North America Dairy Alternatives Market Forecast to 2028 – COVID

North America Dairy Alternatives Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Source (Soy, Almond, Coconut, Oats, and Others), Product Type (Milk, Ice Cream, Yogurt, Cheese, and Others), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)

Report Code : BMIRE00026303 | Region : North America | Industry : Food and Beverages | Published Date : 26/Sep/2022

The North America dairy alternatives market is expected to grow from US$ 6,447.99 million in 2022 to US$ 11,230.14 million by 2028. It is estimated to grow at a CAGR of 9.7% from 2022 to 2028.

Lactose intolerance is defined as the reduced ability of the human body to digest lactose. The prevalence of lactose intolerance or malabsorption is high across the region due to a lack of genetic mutation for digesting lactose. People with lactose intolerance are recommended to have a lactose-free diet to avoid allergies and digestive problems such as diarrhea, abdominal bloating, and nausea. Moreover, people allergic to milk are also recommended to consume plant-based dairy products. Therefore, such people are searching for alternatives that are easy to digest and fulfill their daily nutritional needs. Dairy alternatives or dairy-free products are made from almond milk, soymilk, and coconut milk, free from lactose.

Moreover, plant-based dairy products have similar texture, creaminess, and consistency to conventional dairy products. Moreover, plant-based dairy products are fortified with nutrients, such as protein and calcium, that meet the daily nutrient requirements of consumers. Thus, the increasing prevalence of lactose intolerance and milk allergies among consumers is driving the regional dairy alternatives market.

Vendors can attract new customers and expand their footprints in emerging markets with new features and technologies. This factor is likely to drive the North America dairy alternatives market at a good CAGR during the forecast period.

North America Dairy Alternatives Market Revenue and Forecast to 2028 (US$ Million)

North America Dairy Alternatives Market Segmentation

The North America dairy alternatives market is segmented based on source, product type, distribution channel, and country. Based on product type, the market is segmented into milk, ice cream, yogurt, cheese, and others. The milk segment dominated the market in 2022.

Based on source, the market is segmented into soy, almond, coconut, oats, and others. The almond segment dominated the market in 2022. Based on distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment dominated the market in 2022. Based on country, the market is segmented into the US, Canada, and Mexico. The US dominated the market in 2022. Blue Diamond Growers; Califia Farms, LLC; Danone S.A.; Nestlé S.A.; Oatly Inc.; SunOpta; Valio Ltd; and Valsoia S.p.A. are among the leading companies in the North America dairy alternatives market.

At 9.7% CAGR, the North America Dairy Alternatives Market is speculated to be worth US$ 11,230.14 million by 2028, says The Insight Partners

According to The Insight Partners’ research, the North America dairy alternatives market was valued at US$ 6,447.99 million in 2022 and is expected to reach US$ 11,230.14 million by 2028, registering an annual growth rate of 9.7% from 2022 to 2028. Rising trend of veganism and increasing prevalence of lactose intolerance are the critical factors attributed to the market expansion.

The vegan population has grown significantly over the past few years. According to Veganuary (a non-profit organization that encourages individuals to go vegan for the entire month of January), in 2022, more than 620,000 people registered for the Veganuary campaign, and the registrations increased by 200% in the last 3 years. People are increasingly switching to a vegan diet due to increased health and sustainability concerns. The livestock industry is one of the significant contributors to the total anthropogenic greenhouse gas emissions. The dairy sector is responsible for 30% of the total livestock emissions. Many studies have shown that shifting to a vegan diet can significantly lower carbon dioxide emissions. Moreover, many organizations believe that veganism can help save the planet from the climate crisis. The awareness regarding the harmful effects of the livestock industry on the environment is increasing among consumers. The consumption of plant-based dairy products helps minimize carbon footprints, save water and other natural resources, and reduce the overall environmental impacts. Therefore, the consumers are rapidly switching to plant-based dairy and meat products. This factor is significantly driving the dairy alternatives market. Further, consumers are highly inclined toward plant-based or vegan-friendly products due to increased health concerns and increased awareness of animal welfare. The rising health consciousness among people due to the increasing prevalence of obesity, diabetes, and other diseases is compelling people to change their dietary habits. People generally perceive plant-based products to be healthier than conventional ones. Thus, health-conscious consumers rapidly substitute conventional, animal-based products with plant-based food. This factor is significantly boosting the dairy alternatives market.

On the contrary, high product price hurdles the growth of North America dairy alternatives market.

Based on product type, the North America dairy alternatives market is segmented into milk, ice cream, yogurt, cheese, and others. The milk segment held 54.0% market share in 2022, amassing US$ 3,484.71 million. It is projected to garner US$ 5,989.00 million by 2028 to expand at 9.4% CAGR during 2022–2028.

