The market for dairy substitutes is expected to grow significantly.
Growing consumer awareness of environmental issues, dietary preferences, and health issues is propelling the market for dairy substitutes worldwide. The market, which was valued at USD 26.76 billion in 2023, is expected to increase at a compound annual growth rate (CAGR) of 12.62% from 2024 to 2030, reaching around USD 61.49 billion.
Market Dynamics for Dairy Alternatives
The need to avoid dairy allergies, the desire for clean-label products, their suitability for vegetarian, vegan, and flexitarian diets, as well as worries about sustainability and animal welfare, are some of the causes driving the growing popularity of dairy substitutes. Notably, sales of milk substitutes increased by 14.5% in 2023, but sales of cow’s milk fell by 1.2%, suggesting a notable shift in customer preferences toward plant-based alternatives.
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