Dairy Alternatives Market to Reach USD 60 Billion by 2034, Growing at 6.7% CAGR | Exactitude Consultancy

Dairy Alternatives Market Research Report (2024-2034)

/EIN News/ -- Luton, Bedfordshire, United Kingdom, May 29, 2025 (GLOBE NEWSWIRE) -- Market Overview

The global dairy alternatives market is projected to reach a valuation of approximately USD 32 billion in 2024 and is anticipated to grow at a CAGR of 6.7%, reaching around USD 60 billion by 2034. This growth is driven by increasing adoption of plant-based diets, growing consumer awareness of lactose intolerance, and rising environmental sustainability concerns.

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Market Segmentation

By Product Type:

• Almond Milk
• Soy Milk
• Oat Milk
• Coconut Milk
• Rice Milk
• Cashew Milk
• Hemp Milk
• Pea Milk
• Other Dairy Alternatives

By Source:

• Organic
• Conventional

By Formulation:

• Plain
• Flavored

By Packaging Type:

• Tetra Pack
• Bottles
• Cans
• Others

By Application:

• Beverages
• Food Products
• Bakery Products
• Confectionery

By Distribution Channel:

• Supermarkets/Hypermarkets
• Health Food Stores
• Convenience Stores
• Online Retail
• Others

By End-User:

• Residential
• Commercial (Food Service, Cafes, Restaurants)

By Geography:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

Segment Performance Highlights

• Product Type: Almond and soy milk hold approximately 60% market share; oat milk is gaining momentum.
• Source: Organic segment constitutes ~40% of the market.
• Formulation: Flavored variants account for ~35% market share.
• Packaging Type: Tetra packs lead with ~50% share.
• Distribution Channel: Online retail accounts for ~30% market share.
• End-User: Residential usage dominates with over 70% share.

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Market Dynamics

Growth Drivers:

• Shift to plant-based diets for health and sustainability.
• Rise in lactose intolerance and vegan populations.
• Innovations in product formulation and sustainable packaging.
• Expansion of online retail and direct-to-consumer models.
• Government regulations supporting plant-based diets.

Challenges:

• High production costs and raw material price volatility.
• Competition from traditional dairy and new plant-based products.
• Supply chain disruptions.
• Regulatory barriers on labeling and marketing.

Opportunities & Trends:

• Growth in fortified and functional plant-based products.
• Clean label and organic certified offerings.
• Rise in RTD formats and subscription models.
• Collaborations between established firms and startups.
• Investment in R&D for texture, flavor, and shelf-life enhancements.

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Regional Analysis

North America (~42% Market Share in 2024)

Key Drivers:

• Health Consciousness: Growing concerns over lactose intolerance, cholesterol levels, and overall wellness have led consumers to shift toward plant-based milk, yogurt, and cheese alternatives.
• Strong Retail Infrastructure: Well-established supermarkets (e.g., Whole Foods, Walmart) and e-commerce platforms offer wide product accessibility and availability.
• Brand Innovation: U.S. and Canadian companies lead in innovation, offering clean-label, organic, and fortified plant-based options (e.g., almond, oat, pea, and soy).
• Celebrity and Influencer Advocacy: Veganism and flexitarian lifestyles promoted by public figures continue to fuel adoption.

Outlook:

• Continued dominance due to sustained consumer demand, product innovation, and growing investments from both startups and established dairy companies transitioning to plant-based portfolios.

Europe (~32% Market Share in 2024 | ~9% CAGR through 2034)

Key Drivers:

• Vegan and Flexitarian Lifestyle: A large segment of the population actively reduces animal product intake due to ethical, health, and sustainability concerns.
• Government and Regulatory Support: Policies in countries like Germany, the UK, Sweden, and the Netherlands encourage plant-based consumption through subsidies and public campaigns.
• Retail Growth: Supermarkets across Europe have expanded their plant-based sections, often offering private-label dairy alternatives.
• Sustainability: Consumers are increasingly aware of the environmental impact of animal-based dairy, driving demand for carbon-neutral or low-impact plant-based alternatives.

Outlook:

• Strong growth expected in Germany, France, and Nordic countries. Expansion of regional oat and soy production will also reduce reliance on imports, improving profit margins and market competitiveness.