Based on source, the North America dairy alternatives market is segmented into soy, almond, coconut, oats, and others. The almond segment held 57.7% market share in 2022, amassing US$ 3,723.63 million. It is projected to garner US$ 6,529.12 million by 2028 to expand at 9.8% CAGR during 2022–2028.

Based on distribution channel, the the North America dairy alternatives market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment held 52.2% market share in 2022, amassing US$ 3,363.74 million. It is projected to garner US$ 5,793.43 million by 2028 to expand at 9.5% CAGR during 2022–2028.

Based on country, the North America dairy alternatives market has been categorised into the US, Canada, and Mexico. Our regional analysis states that the US captured 80.2% market share in 2022. It was assessed at US$ 5,171.29 million in 2022 and is likely to hit US$ 8,896.52 million by 2028, exhibiting a CAGR of 9.5% during the forecast period.

Key players dominating the North America dairy alternatives market are Blue Diamond Growers; Califia Farms, LLC; Danone S.A.; Nestlé SA; Oatly Inc.; SunOpta; Valio Ltd; and Valsoia S.p.A. among others.

• In 2021, Blue Diamond Growers introduces new, delicious ‘Almond Breeze’ extra creamy almondmilk for a perfect plant-based swap for whole dairy milk.

• In 2021, Danone S.A. North America launched Silk NextMilk and So Delicious WonderMilk

