Plant-based dairy product sales will total $12.4 billion in 2023 and are predicted to reach $34.9 billion by the end of 2033. This large growth is due to the global plant-based dairy market, which is predicted to develop at a CAGR of 10.9% over the next ten years.
Veganism has grown in popularity in recent years, and it is likely to be a significant driver driving future plant-based dairy demand. The increasing prevalence of lactose intolerance among adults, as well as an increase in incidences of dairy-related allergies among newborns, are likely to support market growth in the future years.
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Ethical concerns about the use of animal-based goods, as well as greater awareness of animal cruelty, are other factors that are boosting the acceptance of plant-based diets and consequently increasing sales of plant-based dairy. Other prospects that are expected to open up new paths of opportunity for plant-based dairy makers in the future include rising demand for clean-label goods and rising consumption of functional foods. Plant-based cheese and milk are expected to be in high demand during the projected period.
Competitive Landscape:
To optimize their growth potential, leading plant-based dairy providers are raising cash and boosting their spending in research and development of new technologies.
NotCo, a food technology startup, revealed in December 2022 that it had raised US$ 70 million in a Series D1 fundraising round. The cash will be utilized to encourage innovation from other CPG firms through the use of NotCo’s patented AI technology dubbed Giuseppe, which will be used to expedite development in the plant-based product industry.
To address increasing demand, plant-based dairy firms are working on boosting their sales and revenue production by releasing unique products all over the world.
Key Players:
- Arla Foods
- Daiya Foods Inc.
- Danone S.A.
- General Mills
- Saputo
- Chobani
- Earth’s Own Food Company Inc.
- Unilever
- Bel Group
- Kraft Heinz
- Sanitarium Health and Wellbeing Company
- Axiom Foods Inc.
- Nestle
- Muller
- Sahmyook Foods
- Lactalis
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Regional Analysis:
The prevalence of lactose intolerance and dairy sensitivity in the US population has increased in recent years and is projected to continue to rise in the coming years. A growing vegan population, expanding health consciousness, rising demand for organic and plant-based food items, and increased availability of non-dairy milk and other dairy alternatives are all factors that could influence the country’s market potential through 2033.
The United States is currently the largest market in the North American area and is expected to grow at a 10% CAGR during the projected period.
Key Segments of Industry:
- By Product :
- Plant-based Milk (By Protein Source)
- Almonds
- Cashews
- Coconuts
- Hazelnuts
- Oats
- Rice
- Soy
- Flax
- Hemp
- Macadamia
- Peanuts
- Pistachios
- Quinoa
- Sesame
- Others
- Plant-based Frozen Desserts (By Protein Source)
- Avocados
- Oats
- Cashews
- Soy
- Almonds
- Coconuts
- Plant-based Yogurt (By Protein Source)
- Oats
- Cashews
- Soy
- Almonds
- Coconuts
- Others
- Plant-based Cheese (By Form)
- Blocks & Wedges
- Creams, Sauces, & Spreads
- Shredded & Crated
- Sliced
- Plant-based Creamers (By Protein Source)
- Soy
- Coconuts
- Almonds
- Others
- Plant-based Butter (By Form)
- Sticks
- Spread
- Plant-based Milk (By Protein Source)
- By Nature :
- Organic
- Conventional
- By End Use :
- B2B Consumers
- Bakery & Confectionery
- Snacks & Savouries
- Ready Meals
- HoReCa
- Other Food Products
- B2C Consumers
- Households
- HoReCa
- By Sales Channel :
- Retail Channels
- Hypermarkets & Supermarkets
- Convenience Stores
- Independent Grocery Stores
- Specialty Stores
- Online Retailers
- Direct Channels
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