Dairy Substitutes Valued at €41,44bn by 2028

October 30, 2023

The global demand for dairy alternatives is witnessing a significant uptick, with projections indicating a market valuation of €41,44bn by 2028, according to a report from MarketsandMarkets

The health-driven shift to plant-based alternatives

This robust growth, translating to a CAGR of 10.1% is fueled by the numerous health benefits of plant-based dairy substitutes. Ranging from soy to almond, oat, and rice milk, these alternatives not only offer nutritional advantages like reduced cholesterol and enhanced cardiovascular health, they are also a boon for those with dairy intolerances and allergies.

Beyond traditional milk: The era of flavoured alternatives

The dairy alternatives landscape is characterised by its innovation and diversification. Moving beyond mere nutrition, these products now deliver functional benefits, enriched with essential nutrients such as vitamins, minerals, and antioxidants.

The rise of flavoured milk alternatives, which emulate the creamy consistency and taste of traditional dairy milk, caters to a diverse consumer base. From those with lactose intolerance and milk allergies to those making ethical dietary choices, the market is vast. Moreover, the industry is shifting towards products that are tasty yet low in sugar, with leading companies introducing unsweetened versions.

Europe’s transition: embracing dairy alternatives

Traditionally a stronghold for the conventional dairy industry, Europe is undergoing a noteworthy shift. Despite its dominant position as a major dairy exporter, there is a palpable growth in the plant-based alternatives sector. Driven by consumers’ health consciousness and environmental considerations, this change is evident.

Major industry players in the region are recognising this trend and are diversifying their dairy alternative offerings, ensuring that the market continues to evolve and cater to ever-changing consumer preferences.

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