Global Market Insights by MarkNtel Advisors – The Plant-Based Dairy Market is poised for significant expansion in the coming years. According to the latest market research report, the market is estimated to grow at a CAGR of around 9.1% during the forecast period 2024-30. The increasing shift towards vegan and dairy-free lifestyles, alongside the growing demand for sustainable and plant-based alternatives, is driving the growth of this dynamic market.
Global Plant-Based Dairy Market Analysis (2024–2030)
- Rising Consumer Preference: The increasing demand for plant-based foods, driven by health-conscious consumers, has greatly contributed to the growth of the plant-based dairy segment.
- Veganism and Sustainability Trends: Growing awareness around the environmental impact of dairy farming, coupled with rising concerns over animal welfare, is making plant-based dairy products an attractive alternative.
- Government Initiatives: Many governments globally are promoting the consumption of plant-based foods to support sustainability efforts and reduce carbon footprints. In some regions, subsidies and tax benefits for plant-based companies are also encouraging market growth.
- Product Innovation: Companies are continuously innovating, introducing new flavors and fortifying products with additional nutrients like calcium and protein to meet the rising demand for plant-based dairy alternatives.
- Retail Expansion: The proliferation of plant-based dairy products on supermarket shelves, e-commerce platforms, and specialized health stores is helping reach a wider consumer base, making these alternatives more accessible.
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Key Takeaways from the Market Research Report:
- Key factors driving market growth include health-consciousness, sustainability, and increased awareness of dairy allergies.
- Soy milk and oat-based products lead as the most popular plant-based dairy alternatives.
- Asia-Pacific is the largest markets for plant-based dairy products.
- The expansion of plant-based dairy offerings in supermarkets, hypermarkets, and online platforms is boosting consumer accessibility.
Plant-Based Dairy Product Industry Segmentation Analysis 2030
The industry is further bifurcated into:
Based on Product Type:
- Plant-based Milk
- Soy Drinks
- Almond
- Coconut
- Oat
- Rice
- Others (Blends, etc.)
- Plant-based Yoghurt
- Plant-based Cheese
- Others
Based on Sales Channel:
- Supermarket/Hypermarket,
- Convenience Stores,
- Specialty Stores,
- E-commerce,
- Others
Based on Nature:
- Organic,
- Conventional
Based on End User:
- Bakery & Confectionery,
- Snacks & Savouries,
- Ready Meals,
- HoReCa,
- Dietary Supplements,
- Other Food Products
Based on Region:
- Asia-Pacific
- North America
- South America
- Europe
- The Middle East & Africa
Top Players in the Global Plant-Based Dairy Market
- Arla Foods,
- Daiya Foods Inc.,
- Danone S.A,
- General Mills,
- Saputo,
- Chobani,
- Earth’s Own Food Company Inc.,
- Unilever,
- Nestle,
- California Farms,
- Bel Group,
- Kraft Heinz,
- 5 Degree,
- Elmhurst 1925,
- Planting Hope Company,
- NotCo, and others
Key Driver: Growing Shift Towards Plant-Based Lifestyles
A major factor propelling the market’s growth is the shift towards plant-based diets. More consumers are seeking dairy alternatives due to a variety of factors, including the rise in lactose intolerance, health concerns about saturated fat, and growing environmental awareness. With many seeking options that align with their ethical beliefs and health goals, plant-based dairy products have become mainstream in many households. This trend is also supported by high-profile influencers and celebrities advocating for veganism, which has influenced younger generations and led to an increase in plant-based product consumption across the globe.
Regional Market Insights: Spotlight on North America
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.
Key Questions Answered in the Research Report
- What is the predicted market size and growth rate for the years 2025-30?
- What challenges are restricting the growth of the market?
- What are the key Drivers, Trends, and opportunities defining the market size?
- Which segment accounted for the largest market share in the market?
- Which region has the maximum potential for the market?
- Which prominent companies are leading growth in the market?
- In what formats does Markntel Advisors deliver the concerned report descriptions?
- How long does it take for customers to receive the reports provided by Markntel Advisors?
- Does Markntel Advisors provide customized reports?
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