TABLE OF CONTENTS

1. Introduction

1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Scope of the Study

3.2 Research Methodology

3.2.1 Data Collection:

3.2.2 Primary Interviews:

3.2.3 Hypothesis Formulation:

3.2.4 Macro-economic Factor Analysis:

3.2.5 Developing Base Number:

3.2.6 Data Triangulation:

3.2.7 Country Level Data:

4. North America Dairy Alternatives Market Landscape

4.1 Market Overview

4.2 Porter's Five Forces Analysis

4.2.1 Bargaining Power of Suppliers

4.2.2 Bargaining Power of Buyers

4.2.3 Threat of New Entrants

4.2.4 Competitive Rivalry

4.2.5 Threat of Substitutes

4.3 Expert Opinion

5. North America Dairy Alternatives Market – Key Market Dynamics

5.1 Market Drivers

5.1.1 Growing Trend of Veganism

5.1.2 Surging Prevalence of Lactose Intolerance

5.2 Market Restraints

5.2.1 High Product Price

5.3 Market Opportunities

5.3.1 Product Innovation

5.4 Future Trends

5.4.1 Surging Demand for Functional Dairy Alternatives

5.5 Impact Analysis of Drivers and Restraints

6. Dairy Alternatives Market – North America Analysis

6.1 North America Dairy Alternatives Market –Revenue and Forecast to 2028 (US$ Million)

7. North America Dairy Alternatives Market Analysis – By Source

7.1 Overview

7.2 North America Dairy Alternatives Market, By Source (2021 and 2028)

7.3 Soy

7.3.1 Overview

7.3.2 Soy: Dairy Alternatives Market – Revenue and Forecast to 2028 (US$ Million)

7.4 Almond

7.4.1 Overview

7.4.2 Almond: Dairy Alternatives Market – Revenue and Forecast to 2028 (US$ Million)

7.5 Coconut

7.5.1 Overview

7.5.2 Coconut: Dairy Alternatives Market – Revenue and Forecast to 2028 (US$ Million)

7.6 Oats

7.6.1 Overview

7.6.2 Oats: Dairy Alternatives Market – Revenue and Forecast to 2028 (US$ Million)

7.7 Others

7.7.1 Overview

7.7.2 Others: Dairy Alternatives Market – Revenue and Forecast to 2028 (US$ Million)

8. North America Dairy Alternatives Market Analysis – By Product Type

8.1 Overview

8.2 North America Dairy Alternatives Market, By Product Type (2021 and 2028)

8.3 Milk

8.3.1 Overview

8.3.2 Milk: Dairy Alternatives Market– Revenue and Forecast to 2028 (US$ Million)

8.4 Ice Cream

8.4.1 Overview

8.4.2 Ice Cream: Dairy Alternatives Market– Revenue and Forecast to 2028 (US$ Million)

8.5 Yogurt

8.5.1 Overview

8.5.2 Yogurt: Dairy Alternatives Market– Revenue and Forecast to 2028 (US$ Million)

8.6 Cheese

8.6.1 Overview

8.6.2 Cheese: Dairy Alternatives Market– Revenue and Forecast to 2028 (US$ Million)

8.7 Others

8.7.1 Overview

8.7.2 Others: Dairy Alternatives Market– Revenue and Forecast to 2028 (US$ Million)

9. North America Dairy Alternatives Market Analysis – By Distribution Channel

9.1 Overview

9.2 North America Dairy Alternatives Market, By Distribution Channel (2021 and 2028)

9.3 Supermarkets & Hypermarkets

9.3.1 Overview

9.3.2 Supermarkets & Hypermarkets: Dairy Alternatives Market– Revenue and Forecast to 2028 (US$ Million)

9.4 Convenience Stores

9.4.1 Overview

9.4.2 Convenience Stores: Dairy Alternatives Market– Revenue and Forecast to 2028 (US$ Million)

9.5 Online Retail

9.5.1 Overview

9.5.2 Online Retail: Dairy Alternatives Market– Revenue and Forecast to 2028 (US$ Million)

9.6 Others

9.6.1 Overview

9.6.2 Others: Dairy Alternatives Market– Revenue and Forecast to 2028 (US$ Million)

10. North America Dairy Alternatives Market – Country Analysis

10.1 Overview

10.1.1 North America: Dairy Alternatives Market, by Key Country

10.1.1.1 US: Dairy Alternatives Market – Revenue and Forecast to 2028 (US$ Million)

10.1.1.1.1 US: Dairy Alternatives Market, By Product Type

10.1.1.1.2 US: Dairy Alternatives Market, by Source

10.1.1.1.3 US: Dairy Alternatives Market, by Distribution Channel

10.1.1.2 Canada: Dairy Alternatives Market – Revenue and Forecast to 2028 (US$ Million)

10.1.1.2.1 Canada: Dairy Alternatives Market, By Product Type

10.1.1.2.2 Canada: Dairy Alternatives Market, by Source

10.1.1.2.3 Canada: Dairy Alternatives Market, by Distribution Channel

10.1.1.3 Mexico: Dairy Alternatives Market – Revenue and Forecast to 2028 (US$ Million)

10.1.1.3.1 Mexico: Dairy Alternatives Market, By Product Type

10.1.1.3.2 Mexico: Dairy Alternatives Market, by Source

10.1.1.3.3 Mexico: Dairy Alternatives Market, by Distribution Channel

11. Industry Landscape

11.1 Overview

11.2 Market Initiative

11.3 New Product Development

12. Company Profiles

12.1 SunOpta

12.1.1 Key Facts

12.1.2 Business Description

12.1.3 Products and Services

12.1.4 Financial Overview

12.1.5 SWOT Analysis

12.1.6 Key Developments

12.2 Blue Diamond Growers

12.2.1 Key Facts

12.2.2 Business Description

12.2.3 Products and Services

12.2.4 Financial Overview

12.2.5 SWOT Analysis

12.2.6 Key Developments

12.3 Nestlé SA

12.3.1 Key Facts

12.3.2 Business Description

12.3.3 Products and Services

12.3.4 Financial Overview

12.3.5 SWOT Analysis

12.3.6 Key Developments

12.4 Danone S.A.

12.4.1 Key Facts

12.4.2 Business Description

12.4.3 Products and Services

12.4.4 Financial Overview

12.4.5 SWOT Analysis

12.4.6 Key Developments

12.5 Oatly Inc.

12.5.1 Key Facts

12.5.2 Business Description

12.5.3 Products and Services

12.5.4 Financial Overview

12.5.5 SWOT Analysis

12.5.6 Key Developments

12.6 Califia Farms, LLC

12.6.1 Key Facts

12.6.2 Business Description

12.6.3 Products and Services

12.6.4 Financial Overview

12.6.5 SWOT Analysis

12.6.6 Key Developments

12.7 Valsoia S.p.A.

12.7.1 Key Facts

12.7.2 Business Description

12.7.3 Products and Services

12.7.4 Financial Overview

12.7.5 SWOT Analysis

12.7.6 Key Developments

12.8 Valio Ltd

12.8.1 Key Facts

12.8.2 Business Description

12.8.3 Products and Services

12.8.4 Financial Overview

12.8.5 SWOT Analysis

12.8.6 Key Developments

13. Appendix

13.1 About The Insight Partners

13.2 Word Index

LIST OF TABLES.

