The dairy alternatives market was valued at approximately ~USD 28 Billion in 2023 and is expected to grow at a strong CAGR of around 10% during the forecast period (2024-2032) owing to the rising demand for plant-based products.
Trends show that there has been a rise in the consumption of milk in North America in recent years because of many factors encompassing health, environment, and preference. Altogether, the future development of milk alternatives in North America is supported by health issues, ecological concerns, tendencies in food consumption, new developments, and the availability of dairy alternative products. They are likely to extend the current trend in the consumption of healthier, sustainable, and ethically produced foods in the future. Here's a detailed look at the trends and factors driving this growth:
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· Health and Wellness Trends: Many people are also usually lactose intolerant, a situation that greatly affects the consumption of products derived from milk and other related dairy products. This is because they cannot properly metabolize lactose, and so they use homemade products that will not trigger their sensitive stomachs. The drawbacks, such as dizziness caused by dairy products, have led to the development of a greater demand for other products for children and adults. Some of those consumers have the perception that milk and products derived from milk are unhealthful due to the low content of saturated fat and no cholesterol.
· Ecological and Ethical Issues: People have become sensitive to environmental concerns for the production of milk and related products like water intake, gas emissions and the area of land needed for this production since many have become vegetarians. Plant products and especially vegan food products are popular mainly due to the people's understanding of the rights and freedom of the animals that are being used to produce milk.
· Growing vegan and flexible population: Due to a change in consumer behavior where many individuals are embracing the vegan diet, many people are now opting for a more versatile diet hence the increase in demand for dairy products. Consumers also often stop consuming meat or only occasionally, which obliges cafes to saturate non-vegetarian products: milk without animal ingredients – almond, soy, and oat.
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In January 2024, U.S.-based MPearlRock acquired non-dairy creamer Nutpods from VMG Partners.
Fig: Recent Advancements in North America
In May 2023, Canada-based Above Foods merged with Bite Acquisition Corporation. Bite is expected to pay approximately USD 44 million in the proposed transaction, and Above Foods is set to become a public company on the New York Stock Exchange.
In January 2023, Canada-based Plant Veda, an award-winning dairy-alternative food manufacturer acquired Nora's Non-Dairy Ltd pursuant to the terms of a share purchase agreement.
Upright and Steady Climb: The dairy alternatives market in North America thrives due to the abovementioned factors. These factors collectively contribute to the region's enduring pair-up with dairy alternatives and its sustained growth in the market. Dairy alternatives have already made their mark in the consumer goods market. As this dynamic market continues to develop and grow, it provides hope for the global effort to create innovative consumer goods. The dairy alternatives domain is constantly innovating and redefining its innovative system from the ground up.
Conclusion:
The dairy alternatives market is still in its early stages due to the rapid development and expansion of the consumer goods industry. This indicates the ongoing efforts to modify the product portfolio of consumer goods globally, which are gradually changing the landscape. Furthermore, the increased product offerings in the sector further expand the market's potential. Despite its unique challenges, the world is progressing toward developing more innovative and user-friendly dairy alternatives. As this nascent market continues to grow and develop, it has the potential to contribute significantly to global efforts to combat many of the restraints associated with it. Despite the hurdles, the future of dairy alternatives is undeniably bright. A new dawn is breaking in the development of innovative products. There's no denying that this trend of the secondary market is transforming the consumer goods industry's outlook, bringing enormous varieties to the population worldwide. According to the UnivDatos analysis, the increasing lactose intolerant population and rising trend of vegan diets will drive the global scenario of the dairy alternatives market. As per their “Dairy Alternatives Market” report, the global market was valued at ~USD 28 billion in 2023, growing at a CAGR of about 10% during the forecast period from 2024 - 2032 to reach USD XX billion by 2032.
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