Press release
Dairy Alternatives Market- Overview, Opportunities And Challenges Forecast To 2028
The Dairy Alternatives Market is projected to reach US$ 51,656.58 million by 2028 from US$ 28,181.76 million in 2022; it is expected to grow at a CAGR of 10.6% from 2022 to 2028.Dairy alternatives or dairy-free products are made from almond milk, soy milk, and coconut milk, among others, free from lactose, unsaturated fat, and low sugar and cholesterol content. Plant-based dairy products have similar texture, creaminess, and consistency to conventional dairy products. Dairy alternatives manufacturers are developing products with high protein and calcium content that meet the daily nutritional requirements of consumers. Ripple Foods, one of the prominent manufacturers of plant-based dairy, recently launched Oatmilk + Protein, which has 6 grams of plant-based protein per serving. It is three times more than most conventional oat milk options, as well as it has 50% less sugar and 50% more calcium than traditional dairy-based milk. Such products are gaining huge traction among potential consumers, driving the growth of the dairy alternatives market.
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Analysis of the Top Market Players:
1. SunOpta
2. Blue Diamond Growers
3. Nestle SA
4. Danone S.A.
5. Oatly Inc.
6. Califia Frams, LLC
7. Valsoia S.p.A.
8. Lactasoy co. th
9. Sanitarium
10. Valio Ltd.
In this report, the market has been segmented on the basis of:
Source (Soy, Almond, Coconut, Oats, and Others)
Product Type (Milk, Ice Cream, Yogurt, Cheese, and Others)
Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)
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Based on distribution channel, the dairy alternatives market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment accounted for the largest share of the dairy alternatives market in 2020. However, the online retail segment is expected to register the highest CAGR during the forecast period. Online retail confers convenience in terms of shopping and product delivery. Online retail stores offer a wide variety of products with heavy discounts; also, consumers can conveniently buy desirable products remotely. Home delivery services attract many customers to shop through an e-commerce platform. E-commerce websites offer detailed product information and user reviews, which help buyers compare products and make informed decisions. Such features are driving the segment's growth.
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