Asia-Pacific (~18% Market Share in 2024 | ~12% CAGR through 2034)

Key Drivers:

• Cultural Acceptance of Plant-Based Products: Soy and rice milk have long been part of traditional diets in countries like China, Japan, and India.
• Rising Disposable Income: As middle-class populations grow in India, China, Indonesia, and Vietnam, demand for premium plant-based products is increasing.
• Urbanization and Modern Retail Channels: Growth of supermarkets, hypermarkets, and e-commerce is improving access to dairy alternatives across tier-1 and tier-2 cities.
• Health Trends: Rising awareness of lactose intolerance, especially among East Asian populations, is leading to higher adoption of non-dairy options.

Outlook:

• Asia-Pacific is the fastest-growing region. Major opportunities lie in India, China, and Southeast Asia due to large, young populations and increasing health consciousness.

Latin America & Middle East & Africa (Emerging Markets)

Latin America:

Key Drivers:

• Youth-Driven Demand: Younger consumers, especially in Brazil, Mexico, and Argentina, are more health- and environment-conscious.
• Influence of Western Trends: Global food trends are increasingly shaping local consumer behavior.
• Expanding Product Availability: Multinational brands are expanding distribution in urban areas, supported by a rising number of vegan restaurants and health stores.

Outlook:

• Market still in early stages but expected to grow significantly with education and awareness campaigns. Brazil and Mexico are anticipated to lead regional expansion.

Middle East & Africa (MEA):

Key Drivers:

• Rising Health Awareness: Increasing prevalence of chronic diseases like diabetes and obesity is pushing consumers toward healthier food options.
• High Youth Demographics: A large, urbanizing youth population is more open to plant-based diets, especially in countries like UAE, South Africa, and Saudi Arabia.
• Government Initiatives: Food security and sustainability strategies in the Gulf countries promote alternative protein and dairy sources.

Outlook:

• High growth potential in urban centers. However, price sensitivity and limited cold chain infrastructure may slow adoption in rural areas.

Key Players

• Almond Breeze
• Silk
• Oatly
• So Delicious
• Ripple Foods
• Califia Farms
• Blue Diamond Growers
• WhiteWave (Danone)
• Earth's Own
• NutriNut
• Vitasoy
• MALK Organics
• Ecomil
• Tofurky
• Daiya Foods

Recent Developments:

1. Oatly

In January 2024, Oatly introduced two new oat milk variants in the U.S.: Unsweetened Oatmilk and Super Basic Oatmilk. The Unsweetened version offers zero grams of sugar and 40 calories per serving, while Super Basic contains just four ingredients, including upcycled citrus fiber for texture. These additions aim to cater to diverse dietary preferences without compromising taste.

Additionally, Oatly expanded its ambient (shelf-stable) product line in Europe by launching long-life versions of its Whole, Semi, and No Sugars oat drinks. This move provides consumers with more convenient options that maintain the same taste and nutritional profile as their chilled counterparts.

2. Danone (Alpro)

In 2023, Danone's Alpro brand made a strategic shift by sourcing British-grown oats for its oat milk products, processed at the Navara Oat Milling facility. This local sourcing initiative supports sustainability goals and responds to increasing consumer demand for plant-based alternatives. Alpro's oat milk sales in the UK saw a 7.2% increase in the year leading up to February 2025, reflecting the growing popularity of oat-based beverages.

3. Ripple Foods

In July 2023, Ripple Foods entered into a strategic partnership with a nutraceutical company to co-develop specialized plant-based protein products targeting health-conscious and athletic consumers. This collaboration aims to combine Ripple's expertise in pea protein with the partner's nutritional fortification knowledge, potentially leading to innovative offerings in the dairy alternatives space.

4. Califia Farms

In October 2023, Califia Farms partnered with Starbucks to create a new line of oat milk beverages available exclusively at Starbucks locations. This collaboration enhances Califia Farms' visibility in the coffee and beverage industry, tapping into the growing consumer interest in plant-based options and strengthening its brand presence.

5. Almond Breeze

In May 2023, Almond Breeze was acquired by a prominent beverage corporation, signaling a strategic move to capitalize on the increasing demand for dairy alternatives. This acquisition is expected to provide Almond Breeze with enhanced resources for research and development, improved product offerings, and expanded distribution networks, thereby influencing competitive dynamics in the dairy alternatives market.

