Plant-based Dairy Market

Plant-based Dairy Market By Product (Plant-based Milk, Plant-based Frozen Desserts, Plant-based Yogurt), By Nature (Organic, Conventional), By End Use (B2B Consumers, B2C Consumers), By Sales Channel & By Region - Global Market Report 2023-2033

Analysis of Plant-based Dairy Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Plant-based Dairy Market Outlook (2023-2033)

In 2023, worldwide sales of plant-based dairy products will account for a market value of US$ 12.4 billion and are predicted to reach US$ 34.9 billion by the end of 2033. This huge jump is the result of the global plant-based dairy market, forecasted to exhibit rapid expansion at a CAGR of 10.9% over the next ten years.

Adoption of veganism is a trend that has picked up tremendous impetus in recent years, and this is anticipated to be a prime factor influencing plant-based dairy demand in the future. The ballooning prevalence of lactose intolerance among adults and surging cases of dairy-related allergies among infants are also predicted to favour market development over the coming years.

Rising popularity of organic plant-based products, environmental concerns regarding dairy farming and production, increasing awareness regarding the benefits of a vegan plant-based diet, and rising availability of dairy alternatives in the global industry landscape are other factors that could influence plant-based dairy products consumption through 2033.

Ethical concerns among people regarding the consumption of animal-based products and growing awareness of animal cruelty are other factors that further boost the adoption of plant-based diets and thus increase market sales of plant-based dairy as well. Surging demand for clean-label products and increasing consumption of functional foods are other prospects that are anticipated to open up new avenues of opportunities for plant-based dairy manufacturers going forward. Plant-based cheese and plant-based milk are anticipated to witness robust demand throughout the forecast period.

However, the high prices of plant-based dairy products are expected to prove to be a major challenge for companies and a restraint for overall market expansion over the next ten years.

North America and Europe are anticipated to account for high shares of the global industry in terms of volume as well as revenue. High spending potential, increasing availability of plant-based products, changing dietary preferences, and growing health consciousness among people are some common factors that govern plant-based dairy demand in both of the aforementioned regions.

A comprehensive assessment of all regional and global trends affecting market development have been discussed in this updated plant-based dairy research survey by the skilled analysts at Fact.MR, a market research and competitive intelligence provider.

Report Attributes


Plant-based Dairy Market Size (2023)

US$ 12.4 Billion

Projected Market Value (2033F)

US$ 34.9 Billion

Global Market Growth Rate (2023-2033)

10.9% CAGR

United States Market Growth Rate (2023-2033)

10% CAGR

China Market Growth Rate (2023-2033)

13.5% CAGR

Almond Milk Segment Market Growth Rate (2023-2033)

14% CAGR

Key Companies Profiled

  • Arla Foods
  • Daiya Foods Inc.
  • Danone S.A.
  • General Mills
  • Saputo
  • Chobani
  • Earth's Own Food Company Inc.
  • Unilever
  • Bel Group
  • Kraft Heinz
  • Sanitarium Health and Wellbeing Company
  • Axiom Foods Inc.
  • Nestle
  • Muller
  • Sahmyook Foods
  • Lactalis

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How are New Plant-based Dairy Brands Remodeling the Marketplace?

“Start-ups Launching Novel Products with Different Flavors & Raising Capital to Drive Expansion”

Aspiring plant-based dairy companies are focusing on launching new products with different flavors and tastes to expand their product portfolio and maximize sales potential.

  • In November 2022, Green Rebel Foods, a start-up founded in 2020 and based in Indonesia, announced the launch of its products in the plant-based dairy category. The products include cheddar-style block cheese, egg-free mayonnaise, etc.
  • In December 2021, alt foods, an Indian plant-based dairy start-up, announced the launch of a first-of-its-kind plant-based milk made with sprouted finger millets, oats, sprouted sorghum, and amaranth. The product is available in 2 variants called “original milk” and "chocolate-flavored milk."

Upcoming plant-based dairy brands are also focusing on raising capital through financing and funding rounds that help them in their efforts to expand their business and marketing capabilities across a wider spectrum to compete with other companies.

  • In December 2022, MALK Organics, a provider of premium plant-based milk, raised around US$ 9 million in a Series B round led by Benvolio Group, amassing its total financing to US$ 17 million till-date. The company is expected to use this capital to expand its product range of oat milk, almond milk, etc.

Plant-based dairy market overview

Country-wise Insights

Why is the United States a Profitable Market for Plant-based Dairy Product Suppliers?

