Dairy Alternatives Market Analysis

Dairy Alternatives Market Analysis

The dairy alternatives market share from the almond segment will cross 10% CAGR through 2032. Across the market landscape, almonds have retained the spotlight in recent years. The ingredient is mixed with filtered water to arrive at the primary base that is used to manufacture various dairy alternative products such as milk, almond butter, etc. Additionally, it can also contain thickeners and starches to enhance its shelf life and consistency. Almond is lower in calories as compared to other products. It is also naturally lactose-free. Vegetarianism is becoming more popular among consumers, which is fueling the expansion of the dairy substitutes market. High nutritious value, easy availability of raw materials, and rising market attractiveness have all contributed to the emergence of almond-based dairy replacements.
 

The dairy alternative market from the oats segment is expected to exceed USD 2 billion by 2032. Oats-based dairy alternatives include milk, dessert, and yogurt. It is one of the fastest-growing product categories in North American markets. The increasing preference for oat products has urged leading beverage chains to leverage the trend and cater to the vast dairy-free beverage consuming population. Citing an example from 2021, the American multinational chain of coffeehouses, Starbucks, announced the inclusion of a new assortment of oat milk-based drinks to its stores. The company aimed to respond to the elevating preference for dairy milk alternatives with this new product line. As key companies come up with new ideas for product variations and innovations, the industry is likely to see considerable growth up to 2032.
 

Hemp is found in Cannabis sativa plant species that grows in the northern hemisphere is and grown specifically for industrial purposes. It finds applications in the preparation of consumer goods including food textiles, paper, biodegradable plastics, clothing, insulation, animal feed, biofuel, and paints. Hemp seeds can be consumed raw or in form of hemp meals, dried sprout powder, etc.
 

Europe diary alternatives market is estimated to grow at 8.5% CAGR beyween 2023 and 2032. Plant-based foods and beverages, including dairy alternatives, are growing in popularity as Europeans become more concerned about the consumption of conventional animal-based foods. The adoption of vegan diets as a result of rising health awareness following the COVID-19 outbreak is a key factor steering the industry outlook. The growing intolerance to dairy products is also contributing to the industry forecast. In Northern and Central Europe, close to 5% of the population suffer from lactose intolerance.