This report is also available in the following languages : Japanese (乳製品代替品市場), Korean (유제품 대체 시장), Chinese (乳制品替代品市场), French (Marché des alternatives aux produits laitiers), German (Markt für Milchalternativen), and Italian (Mercato delle alternative ai latticini), etc.

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More Research Finding –

Milk Substitute Materials Market

The global milk substitute market is projected to reach a value of approximately $19.65 billion in 2024, driven by rising consumer preferences for plant-based diets and increasing lactose intolerance awareness. The market is expected to grow significantly, with a projected market value of around $36.15 billion by 2034, reflecting strong demand for alternatives such as almond, soy, coconut, and oat milks.

https://exactitudeconsultancy.com/reports/61232/global-milk-substitute-materials-market

Milk Alternative Ingredients Market

The global milk alternative ingredients market is valued at approximately $15.5 billion in 2024. Projected growth is robust, with expected market value reaching around $27 billion by 2034. This growth indicates a Compound Annual Growth Rate (CAGR) of approximately 6.0% during the forecast period from 2025 to 2034.

https://exactitudeconsultancy.com/reports/53569/global-milk-alternative-ingredients-market

Flavored Plant-Based Yogurt Market

The global flavored plant-based yogurt market is poised for substantial growth, with an estimated market value of approximately $3.5 billion in 2024. Projections indicate this segment could reach about $7.1 billion by 2034, reflecting a robust Compound Annual Growth Rate (CAGR) of around 7.8% during the forecast period from 2025 to 2034.

https://exactitudeconsultancy.com/reports/47561/flavored-plant-based-yogurt-market

Dairy Replacer Market

The global Dairy Replacer market is valued at approximately $3.5 billion in 2024, driven by increasing consumer demand for plant-based alternatives and lactose-free products. With a growing awareness of health and sustainability, the market is projected to reach about $6.8 billion by 2034, reflecting significant growth opportunities. The Compound Annual Growth Rate (CAGR) for the forecast period from 2025 to 2034 is estimated at 7.1%, underscoring a robust upward trajectory.

https://exactitudeconsultancy.com/reports/47377/dairy-replacer-market

Dairy Alternative Plant Milk Beverages Market

The global Dairy Alternative Plant Milk Beverages market is valued at approximately $27 billion, reflecting robust consumer demand for healthier and lactose-free options. By 2034, this market is projected to reach around $60 billion, demonstrating significant growth opportunities driven by increasing health awareness and sustainable consumption trends.

https://exactitudeconsultancy.com/reports/47262/dairy-alternative-plant-milk-beverages-market

Almond Ingredients Market

The global almond ingredients market was valued at 12.53 billion in 2022 and is projected to reach 25.21 billion by 2029, growing at a CAGR of 10.5% from 2022 to 2029 Almonds are one of the foods with a lot of nutrients as they have contained, carbs, vitamins, and other minerals.

https://exactitudeconsultancy.com/reports/19783/almond-ingredients-market

Xylan Market

The global xylan market is valued at approximately $620 million in 2024, with expectations to reach around $1.1 billion by 2034, driven by increasing demand in food, pharmaceuticals, and biofuels. This represents a Compound Annual Growth Rate (CAGR) of about 6% from 2025 to 2034.

https://exactitudeconsultancy.com/reports/65406/global-xylan-market

DHA from Algae Market

The global market for DHA (Docosahexaenoic Acid) derived from algae is valued at approximately $300 million. The market is projected to grow significantly over the forecast period, anticipating a reach of about $750 million by 2034, with a Compound Annual Growth Rate (CAGR) of 9.5%.

https://exactitudeconsultancy.com/reports/65398/global-dha-from-algae-market

Whole Egg and Yolk Powder Market

The global whole egg and yolk powder market is valued at approximately $1.5 billion in 2024, with projections indicating a growth to around $2.5 billion by 2034. This represents a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2025 to 2034.

https://exactitudeconsultancy.com/reports/65397/global-whole-egg-and-yolk-powder-market

Food Grade Polysorbate Market

The global food-grade polysorbate market is valued at approximately $800 million in 2024, with a projected market value of around $1.3 billion by 2034. This indicates a robust growth trajectory with a Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period of 2025-2034.

