Dairy Alternatives Market Size, Share, Growth Analysis, By Source(Soy, Almond, Coconut, Rice), By Application(Milk, Ice cream, Yogurt, Cheese), By Formulation(Flavored and Plain), By Distribution Channel(Retail (Supermarkets & Hypermarkets, Health Food Stores, Pharmacies, Convenience Stores), By Nutrient(Protein, Starch, Vitamins, Others), By Region - Industry Forecast 2024-2031

One of the largest markets for dairy alternatives is North America, as ice cream and yogurt are only two of the replacements that are commonly consumed. More than two-thirds of the milk products sold in North American schools are varieties with flavors. The sector is anticipated to be significantly influenced by rising consumer demand for sweetened, flavored soy and almond milk. The market in the North American region is anticipated to grow at a rapid rate over the forecast period due to the widespread usage of milk-based dairy substitutes in the production of various foods and desserts. Despite having a lower demand than milk-based ice cream in North America, dairy alternative-based ice cream is nonetheless predicted to expand at a significantly faster rate during the forecast period.

Asia Pacific dominated the market in 2021 and seemed to be responsible for more than 40% of all sales. Due to increased disposable incomes and growing populations in developing nations like India, China, and Japan, the demand for the product is expected to rise throughout the Asia Pacific region. Due to an increase in lactose intolerance instances and health problems associated with toxic compounds found in dairy products, the demand for non-dairy products like soy milk, almond milk, rice milk, and other dairy substitutes is anticipated to increase in the region.