Global Markets, News

Dairy alternative market projected to reach market value of $138.3bn

According to DataHorizzon Research, the dairy alternative market was valued $38.4 billion in 2022 and is projected to reach $138.3 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 13.8 per cent.

 It has been reported, the growing prevalence of lactose malabsorption and milk allergies is fuelling the rising demand for dairy substitutes.

These alternatives, free from lactose, casein, and other milk constituents, are gaining momentum.

Additionally, plant-based choices like soy, nut, and hemp milk are especially preferred by vegans.

DataHorizzon Research reports, the transition to plant-based dairy alternatives is key to environmental sustainability, as it mitigates carbon footprints and contributes to environmental preservation.

The market expansion is reported to be fuelled by a growing focus on health, with dairy alternatives offering numerous benefits such as reduced fat and calorie content and hormone-free ingredients.

Research from the American Society of Nutrition highlights that plant-based milk contains less fat and sugar compared to dairy milk.

The global dairy alternative market has been segmented into source, application, distribution channel, and region. The plant-based milk market is segmented into soy, almond, coconut, rice, oats, hemp, and others.

The DataHorizzon Research report highlights supermarkets and hypermarkets are the primary distribution channels, with Asia Pacific holding the largest market share due to increased lactose intolerance and milk protein allergy cases.

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