Dairy Alternatives Market Analysis

Product (Milk, Ice Cream, Yogurt, Cheese, Creamers, Butter)

Milk segment is poised to capture around 69.1% dairy alternatives market share by the end of 2036. Increasing health consciousness is driving consumers towards plant-based milk alternatives such as almond, soy, oat, and rice milk. These options are often seen as healthier alternatives to dairy milk due to lower cholesterol, lactose-free benefits, and additional nutrients. Moreover, financial investments enable companies to innovate and develop new plant-based milk varieties, such as blends with added proteins, vitamins, and flavors. For instance, brands are introducing oat milk blends fortified with additional nutrients.

Source (Soy, Almond, Coconut, Rice, Oats)

The soy segment is estimated to gain a significant revenue share of 36% by 2036. The increasing global burden of obesity can be attributed to the segment's expansion, which is expected to drive up demand for low-calorie products like soy milk. As per the World Heart Federation, nearly 2.3 billion adults and children worldwide are estimated to be overweight or obese. Soy milk typically has fewer calories compared to whole dairy milk, which appeals to individuals looking to manage their weight. This lower caloric content makes it an attractive option for those trying to reduce their overall calorie intake.

With increasing awareness of the health risks associated with obesity, such as diabetes, heart disease, and hypertension, more consumers are seeking healthier dietary options. Soy milk, being low in fat and high in protein, aligns with these health-conscious choices.

Distribution Channel (Supermarket & Hypermarkets, Convenience Stores, Online retail)

The supermarket & hypermarkets segment in the dairy alternatives market is anticipated to gather a substantial CAGR shortly. As grocery spending rises, supermarkets and hypermarkets experience increased sales volumes. For instance, global food sales at supermarkets and convenience stores reached over USD 1.35 trillion in 2021. Increased consumer spending enables retailers to expand their product lines, invest in marketing and enhance store offerings, which in turn supports the growth and accessibility of dairy alternatives.

Our in-depth analysis of the market includes the following segments: