According to a new report by Univdatos Market Insights, the Dairy Alternatives Market is expected to reach USD 66 Billion in 2032 by growing at a CAGR of ~10%. The market for non-animal dairy products has expanded steadily over the years because people feel more conscious of their health, the environment, and animals. Almond milk, soy milk, oat milk, and coconut milk are the major brands that are popular in the market -especially targeted to vegans and those with lactose intolerance. Market development can also be expected to persist in the future due to the concern of consumers for involving healthier and more sustainable products for consumption which is likely to affect the diversification of products as well as the competition between the powerful players and newcomers into the market.

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Here's a detailed look at the dairy alternative market:

Ø Healthy Trend: Increased consumer consumption of dairy products, which is believed to be healthier through their lower quantities of the saturated fat, are cholesterol-free, and often fortified with vitamins and minerals.

Ø Environmental Issues: Increased awareness regarding the negative environmental effects of obtaining milk from traditional sources and education among consumers to opt for products that bear fewer carbon footprints is rising globally.

Ø Retail and Food Service: Increase market coverage opportunities in supermarkets and health food markets and improve involvement in the commercialization of restaurants and food services.

Ø Health Awareness: Consumers have health issues such as lactose intolerance and allergies and believe in the health benefits of taking plant products.

Ø Concerns About Animal Welfare: Perceived ethical issues regarding the humane treatment of animals and their well-being have boosted the demand for non-dairy products in the market.

Ø Product Innovation and Diversity: Business firms spend money in research to formulate non-animal dairy product duplicates of the actual stuff for more consumer acceptability for variety.

Ø Regulatory and Labeling Trends: Concerning regulation and labeling, there is a continuous progression in the regulatory environment and labeling of such products to encourage clarity and understanding of the foods the products replace and their nutritional value.

The report suggests that the Rising Vegan Population is a significant factor driving the growth of the dairy alternatives market in the coming years. For instance, according to a survey by Finder in January 2024, there are an estimated 2.5 million vegans in the UK, making up 4.7% of the adult population. The number of vegans in the UK has risen by an estimated 1.1 million between 2023 and 2024. With the current rise in veganism globally, the use of milk substitutes has been on the rise because of the move to a vegan diet. This rise can be attributed to awareness of animal rights, health, and climate change. Ethical reasons can also be observed when consumers change their diets to embrace veganism as a form of combating animal cruelty. Veganism aims at minimal or completely refraining from consuming animal dairy products. People also select vegan diets as a lifestyle to mitigate the adverse impacts on the environment. Sources such as animal husbandry for milk production escalate greenhouse emissions, water consumption, and deforestation. In their fight against deforestation, vegans are particular about the dairy products they consume. The market for such products will also increase due to the increasing trend towards consuming plant products in their daily food consumption.

Almond Segment Gaining Maximum Traction in the Market

The increased popularity of almond milk in the luxury market is a shift in customer’s changing attitudes toward veganism. The segment’s growth is boosted by the rising population of lactose-intolerant people and growing product innovations in the market. For instance, in December 2023, Blue Diamond, the world’s leading producer and marketer of almonds, announced a new addition to its selection of Almond Breeze products with the launch of Almond Breeze Original Almond & Oat Blend. This has led to luxury resale platforms adopting this approach by expanding their inventory and producing plant-based dairy alternatives. Almond milk is nutritious, pleasant, low-calorie, and creamy, just like regular milk. It helps strengthen bones and lower the risk of cardiovascular disorders as it is unsweetened milk and does not raise blood sugar. Almond milk is also high in vitamin D, which reduces the risk of brittle bones, fatigue, and weak muscles. This way, the almond milk category got the much-needed boost in the market in the year 2023.

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Conclusion

The global dairy alternatives market is rapidly growing, with advancements in the consumer goods industry leading to improved outcomes. The global market is expected to increase as new innovative products are developed in the coming years. Thus, the international dairy alternatives market represents a significant opportunity for companies to make strategic alliances to launch innovative and user-friendly services. With continued development, more products will likely become available, improving consumer outcomes.

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