Table 1.             North America Dairy Alternatives Market –Revenue and Forecast to 2028 (US$ Million)

Table 2.             US Dairy Alternatives Market, Product Type – Revenue and Forecast to 2028 (US$ Million)

Table 3.             US Dairy Alternatives Market, by Source – Revenue and Forecast to 2028 (US$ Million)

Table 4.             US Dairy Alternatives Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Million)

Table 5.             Canada Dairy Alternatives Market, By Product Type – Revenue and Forecast to 2028 (US$ Million)

Table 6.             Canada Dairy Alternatives Market, by Source – Revenue and Forecast to 2028 (US$ Million)

Table 7.             Canada Dairy Alternatives Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Million)

Table 8.             Mexico Dairy Alternatives Market, By Product Type – Revenue and Forecast to 2028 (US$ Million)

Table 9.             Mexico Dairy Alternatives Market, by Source – Revenue and Forecast to 2028 (US$ Million)

Table 10.          Mexico Dairy Alternatives Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Million)

Table 11.          List of Abbreviation

LIST OF FIGURES.

Figure 1.           North America Dairy Alternatives Market Segmentation

Figure 2.           North America Dairy Alternatives Market Segmentation – By Country

Figure 3.           North America Dairy Alternatives Market Overview

Figure 4.           North America Dairy Alternatives Market: By Product Type

Figure 5.           North America Dairy Alternatives Market: By Country

Figure 6.           Porter's Five Forces Analysis

Figure 7.           Expert Opinion

Figure 8.           North America Dairy Alternatives Market Impact Analysis of Drivers and Restraints

Figure 9.           North America: Dairy Alternatives Market – Revenue and Forecast to 2028 (US$ Million)

Figure 10.        North America Dairy Alternatives Market Revenue Share, By Source (2021 and 2028)

Figure 11.        North America Soy: Dairy Alternatives Market – Revenue and Forecast To 2028 (US$ Million)

Figure 12.        North America Almond: Dairy Alternatives Market – Revenue and Forecast To 2028 (US$ Million)

Figure 13.        North America Coconut: Dairy Alternatives Market – Revenue and Forecast To 2028 (US$ Million)

Figure 14.        North America Oats: Dairy Alternatives Market – Revenue and Forecast To 2028 (US$ Million)

Figure 15.        North America Others: Dairy Alternatives Market – Revenue and Forecast To 2028 (US$ Million)

Figure 16.        North America Dairy Alternatives Market Revenue Share, By Product Type (2021 and 2028)

Figure 17.        North America Milk: Dairy Alternatives Market– Revenue and Forecast To 2028 (US$ Million)

Figure 18.        North America Ice Cream: Dairy Alternatives Market– Revenue and Forecast To 2028 (US$ Million)

Figure 19.        North America Yogurt: Dairy Alternatives Market– Revenue and Forecast To 2028 (US$ Million)

Figure 20.        North America Cheese: Dairy Alternatives Market– Revenue and Forecast To 2028 (US$ Million)

Figure 21.        North America Others: Dairy Alternatives Market– Revenue and Forecast To 2028 (US$ Million)

Figure 22.        North America Dairy Alternatives Market Revenue Share, By Distribution Channel (2021 and 2028)

Figure 23.        North America Supermarkets & Hypermarkets: Dairy Alternatives Market– Revenue and Forecast To 2028 (US$ Million)

Figure 24.        North America Convenience Stores: Dairy Alternatives Market– Revenue and Forecast To 2028 (US$ Million)

Figure 25.        North America Online Retail: Dairy Alternatives Market– Revenue and Forecast To 2028 (US$ Million)

Figure 26.        North America Others: Dairy Alternatives Market– Revenue and Forecast To 2028 (US$ Million)

Figure 27.        North America: Dairy Alternatives Market, by Key Country – Revenue (2021) (US$ Million)

Figure 28.        North America: Dairy Alternatives Market Revenue Share, by Key Country (2021 and 2028)

Figure 29.        US: Dairy Alternatives Market – Revenue and Forecast to 2028 (US$ Million)

Figure 30.        Canada: Dairy Alternatives Market – Revenue and Forecast to 2028 (US$ Million)

Figure 31.        Mexico: Dairy Alternatives Market – Revenue and Forecast to 2028 (US$ Million)

The List of Companies - North America Dairy Alternatives Market

● Blue Diamond Growers

● Califia Farms, LLC

● Danone S.A.

● Nestlé SA

● Oatly Inc.

● SunOpta

● Valio Ltd  

● Valsoia S.p.A.

● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America dairy alternatives market.

● Highlights key business priorities in order to assist companies to realign their business strategies

● The key findings and recommendations highlight crucial progressive industry trends in the North America dairy alternatives market, thereby allowing players across the value chain to develop effective long-term strategies

● Develop/modify business expansion plans by using substantial growth offering developed and emerging markets

● Scrutinize in-depth North America market trends and outlook coupled with the factors driving the dairy alternatives market, as well as those hindering it

● Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

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