The global dairy alternatives market size is estimated to be valued at USD27.3bn in 2022 and is projected to reach USD44.8bn by 2027, recording a CAGR of 10.4%, in terms of value. The increasing awareness associated with health benefits offered by dairy alternatives is expected to drive the dairy alternatives market, according to a new report by research company Marketsandmarkets.
Based on sources, the almond segment is projected to grow at the highest CAGR in the dairy alternatives market. Almond-based products witness significant demand in the dairy alternatives market due to the various benefits it offers. The growth of the almond-based dairy alternatives market is also due to factors such as high nutritional content, easy availability of raw materials, and increased popularity of consumption.
By application, the dairy alternatives market is segmented into milk, yogurt, ice cream, cheese, creamer, and other applications. Major brands offering yogurt alternatives in the market include Dream and Joya offered by The Hain Celestial Group Inc. (US) and Silk and So Delicious offered by Danone North America Public Benefit Corporation (US), respectively, which vary in flavor and formulation and hence present consumers with a wide variety of options.