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Microalgae DHA Market

The global microalgae DHA market is valued at approximately $1.2 billion in 2024, with projections indicating a significant growth trajectory, reaching an estimated $2.5 billion by 2034. This represents a Compound Annual Growth Rate (CAGR) of about 8.1% over the forecast period from 2025 to 2034.

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Bio-Based 1,3-Propanediol Future Trends and Opportunities

The bio-based 1,3-propanediol market is projected to reach approximately $1.2 billion in 2024. With increasing industrial demand for sustainable alternatives to petroleum-derived chemicals, the market is expected to grow significantly, reaching an estimated value of $2.5 billion by 2034. This growth reflects a substantial Compound Annual Growth Rate (CAGR) of about 8.4% during the forecast period from 2025 to 2034.

https://exactitudeconsultancy.com/reports/64755/bio-based-1-3-propanediol-market

Pea Protein Isolate Market

The global pea protein isolate market is valued at approximately $1.1 billion in 2024, with a projected growth to around $2.3 billion by 2034. This growth reflects a compound annual growth rate (CAGR) of around 7.6% during the forecast period from 2025 to 2034.

https://exactitudeconsultancy.com/reports/64696/pea-protein-isolate-market

Bovine Alpha-Lactalbumin Market

The global bovine alpha-lactalbumin market is valued at approximately $250 million, driven by rising demand for dairy proteins in nutritional supplements and functional foods. The market is projected to grow to around $450 million by 2034, reflecting the increasing recognition of alpha-lactalbumin for its health benefits, including muscle growth and immune support.

https://exactitudeconsultancy.com/reports/64671/bovine-alpha-lactalbumin-market

Vitamin B6 API Market

The global Vitamin B6 Active Pharmaceutical Ingredient (API) market is projected to reach approximately $705 million by 2024, driven by increasing demand for dietary supplements and pharmaceutical applications. The market is expected to exhibit a strong growth trajectory, with a projected value of around $1.1 billion by 2034, reflecting a Compound Annual Growth Rate (CAGR) of about 4.5% during the forecast period of 2025 to 2034.

https://exactitudeconsultancy.com/reports/64598/global-vitamin-b6-api-market

Cellulose Market

The global cellulose market is projected to be valued at approximately $11.2 billion in 2024, with expectations to reach around $18.4 billion by 2034, reflecting a robust compound annual growth rate (CAGR) of 5.1% during the forecast period from 2025 to 2034. Currently, the market dynamics are influenced by rising demand for environmentally sustainable products across various industries, including packaging, textiles, and pharmaceuticals.

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Titanium Thermos Cup Market

The global titanium thermos cup market is valued at approximately $450 million in 2024, exhibiting a growing interest in premium, durable drinkware options. The market is projected to reach around $800 million by 2034, driven by a rising consumer preference for sustainable and reusable products. This results in a Compound Annual Growth Rate (CAGR) of roughly 6.2% from 2025 to 2034.

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p-Hydroxycinnamic Acid Market

The global market for p-Hydroxycinnamic Acid is valued at approximately $300 million in 2024, driven by its applications in pharmaceuticals, cosmetics, and food industries. The market is projected to reach around $500 million by 2034, reflecting a significant growth trajectory. This represents a Compound Annual Growth Rate (CAGR) of about 5.1% during the forecast period from 2025 to 2034.

https://exactitudeconsultancy.com/reports/64424/global-p-hydroxycinnamic-acid-market

High Nucleotide Yeast Extract Market

The global high nucleotide yeast extract market is valued at approximately $1.2 billion in 2024 and is projected to reach about $2.3 billion by 2034, reflecting a robust Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period from 2025 to 2034.

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Refrigerated Aircraft Cargo Container Market

The global market for refrigerated aircraft cargo containers is valued at approximately $1.5 billion in 2024, with significant growth anticipated over the coming decade. By 2034, the market is projected to reach around $3.2 billion, reflecting a robust Compound Annual Growth Rate (CAGR) of approximately 8.1% during the forecast period from 2025 to 2034.

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