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The global dairy alternatives market is on an upward trajectory, poised to grow from $24.09 billion in 2022 to $27.6 billion in 2023, showcasing an impressive compound annual growth rate (CAGR) of 14.6%. Looking ahead, the market’s journey continues, with projections indicating a robust size of $45.16 billion in 2027, fueled by a sustained CAGR of 13.1%.

Lactose Woes Driving Change

1. Rising Cases of Lactose Intolerance: The dairy alternatives market is set to benefit from an upsurge in cases of lactose intolerance and milk allergies. Lactose intolerance, affecting more than 30 million people in America alone, creates a demand for alternatives due to symptoms like diarrhoea, gas, and bloating caused by the inability to digest lactose.
2. Contributing Factors: Congenital lactase deficiency, where the small intestine lacks the enzyme lactase, leads to undigested lactose moving to the large intestine, resulting in adverse symptoms. This scenario propels the demand for dairy alternatives, contributing to the market’s revenue growth.

Industry Titans: Key Players Shaping the Landscape
Major players influencing the dairy alternatives market include Tate & Lyle, CP Kelco Inc., SunOpta Inc., The Whitewaves Food Company, Organic Valley, The Hain Celestial Group, Blue Diamond Growers, Sunopta, and Archer Daniels Midland Company.

Innovative Wave: New Product Developments

1. Key Trend: New Product Innovation: The dairy alternative market is experiencing a wave of innovation as major players introduce novel products.
2. Nestlé’s Leap: Nestlé S.A, a multinational food and drink processing conglomerate, exemplifies this trend with the launch of Little Steps Plantygrow in June 2022. This plant-based growing-up drink caters to toddlers aged one to three, featuring essential nutrients such as iron, vitamins A, C, B2, B12, and iodine. The absence of additional carbohydrates and the addition of omega-3 and 6 make it a comprehensive choice for toddlers’ overall development.

Market Dynamics: Comprehensive Segmentation
The global dairy alternatives market unfolds through a detailed segmentation, offering insights into its multifaceted dimensions:

1. By Product Type:
   • Non-dairy Milk
   • Butter
   • Cheese
   • Yogurts
   • Ice cream
   • Other Product Types
2. By Source:
   • Almond
   • Soy
   • Oats
   • Hemp
   • Coconut
   • Rice
   • Other Sources
3. By Distribution Channel:
   • Supermarkets
   • Health Food stores
   • Pharmacies
   • Convenience Stores
   • Online stores
   • Other Distribution Channels

Regional Dominance: Asia-Pacific Leading the Charge
In 2022, Asia-Pacific emerged as the dominant region in the dairy alternatives market, reflecting the region’s substantial contribution to market dynamics.

Charting Tomorrow: Opportunities and Growth Trajectory
With a robust CAGR, increasing awareness about lactose intolerance, and a trend towards innovative product offerings, the dairy alternatives market presents a landscape teeming with opportunities. The convergence of health-conscious consumers and diverse dietary preferences positions the market as a hub for advancements that cater to evolving tastes and preferences.

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The Dairy Alternatives Global Market Report 2023  provides an overview of the dairy alternatives market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The dairy alternatives market forecast analyzes dairy alternatives market size, dairy alternatives market share, leading competitor and their market positions.

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