Market Trends of dairy alternatives Industry
The increasing vegan population, lactose intolerance, and growing awareness about the health and environmental benefits of dairy alternatives are driving the consumption of different types of dairy alternative products worldwide.
- The consumption of different types of dairy alternative products is increasing worldwide due to a significant increase in the vegan population, coupled with a growing lactose-intolerant population. Even vegan exhibitions/trade shows and music festivals are being conducted in different countries to promote a vegan lifestyle. For example, Australia has the third-highest percentage of vegans per capita globally. As of 2022, 2.5 million were vegans and vegetarians in the country.
- Plant-based milk is the largest consumed category among all dairy alternatives worldwide. Soy milk, almond milk, and oat milk were highly popular and collectively registered more than 70% share in the overall plant milk consumption in 2022. This was due to the increasing prevalence of milk allergies driving demand for plant-based milk worldwide. For example, soy milk is a rich source of vitamins, proteins, and potassium and has a lower calorie content than cow milk. Due to its high nutrient content, it is considered an ideal substitute for dairy products.
- There is a huge demand for non-dairy cheese varieties, such as plant-based cheese, especially sliced cheese, with great sales value in several countries. Spanish and German consumers reveal the highest readiness to eat plant-based cheese instead of conventional ones. For instance, German consumers prefer plant-based cream cheese (32%), sliced cheese (32%), and plant-based mozzarella (31%) available in supermarkets. With the growing demand for new plant-based dairy innovations, the consumption of dairy alternatives is anticipated to increase further during the forecast period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The increasing consumer preference for vegan food, coupled with manufacturers' focus on new product innovations, has led to an increase in production of raw materials for dairy alternatives, such as soybeans, coconut, oats, almonds, and cashew nuts.
