Press Release

Plant-based Dairy Market to Soar as Vegan Population Upscale Globally

The Global Plant-based Dairy Market size is projected to grow at a CAGR of around 9.1% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The surge in the market is being fueled by the global increase in lactose intolerance, impacting diverse populations worldwide. As a considerable number of consumers actively seek alternatives to traditional dairy due to this intolerance, the demand for plant-based dairy has surged. Companies are now producing an extensive array of plant-based products like milk, creams, and yogurt, mimicking the taste, texture, and nutritional profile of dairy, thereby stimulating market expansion.

Moreover, the HORECA industry's expansion, driven by changing consumer preferences, evolving lifestyles, rising tourism, and enriched disposable incomes, is further propelling the demand for plant-based dairy products. Also, with a growing trend of dining out, HORECA establishments are adapting their menus to cater to a broader customer base, thus instigating the industry's progression.

Furthermore, the escalating demand for vegan & plant-based choices has prompted food providers to introduce inventive plant-based dairy offerings, aligning with the ever-changing consumer palate. Consequently, as the HORECA sector continues to grow, the market for plant-based dairy products is poised to expand significantly, further states the research report, “Global Plant-based Dairy Market Analysis, 2024.”

Plant-based Milk Segment to Outperform in the Plant-based Dairy Market

Based on product type, the market is segmented into Plant-based Milk, Plant-based Yogurt, and Plant-based Cheese. The Global Plant-based Dairy Market is anticipated to witness a substantial share takeover by the Plant-based Milk category in the foreseeable future. This shift is credited to the growing popularity of health-conscious, cholesterol-free milk alternatives.

Additionally, the infusion of novel flavors and creative packaging by manufacturers into their plant-based milk offerings is propelling market expansion. Hence, the upward trend in plant-based milk consumption by food manufacturers, coupled with inventive product introductions within this segment, is foreseen to be a key driver augmenting the market growth.

North America is Expected to Hold Major Market Share

In the upcoming period, North America is set to lead the market due to a growing population affected by lactose intolerance and a heightened focus on health. A large number of individuals in the US, Canada, and neighboring countries encounter difficulties linked to lactose malabsorption and intolerance.

Thus, the discomfort and health concerns tied to milk consumption have prompted a shift toward alternative dairy sources, resulting in heightened demand for plant-based dairy products across the region. As a result, the expected accumulation of lactose intolerance is predicted to drive the Plant-based Dairy Market growth.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, Danone, Groupe, Ecotone, Oatly, Coconut Palm Group Co Ltd, Blue Diamond Growers, Vitasoy International Holdings Ltd, Wanxiang Sannong Co Ltd., The Coca-Cola Ltd, Fujian Dali Food Co Ltd, Kikkoman Corp, Lactasoy Co Ltd, Califia Farms LP, Green Sport Co Ltd, Dr Chung’s Food Co Ltd, Marsusanai Co Ltd and others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?