Dairy Alternatives Market Size, Scope,& Trends - Forecast to 2023
                     MarketsandMarkets 
Presents
                              Dairy Alternatives Market Size, Scope,& Trends - Forecast to 2023
 
 
 
The dairy alternatives market is projected to grow from USD 17.3 billion in 2018 to USD 29.6 
billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period. 
This is attributed to the nutritional benefits offered by plant-based dairy alternatives. They offer 
various nutritional benefits such as reduced cholesterol level, improved cardiovascular health, 
and diabetes control. These benefits have led to an increase in their consumption. Thus, these 
alternatives are catering to the demand for various dairy alternative products among global 
consumers.
The global dairy alternatives market is expanding with considerable growth potential over the 
next five years. The growth of this market can be attributed to the growing inclination toward 
vegan, especially plant-based food, growing lactose intolerance among a large section of the 
population, and rising demand for various innovative dairy-free applications.
Make an Inquiry
https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=677
The milk segment is projected to account for the largest market share during the 
  
forecast period.
By application, the market was dominated by the milk segment in 2018. Health and 
convenience are prioritized by consumers while making a choice for beverages. 
Companies have diversified their beverage offerings with products containing almond 
milk, coconut milk, and soymilk, along with other non-dairy ingredients and alternatives 
derived from hemp, oats, or flax. Factors supporting the popularity of dairy-free milk are 
health concerns related to lactose intolerance and the hectic lifestyles of the working 
middle-class population. These factors encourage them to use convenience products 
for on-the-go consumption to save time.
By distributing channel, the online stores segment is projected to be the fastest-
growing segment in the dairy alternatives market during the forecast period.
The fastest-growing market of online stores is attributed to a variety of options for a 
particular dairy-free food product at discounted rates as compared to traditional retail 
prices, to attract more customers. The usage of online services has also increased in 
developed as well as developing markets due to factors such as faster accessibility and 
cost-effectiveness. The increased frequency of online shopping has created 
opportunities for enhancing the product sales of leading online players and regional 
domestic e-retailers, such as Amazon, Vegan Online, and Goodness Direct.
•Asia Pacific is projected to account for the largest market share during the forecast period.
•The Asia Pacific market accounted for the largest share in the dairy alternatives market. The 
large market share in this region is attributed to rapid urbanization, diet diversification, and 
liberalization of foreign direct investment in the food sector. Apart from this, rise in income, 
purchasing power, rapid growth of the middle-class population, increase in consumer 
awareness about health & fitness, and consumer demand for nutritional & healthy products 
provide promising prospects to the market players for growth and diversification in the 
region’s food sector.
Key Market Players:
•The major vendors in the global market are The Whitewaves Food Company (US), The Hain 
Celestial Group (US), Blue Diamond  Growers (US), Sunopta (Canada), Sanitarium Health and 
Wellbeing Company (Australia), Freedom Foods Group (Australia), Eden Foods (US), Nutriops 
S.L. (Spain), Earth's Own Food Company (Canada), Triballat Noyal (France), Valsoia S.P.A 
(Italy), Dohler GmBh (Germany),Organic Valley (US), and Panos Brands LLC (US). These 
players have broad industry coverage and strong operational and financial strength; they 
have grown organically and inorganically in the recent past. The WhiteWave Foods 
Company, an industry player, completed its merger with Danone S.A. (France). This merger 
would help Danone S.A. to focus on expanding the sales of its plant-based products in April 
2017.
https://www.marketsandmarkets.com/Market-Reports/dairy-alternative-plant-milk-
beverages-market-677.html
About MarketsandMarkets
•MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche 
opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. 
Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 
companies as clients. Almost 75,000 top officers across eight industries worldwide 
approach MarketsandMarkets™ for their painpoints around revenues decisions.
•Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high 
growth markets following the "Growth Engagement Model – GEM". The GEM aims at 
proactive collaboration with the clients to identify new opportunities, identify most 
important customers, write "Attack, avoid and defend" strategies, identify sources of 
incremental revenues for both the company and its competitors. MarketsandMarkets™ 
now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, 
emerging companies, innovators, strategic players) annually in high growth emerging 
segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies 
this year for their revenue planning and help them take their innovations/disruptions 
early to the market by providing them research ahead of the curve.