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

Dairy alternatives market size was valued at USD 23.1 billion in 2022 and is poised to grow from USD 25.99 billion in 2023 to USD 66.88 billion by 2031, growing at a CAGR of 12.5% in the forecast period (2024-2031).

Products that are mainly made from plant-based components, such as soy, pea, and almonds, among others, are referred to as dairy alternatives. These goods have many advantages, such as being devoid of cholesterol, sugar, lactose, GMOs, and gluten.

One of the primary factors driving the growth of the market is the increase in the prevalence of lactose intolerance globally. The market is growing quickly because of the high adoption of the goods due to their capacity to reduce the risk of diabetes, heart disease, and obesity, among other things, as well as change in consumer food patterns and diet trends. The market is further impacted by the increasing popularity of almond milk among consumers who prefer plant-based and other dairy substitutes due to its reduced calorie content, vitamin D enrichment, and ability to strengthen bones. Additionally, the market is positively impacted by the development in health consciousness, use of natural food items, increase in food spending, and media effect on consumer awareness. Additionally, the market players would benefit from profitable prospects during the forecast period due to the rise in demand for organic food products, as well as from effective marketing and positioning of dairy alternatives.

Over the forecast period, the industry is anticipated to benefit from initiatives manufacturers are taking to offer unique tastes, improved quality, and attractive packaging. These items' nutritional value can be increased by supplementing them with vitamin D, calcium, and DHA. Over the forecast period, it is anticipated the increasing consumer awareness of dairy replacement products will drive market growth.

US Dairy Alternatives Market is poised to grow at a sustainable CAGR for the next forecast year.