Global Plant-based Dairy Market Research Report: Forecast (2024-30)

Market Definition

Plant-based dairy alternatives are non-dairy products that mimic the taste & texture of traditional dairy items but are derived from plant sources. These alternatives are typically made from soy, almonds, oats, coconut, or rice. They offer a diverse range of options, including plant-based milk, yogurts, cheeses, and ice creams, providing a viable & nutritious alternative to traditional dairy products.

Market Insights & Analysis: Global Plant-based Dairy Market (2024-30):

The Global Plant-based Dairy Market size is estimated to grow at a CAGR of around 9.1% during the forecast period, i.e., 2024-30. The market growth is attributed to the rising lactose intolerance among individuals. Lactose intolerance affects a substantial portion of the global population across different regions & ethnic groups. The rising lactose intolerance among consumers has led them to avoid dairy products such as milk, cheese, curd, etc., and look for other alternatives.

Also, the total number of vegan consumers across the globe is estimated to be around 88 million in 2023, according to the World Animal Foundation. Plant-based dairy products are designed to mimic the taste, texture, and nutritional profile of traditional dairy items, such as milk, cheese, yogurt, and ice cream. Thus, being entirely free of animal ingredients, they are popular among the lactose-intolerant population worldwide. For Instance:

• In 2023, according to a survey, nearly 19.4% of people globally adopted plant-based milk instead of conventional dairy milk owing to their better digestion qualities.

The rising adoption of plant-based dairy products by lactose-intolerant populations across the globe is expected to augment the market growth. Moreover, the evolving consumer preferences, changing lifestyles, tourism, and rising disposable incomes have significantly contributed to the growth of the HORECA industry. Furthermore, consumers looking for vegan & plant-based substitutes have led food providers to launch new and innovative plant-based dairy products.

Hence, the rising growth of the HORECA industry launching new and innovative plant-based foods and beverages owing to consumer demand is expected to proliferate the Plant-based Dairy Market growth in the future years.

Global Plant-based Dairy Market Driver:

Cholesterol-free & Fat-free Properties to Propel Plant-based Dairy Products’ Demand – The rise in various lifestyle-related diseases, such as obesity, heart disease, diabetes, etc., has reached epidemic proportions in many parts of the world. These health issues, along with the threat of new & emerging diseases have driven people to be more proactive about their health. Moreover, a significant portion of the global population is suffering from one or another disease, driving consumers to adopt healthier lifestyles. For Instance,

• In 2022, according to the WHO (World Health Organisation), more than 1 billion people across the globe were obese, and it was estimated that by 2025, approximately 167 million people, including children & adults, will be less healthy due to obesity.

Owing to such rising health concerns, consumers are seeking food options that contain lower amounts of saturated fats and provide more nutrition to maintain a healthy & balanced lifestyle. They are actively looking for food products that are claimed to be cholesterol-free and fat-free. Plant-based dairy products are low in saturated fats and offer cholesterol-free properties leading to their higher consumption which is expected to drive the growth of the Plant-based Dairy Market in the forecast period.

Global Plant-based Dairy Market Opportunity:

Shifting Consumer Inclination Towards Veganism to open New Avenues – Veganism has seen an enormous rise in adoption in recent years, with more and more people adopting a vegan lifestyle.  The rising health concerns, climate change, sustainability issues, animal welfare, etc., are the most prominent reasons influencing individuals to opt for minimal animal-derived products.

The increasing vegan population across the globe has surged the demand for dairy alternatives. As more people adopt vegan or plant-based diets for ethical, environmental, and health reasons, there is a growing demand for dairy alternatives, which is expected to create immense opportunities for the Plant-based Dairy Market in the future years.

Global Plant-based Dairy Market Challenge:

Allergies Associated with Plant-based Dairy Substitutes Impeding Market Growth – The plant-based dairy products are made from various sources such as soybean, coconut, walnuts, almonds, hazelnuts, hemp, cashews, and peas, among others. The allergic potential of these products depends on the type of plant-based ingredients used. Consumers across the globe are allergic to various products. Allergies to nuts, soybeans, etc., are the most common food allergies seen in individuals. For Instance, in 2022, according to the Food and Drug Administration (FDA), about 3% of people worldwide suffer from tree nuts allergies, including almonds, cashews, Brazil nuts, walnuts, and others.

