The SAM dairy alternatives market is expected to grow from US$ 1,135.72 million in 2022 to US$ 2,159.25 million by 2028. It is estimated to grow at a CAGR of 11.3% from 2022 to 2028.
Dairy alternative manufacturers are investing significantly in product innovation to appeal to a large group of consumers. Product innovation strategy offers a competitive edge to the players operating in the market, boosting their profitability. Manufacturers of dairy alternatives provide certified organic, non-GMO, gluten-free, clean-label, and allergen-free products to cater to ever-rising customer requirements.
Moreover, consumers have become health-conscious and prefer low-calorie and low-fat products. Therefore, manufacturers of plant-based dairy offer unsweetened and low-sugar products. Further, manufacturers are experimenting with different plant-based milk sources, such as barley, peas, hemp, chia seeds, bananas, and cashews.
Generally, plant-based ice cream manufacturers use almond milk, coconut milk, or oat milk. Several innovations open new opportunities in the dairy alternatives market. Leading manufacturers of dairy alternatives are developing products that resemble the taste and texture of conventional dairy milk to attract many consumers. Several product developments are further expected to provide potential growth opportunities to the manufacturers of dairy alternatives in the coming years across the region.
Vendors can attract new customers and expand their footprints in emerging markets with new features and technologies. This factor is likely to drive the SAM dairy alternatives market at a promising CAGR during the forecast period.
SAM Dairy Alternatives Market Revenue and Forecast to 2028 (US$ Million)
SAM Dairy Alternatives Market Segmentation
The SAM dairy alternatives market is segmented based on source, product type, distribution channel, and country. Based on product type, the market is segmented into milk, ice cream, yogurt, cheese, and others. The milk segment dominated the market in 2022.
Based on source, the market is segmented into soy, almond, coconut, oats, and others. The almond segment dominated the market in 2022.
Based on distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment dominated the market in 2022.
Based on country, the market is segmented into Brazil, Argentina, and the Rest of SAM. Brazil dominated the market in 2022.
Blue Diamond Growers; Califia Farms, LLC; Danone S.A.; Nestlé SA; Oatly Inc.; and Valio Ltd are the leading companies in the SAM dairy alternatives market.