Home > Food & Beverages > Processed Food > Convenience Foods > Milk Alternatives Market

Milk Alternatives Market Size

Report ID: GMI12709
Published Date: Dec 2024
Report Format: PDF

Download Free Sample

Milk Alternatives Market Size

The global milk alternatives market size was valued at USD 29.5 billion in 2024 and is projected to expand to over 10.6% CAGR from 2025 to 2034. Milk alternatives refer to plant-based beverages that serve as substitutes for traditional dairy milk. These products, including soy, almond, oat, and rice milk, cater to consumers with lactose intolerance, dietary restrictions, or those seeking sustainable and vegan options.

To get key market trends

Download Free Sample

The market for milk alternatives is expanding rapidly, driven by growing consumer health awareness, environmental concerns, and rising demand for vegan products. Key growth opportunities lie in product innovation, such as improved taste and nutritional profiles, and increased availability through retail channels. Additionally, regional shifts toward plant-based diets and government sustainability initiatives are further fueling market expansion.

Milk Alternatives Market Report Attributes
Report Attribute	Details
Base Year:	2024
Milk Alternatives Market Size in 2024:	USD 29.5 Billion
Forecast Period:	2025 to 2034
Forecast Period 2025 to 2034 CAGR:	10.6%
2034 Value Projection:	USD 80.6 Billion
Historical Data for:	2021 – 2024
No. of Pages:	235
Tables, Charts & Figures:	165
Segments covered:	Source, packaging, distribution channel
Growth Drivers:	Health and wellness trends Rising concern about the environmental impact of traditional dairy farming Shift in dietary preferences Innovation in products
Pitfalls & Challenges:	Supply chain constraints Regulatory and labeling issues

Learn more about the key segments shaping this market

Download Free Sample

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of milk alternatives reached USD 29.5 billion in 2024 and is set to grow at a 10.6% CAGR from 2025 to 2034, driven by rising health and wellness trends and increasing demand for sustainable and vegan options.

The soy segment was valued at over USD 8.7 billion in 2024 and is expected to expand at a CAGR of over 10% through 2034 due to its high protein content and wide acceptance as a traditional plant-based milk option.

The U.S. market was valued at USD 10.3 billion in 2024 and is poised to witness 10.2% CAGR through 2034, fueled by increasing demand for plant-based, lactose-free, and vegan-friendly products.

The key players in the industry include Califia Farms, Danone, Freedom Foods, MALK Organics, New Barn, Inc., Pacific Foods, So Delicious, Tofutti Brands Inc., and Valsoia SpA.