Moreover, tree nut allergies are responsible for around 50% of anaphylaxis-related deaths. Hence, plant-based dairy products, like soybeans, nuts, and cereals, can cause significant allergic reactions in consumers, which might restrict the consumers who are prone to allergies to opting for such products, thus hampering Plant-based Dairy Market growth in the upcoming years.

Global Plant-based Dairy Market Trend:

Surging Product Innovations & New Product Launches – As consumers become more health-conscious and environmentally aware, the demand for plant-based dairy products has surged. There is an increasing requirement for certain claims, such as non-GMO, organic, allergen-free, and clean labels, etc., by consumers catering to their specific needs. In addition, major food companies have entered the market or expanded their product lines to meet this growing demand for label-friendly products. For Instance:

• In 2023, Oatly AB launched Oatly Creamy Oat Spread, a cream cheese alternative that is dairy-free, gluten-free, and non-GMO.

Moreover, plant-based dairy companies are continually innovating to improve the taste and texture of their products, making them more appealing to consumers. This innovation has led to a wide range of products, including plant-based milk, yogurt, cheese, and ice cream. Hence, the rising product innovation by manufacturers is serving as a major trend to cater to the increasing demand for various products, further enhancing the Plant-based Dairy Market share.

Global Plant-based Dairy Market (2024-30): Segmentation Analysis

The Global Plant-based Dairy Market study by MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the global level. As per the analysis, the market has been further classified as:

Based on Product Type:

• Plant-based Milk
  • Soybean
  • Almond
  • Coconut
  • Oats
  • Others (Rice, Hemp, Blends, etc.)
• Plant-based Yoghurt
• Plant-based Cheese

The Plant-based Milk segment is expected to hold a considerable share of the Global Plant-based Dairy Market in the forecast period, owing to the surging demand for healthy & cholesterol-free milk options among health-conscious individuals. Manufacturers providing new & innovative flavors and packaging in plant-based milk products are further augmenting the segment's growth. For Instance:

• In 2023, Australia’s Own launched two new plant-based milk products ‘Oat Milk & Chocolate Hazelnut Milk’. The milk products are fully organic and rich sources of calcium.

Hence, the increasing consumption of plant-based milk by consumers, as well as food manufacturers for different product formulations, coupled with the diverse availability of flavored and unique plant-based milk range provided by companies, is expected to augment the market growth in the upcoming years.

Based on End Users:

• B2B
  • HoReCa
  • Snacks & Savoury
  • Bakery & Confectionary
• Food Service
  • HoReCa
• Retail Users

The B2B segment holds a major share of the Global Plant-based Dairy Market owing to rising demand for plant-based products from the bakery & confectionary industry. Plant-based dairy products, such as cheese, creams, milk, etc., are extensively used to make bakery products such as breads, cakes, pies, etc.

With the increase in lactose intolerance and health awareness, consumers are looking for bakery and confectionary products with vegan labels & plant-based options. This surge in the demand for plant-based bakery and confectionary products is leading to the higher consumption of plant-based dairy products in the B2B sector, proliferating its growth in the upcoming years.

Global Plant-based Dairy Industry Recent Development:

• 2023: Blue Diamond Growers, launched Almond Breeze Extra Creamy Almond milk with 80 calories per serving and has low saturated fats with high vitamin D and E content.
• 2022: Vitasoy International Holdings Ltd., launched a Plant-basedmilk range with almond and oat milk varieties with zero cholesterol, low sugar, and high calcium.

Global Plant-based Dairy Market (2024-2030): Regional Analysis:

Geographically, the Plant-based Dairy Market expands across:

• Asia-Pacific
• North America
• South America
• Europe
• The Middle East & Africa

North America is expected to hold a significant market share in the Plant-based Dairy Market share in the forecast period owing to the increasing number of lactose intolerant population coupled with the rising health awareness among individuals. There is a considerable amount of people who suffer from lactose malabsorption and lactose intolerance in the US, Canada, and other countries across the region. For Instance:

• In 2023, according to WebMD, about one-third population in the US suffers from lactose intolerance.

The discomfort & health issues caused by milk consumption have enabled consumers to switch to alternative dairy sources, creating a higher demand for plant-based dairy products in the region. Thus, a surge in lactose intolerant population across the regional countries is expected to augment the North America Plant-based Dairy Market growth.

Gain a Competitive Edge with Our Global Plant-based Dairy Market Report

• Global Plant-based Dairy Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps business organizations to gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing business organizations to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Plant-based Dairy Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, business organizations can develop strategies to minimize risks & optimize their operations.