Report : North America Dairy Alternatives Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Source (Soy, Almond, Coconut, Oats, and Others), Product Type (Milk, Ice Cream, Yogurt, Cheese, and Others), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)
At 9.7% CAGR, the North America Dairy Alternatives Market is speculated to be worth US$ 11,230.14 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America dairy alternatives market was valued at US$ 6,447.99 million in 2022 and is expected to reach US$ 11,230.14 million by 2028, registering an annual growth rate of 9.7% from 2022 to 2028. Rising trend of veganism and increasing prevalence of lactose intolerance are the critical factors attributed to the market expansion.
The vegan population has grown significantly over the past few years. According to Veganuary (a non-profit organization that encourages individuals to go vegan for the entire month of January), in 2022, more than 620,000 people registered for the Veganuary campaign, and the registrations increased by 200% in the last 3 years. People are increasingly switching to a vegan diet due to increased health and sustainability concerns. The livestock industry is one of the significant contributors to the total anthropogenic greenhouse gas emissions. The dairy sector is responsible for 30% of the total livestock emissions. Many studies have shown that shifting to a vegan diet can significantly lower carbon dioxide emissions. Moreover, many organizations believe that veganism can help save the planet from the climate crisis. The awareness regarding the harmful effects of the livestock industry on the environment is increasing among consumers. The consumption of plant-based dairy products helps minimize carbon footprints, save water and other natural resources, and reduce the overall environmental impacts. Therefore, the consumers are rapidly switching to plant-based dairy and meat products. This factor is significantly driving the dairy alternatives market. Further, consumers are highly inclined toward plant-based or vegan-friendly products due to increased health concerns and increased awareness of animal welfare. The rising health consciousness among people due to the increasing prevalence of obesity, diabetes, and other diseases is compelling people to change their dietary habits. People generally perceive plant-based products to be healthier than conventional ones. Thus, health-conscious consumers rapidly substitute conventional, animal-based products with plant-based food. This factor is significantly boosting the dairy alternatives market.
On the contrary, high product price hurdles the growth of North America dairy alternatives market.
Based on product type, the North America dairy alternatives market is segmented into milk, ice cream, yogurt, cheese, and others. The milk segment held 54.0% market share in 2022, amassing US$ 3,484.71 million. It is projected to garner US$ 5,989.00 million by 2028 to expand at 9.4% CAGR during 2022–2028.
Based on source, the North America dairy alternatives market is segmented into soy, almond, coconut, oats, and others. The almond segment held 57.7% market share in 2022, amassing US$ 3,723.63 million. It is projected to garner US$ 6,529.12 million by 2028 to expand at 9.8% CAGR during 2022–2028.
Based on distribution channel, the the North America dairy alternatives market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment held 52.2% market share in 2022, amassing US$ 3,363.74 million. It is projected to garner US$ 5,793.43 million by 2028 to expand at 9.5% CAGR during 2022–2028.
Based on country, the North America dairy alternatives market has been categorised into the US, Canada, and Mexico. Our regional analysis states that the US captured 80.2% market share in 2022. It was assessed at US$ 5,171.29 million in 2022 and is likely to hit US$ 8,896.52 million by 2028, exhibiting a CAGR of 9.5% during the forecast period.
Key players dominating the North America dairy alternatives market are Blue Diamond Growers; Califia Farms, LLC; Danone S.A.; Nestlé SA; Oatly Inc.; SunOpta; Valio Ltd; and Valsoia S.p.A. among others.
- In 2021, Blue Diamond Growers introduces new, delicious ‘Almond Breeze’ extra creamy almondmilk for a perfect plant-based swap for whole dairy milk.
- In 2021, Danone S.A. North America launched Silk NextMilk and So Delicious WonderMilk