, value-added ingredients, fiber- & fruit-based products, and consumer packaged products such as aseptic & packaged beverages, healthy snacks, and roasted sunflower kernel products. Its key brands include Sunrich Naturals, Nature’s Finest, and Pure Nature. Dairy alternatives are offered under its Sunrich Naturals brand.

The company operates through two business segments—global ingredients and consumer products. The global ingredients segment is engaged in the sourcing and selling of organic commodities, raw material ingredients, organic grains & seeds, and value-added grain- and cocoa-based ingredients, while the consumer products segment includes the company’s healthy snacks, healthy beverages, and healthy fruit products. It offers dairy alternatives under the healthy beverages category through its consumer products business segment.

The company operates through 20 production and packaging facilities and offers its products in nearly 65 countries across North America, Europe, Africa, and China.

Freedom Foods Group Limited (Australia)

Freedom Foods Group Limited is a manufacturer of plant-based beverages, dairy beverages, specialty cereals, and snack products. The company operates through five segments—dairy & nutritional ingredients, plant-based beverages, cereals & snacks, specialty seafood, and consumer nutrition.

The company manufactures, distributes, and markets allergen-free cereals, nutritional snacks, dairy alternative products, and other food products that fulfill the specialized needs of the food industry. The company’s brands and products are positioned in the “free from” market segments comprising food & beverage products manufactured to be free from key allergens such as gluten, wheat, nuts, and dairy while also maintaining a superior nutritional profile. Its range of brands includes Freedom Foods, Arnold’s Farm, So Natural, Australia’s Own, Paramount, and Brunswick. It offers dairy alternative products under its brand Australia’s Own.

The company has a presence in Australia, China, North America, and Southeast Asia. The company operates throughout Australia and New Zealand.

Related Reports:

Dairy Alternatives Market by Source (Soy, Almond, Coconut, Oats, Hemp), Application (Milk, Yogurt, Ice Creams, Cheese, Creamers), Distribution Channel (Retail, Online Stores, Foodservice), Formulation and Region - Global Forecast to 2028

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