Northbrook, IL 60062 -- (SBWIRE) -- 10/10/2023 -- The dairy alternatives market is on the rise, as indicated by a recent research report titled "Dairy Alternatives Market by Source (Soy, Almond, Coconut, Oats), Application (Milk, Yogurt, Ice Creams, Cheese, Creamers), Distribution Channel (Retail, Online Stores, Foodservice), Formulation, and Region - Global Forecast to 2028," published by MarketsandMarkets. In 2023, it is estimated to be worth USD 27.0 billion and is projected to reach USD 43.6 billion by 2028, with a compound annual growth rate (CAGR) of 10.1% from 2023 to 2028. This growth is driven by the increasing popularity of plant-based dairy alternatives due to their nutritional advantages and their role in catering to those with dairy intolerance and allergies.

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Plant-based dairy alternatives, including soy milk, almond milk, oat milk, and rice milk, offer a range of nutritional benefits, such as lower cholesterol levels, improved cardiovascular health, and better diabetes management. These advantages have led to a surge in their consumption, making them a preferred choice for health-conscious and environmentally aware consumers.

The dairy alternatives market has diversified to cater to various dietary requirements, including those with nut allergies. Manufacturers are introducing alternatives derived from seeds, grains, and legumes, ensuring nutritional value while accommodating those with nut allergies. Additionally, culinary innovation and flavor exploration have become important, with flavored dairy alternatives experiencing a notable growth rate of 10.4%.

Almond-based dairy alternatives dominate the source segment due to their nutritional profile, availability, and popularity among consumers. Almond milk is low in calories, saturated fats, and cholesterol, making it suitable for vegans, individuals with lactose intolerance, and those allergic to soy. It aligns with the preferences of health-conscious consumers and environmentally conscious individuals due to its reduced carbon footprint and lower water usage in production.

Europe is witnessing the fastest growth in the dairy alternatives market, driven by consumer priorities for health, animal welfare, and environmental sustainability. The European market has traditionally favored conventional dairy products, but the demand for dairy alternatives is rising, with retailers and supermarkets adding plant-based options to their shelves. Germany, in particular, has become a significant consumer of dairy alternatives, surpassing the UK.

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Major players in Europe, including Nutriops S.L. (Spain), Grupo Leche Pascua SA (Spain), Danone (France), and Oatly (Sweden), are expanding and diversifying their dairy alternatives portfolios to meet the growing consumer demand for healthy and sustainable food and beverage products.

In conclusion, the dairy alternatives market is experiencing substantial growth, driven by consumers seeking healthier and more sustainable nutrition options. The market's expansion is fueled by nutritional benefits, catering to dietary restrictions, flavor innovation, and a heightened focus on environmental sustainability. Europe, in particular, is witnessing a surge in demand for dairy alternatives, prompting industry leaders to broaden their product offerings in response to consumer preferences.

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