According to research firm Arizton, the global non-dairy milk market is projected to reach revenues of more than $38 billion by 2024, growing at a compound annual growth rate (CAGR) of more than 14% during 2018−2024.
A few key highlights of the report show:
- Dairy-free yogurt, cheese, butter, ice-cream, creamer, sour cream, and whipping creamare gaining popularity in the market.
- The European and APAC regions accounted for a share of 61% of the global non-dairy milk market in 2018.
- Non-dairy milk beverages are the most popular non-dairy milk products, which comprise approximately 66.29% of the global market in 2018.
- Proteins, carbohydrates, minerals, and other essential nutrients in soy milk are boosting the demand in the global non-dairy milk market.
- The launch of innovative flavors and varieties of dairy-free yogurt will enable vendors to attract maximum number of consumers.
- Coconut milk is extremely popular across South East and South Asian countries in the global market.
- Soy milk dominated more than half of the total market share in 2018 ad soy milk is the most consumed plant-based milk alternative in the world.
Global Non-Dairy Milk Market – Dynamics
The growing demand for non-GMO food products and the rising interest in natural and organic products are fueling the growth of the global non-dairy milk market. The increasing interest in food quality and safety, while a desire for GM-free ingredients, has also emerged as a key concern for some consumers in the global market.
Key Drivers and Trends Fueling Growth of the Global Market:
- Growing Preference for Vegan Diets
- Increasing Number of Health-conscious Population
- Growing Investment in Plant-based Food and Beverage Industries
Global Non-Dairy Milk Market –Geography
In terms of geography, the global non-dairy milk market is categorized into North America, APAC, Europe, Latin America, and MEA. The rising adoption of vegetarian diets and veganism in countries such as India and China, coupled with the high prevalence of lactose intolerance is driving the market in the APAC region.
Major Vendors in the Global Non-dairy Milk Market include:
- The White Wave Food Company
- The Hain Celestial Group
- Blue DiamondGrowers
- SunOpta Inc
- Sanitarium Health and Wellbeing Company
Other prominent vendors in the global non-dairy milk market include Freedom Food Group Limited, Eden Foods, Nutriops SL, Earth’s OWN Food Company, TriballatNoyal, ValsoiaSpA, Dohler, Panos Brands LLC, Vitasoy International Holding Limited, Oatly AB, Violife Foods, Good Karma Foods, Ripple Foods, Califia Farms, Elmhurst, Chobani, NadaMoo!,MarianiWalnutmilk, Yofix Probiotics, and Miyoko Kitchen.