North America Dairy Alternatives Market was worth USD 3.54 billion in 2022 and is estimated to be growing at a CAGR of 15.40%, to reach USD 7.24 billion by 2028. The market is showcasing evident potential in the mentioned forecasting period.
Dairy Alternatives products which are plant-based, are generally available in supermarkets including several milk options such as soy, almond, rice, hemp, coconut and flax. Additionally, frozen desserts, spreads, dairy-free yogurts and cheeses are also available. Soy milk has been the oldest option available to replace dairy milk. However, substitutes such as almond milk and coconut milk have grabbed the market significantly in the last couple of years.
Food and beverages which are based on Dairy alternatives are prepared from dairy-free milk, extracted from numerous plant based sources. They are gradually being consumed by lactose intolerant and vegan consumers. There is a wide range of food and beverages available in the market, prepared from milk, which in turn is derived from sources such as almond, rice, soy, coconut and others. Commonly consumed dairy alternative based products are milk, butter, ice-cream, cheese, soft drinks, energy drinks and others.
The North America Dairy Alternatives Market is driven by rapid growth in the consumption of dairy alternative products, Soy Milk being the major one of them, in the North America region. In the recent times, USA and Canada are observing an increasing demand of Dairy alternatives, mainly due to the increased disposable income, changes in the lifestyle and eating patterns. This is fuelling the growth of the dairy alternatives market in this region. Additionally, the allergies associated with dairy products and growing environmental concerns further drive the demand for dairy alternative products. The major factor restraining the growth of the dairy alternative market is the high cost of production.
The North America Dairy Alternatives Market is broadly categorized into Soy Milk, Almond Milk, Rice Milk and others. Based on formulation, the market is segmented as Plain Sweetened, Plain Unsweetened, Flavoured Sweetened and Flavoured Unsweetened. Based on Application, the market is further segmented into Food & Beverages. Soy Milk accounted for the highest revenue of the overall market and Almond Milk is anticipated to witness high growth rate during the forecast period.
Geographically the North America Dairy Alternatives Market is segmented into US, Canada and Rest of North America. The dairy alternatives market was dominated by USA, with the overall market share of over 60%. USA was followed by Canada. Canada is predicted to grow at a rapid pace in the coming few years.
Key Players in the Market:
Major Key Players in the North America Dairy Alternatives Market are
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