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North America Dairy Alternatives Market Revenue, Major Players, Analysis: Ken Research

Dairy alternatives are considered healthy due to existence of a number of indispensable vitamins and minerals. They are also low on the fats, cholesterol and have zero concentration of lactose.


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Sanjeev Kumar

2 years ago | 3 min read

North America Dairy Alternatives Market RevenueForecasted to Cross USD 21 Bn by 2027, Driven by Rising Lactose Intolerance andConsumer Awareness: Ken Research

Market Overview

Dairy alternatives are food and beverages that can be utilizedas a substitute for dairy. These are consequent from plants and are considereda very health alternative to dairy. Soy milk, rice milk, and almond milk areamong the most prevalent choices for dairy alternative universal. Dairyalternatives are considered healthy due to existence of a number of indispensablevitamins and minerals. They are also low on the fats, cholesterol and have zeroconcentration of lactose.

Dairy alternatives have been very prevalent inthe mature and emerging market. This can be accredited to increase in thenumber of individuals allergic to dairy. Furthermore, growth in healthawareness and growth in the disposable income have aided the dairyalternatives US market growth. Moreover, introduction of supplementaryhealthy ingredients by dissimilar market players are some other aspects thatfurther propel the growth of the market.

Market Revenue Forecast

According to the latest market analysis reportby Ken Research, ‘NorthAmerica Dairy Alternatives Market Outlook and Forecast to 2027 - Driven byRising Consumer Awareness, Prevalence of Lactose Intolerance, and NutritionalBenefits of Dairy Alternatives’ the Dairy Alternatives Marketin North America is predicted to observe strong growth of over 8% during thenext five years and forecasted to cross USD 21 Bn by 2027, driven by increasingprevalence of milk allergies and lactose intolerance among population of NorthAmerica and the rising awareness about dairy alternatives as solution fordealing with such problems.

The report broadly classifies this market into4 segments – by Source Type, by Formulation Type, by Application Type and byEnd User Industry. In addition, it covers Geographic segmentation analysingmajor countries market in detail.

According to the findings of this Ken Researchreport, among the market segments, Almond leads in terms of source type while Food& Beverages is the leading end user industry in this market. And Canada isthe fastest growing individual country market within entire region.

Market Growth Drivers and Challenges

The effective growth in popularity oflactose-free products, entailing the milk among individuals is projected toboost the dairy alternatives market growth during the forthcoming years. Inaddition, the growing health awareness among consumers, remarkably those whoare unable to digest lactose, has resulted in the rising consumption oflactose-free products as they typically assist in the absorption of calciumwhich assistances in building and repairing muscle tissue/cells. For instance, acrossthe U.S as per available data, volume of value-added milks, involvinglactose-free, non-dairy milk, and organic milk augmented ~15% during 2021compared to the prior year, while traditional milk volumes weakened by ~7%.

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The growing consumers’ environmental concernswhich are positively influencing the adoption of dairy alternatives in US andother countries. They typically use less land, water to introduce vegan milks,and emit lower carbon emissions which assists in mitigating the effects ofglobal warming and advance the air quality. As per available data, livestockaccounts for approximately 15% of global greenhouse gas emissions, with thedairy industry holding the greatest share.

The lack of consumer awareness concerningdairy-free products is one of the foremost challenges to the growth of thedairy alternatives market. The shortage of nutritional awareness is probable tobe a concern for those who eat a healthy balanced diet and do not reliantsolely on milk as an imperative protein source. The continued buy of dairyproducts by consumers designates that the portfolio of dairy alternatives hasyet to seizure the potential customer base.

Key Trends and Opportunities

The market is obtaining momentum andwitnessing high requirement owing to the shift in consumer eating patterns andvariations in diet trends. The growing occurrences of milk allergies andlactose intolerance cases are projected to propel the requirement for dairyalternatives further over the review period. Several food and beverage productsare thus making usage of the product to appeal to the increasing consumer basethat is opting for plant-based and several other dairy alternatives.

As the popularity of dairy alternatives grows,a large variety of ingredients will be used to expand the product line.Ingredients, including soy, hemp, coconut, almond, oat, and rice are frequentlyidentified due to their ability to provide high levels of protein andnutritional value to the consumer.

The availability of numerous sweetened, andunsweetened flavours of dairy alternatives is boosting its demand, particularlyamong the youth, and young adults.

Ken Research also observed that COVID-19pandemic had a positive impact on this market. During the months of lockdowns, numerous individuals,particularly those affected by the virus, have shifted their purchasingpreferences towards dairy alternatives. Furthermore, many manufacturers ofdairy alternatives have seen a significant increase in the sale of dairyalternative products through e-commerce platforms rather than retail storessince 2020 due to the store closure across countries.

Contact Us: -

Ken ResearchAnkur Gupta, Head Marketing & Communications

Support@kenresearch.com

+91-9015378249

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