“Rising Incidence of Lactose Intolerance Creating Opportunistic Growth Scope”

The prevalence of lactose intolerance and dairy sensitivity in the population of the U.S. has increased in recent years and is expected to follow a similar upward trend over the coming years as well. A growing vegan population, increasing health consciousness, rising demand for organic and plant-based food products, and increasing availability of non-dairy milk and other dairy alternatives are prospects that could influence market potential in the country through 2033.

The United States is the largest market in the North American region at present and is slated to exhibit evolution at a prolific CAGR of 10% throughout the forecast period.

What Makes Japan & Korea Opportune Markets for Plant-based Dairy Producers?

“Globalization and Increasing Popularity of Veganism”

Consumer preferences and dietary trends in Japan, Korea, and other Asian countries have been largely influenced by globalization, and this trend is expected to prominently control plant-based dairy demand in the aforementioned countries.

Rising per capita disposable income, growing availability of non-dairy alternatives such as plant-based cheese, plant-based milk, etc., increasing adoption of veganism, and rising demand for organic products are other factors that could potentially change plant-based dairy sales outlook in Korea and Japan.

  • In March 2021, Marusan AI, a leading soymilk manufacturer in Japan launched Japan’s first locally produced oat milk. The new launch was added to the company’s existing line of plant-based milk product range.

Why are Plant-based Dairy Suppliers Focusing on Europe?

“Rapid Adoption of Veganism and Supportive Initiatives to Promote Plant-based Product Consumption”

Europe has been leading the charge on sustainability and has been astonishingly quick in implementing mandates to regulate emissions and reduce carbon footprint. Several people in European countries are adopting veganism and shifting their preference toward a completely plant-based diet, which is expected to significantly boost demand for plant-based dairy in the future.

The United Kingdom, France, Germany, Spain, and Italy are expected to be highly opportune markets over the coming years. An increasing number of non-dairy alternative launches and rising awareness of the benefits associated with plant-based diets are other aspects that sculpt plant-based dairy consumption trends in most European countries.

  • In August 2022, Lilk, a non-dairy milk manufacturer based in London, launched its products at Waitrose and Holland & Barrett stores across the United Kingdom. The company provides its signature plant-based milk in two varieties called Common Blend and Lush Blend.

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Category-wise Insights

Which Plant-based Dairy Product is Slated to Witness High Demand?

“Plant-based Milk to Lead Market Growth through 2033”

Based on product, the plant-based dairy market is segmented into plant-based milk, plant-based yogurt, plant-based cheese, plant-based creamers, plant-based frozen desserts, and plant-based butter.

Plant-based milk is anticipated to witness a robust hike in demand from the growing popularity and adoption of veganism across the world. Non-dairy milk is sourced from soy, almonds, cashews, oats, coconuts, etc. Almond milk demand is predicted to surge at an impressive CAGR of 14% over the next ten years. This robust growth can be attributed to its rising scope of application in desserts, cosmetics, and personal care products along with increasing awareness of the health benefits associated with almond milk consumption.

Plant-based cheese is another product that is expected to exhibit highly lucrative business opportunities over the next ten years. Plant-based cheese brands are focusing on launching new products to expand their business scope as plant-based cheese consumption rises at a 15% CAGR from 2023 to 2033.

Competitive Landscape

Leading plant-based dairy suppliers are raising capital and increasing their investments in the research and development of new technologies to maximize their growth potential.

  • In December 2022, NotCo, a food technology company, announced that it had raised US$ 70 million in a Series D1 funding round. The funding is expected to be used to promote innovation from other CPG brands through the use of NotCo’s patented AI technology called Giuseppe to accelerate development in the plant-based product industry.

Plant-based dairy brands are focusing on expanding their sales and revenue generation by launching novel products all over the world to meet increasing demand.

  • In November 2022, The Planting Hope Company, a start-up founded in 2020 that develops and launches innovative plant-based beverages, announced the launch of Hope and Sesame’s Sesame Milk for Canadian consumers. The product was made available in several grocery stores and on Amazon’s Canada website as well.
  • In July 2022, Danone, a French food company, announced the launch of the world’s first dairy and plant blend baby formula. The company launched this product in response to parents’ demand for flexitarian and vegetarian options for their toddlers.

Key Segments of Plant-based Dairy Industry Research

  • By Product :

    • Plant-based Milk (By Protein Source)
      • Almonds
      • Cashews
      • Coconuts
      • Hazelnuts
      • Oats
      • Rice
      • Soy
      • Flax
      • Hemp
      • Macadamia
      • Peanuts
      • Pistachios
      • Quinoa
      • Sesame
      • Others
    • Plant-based Frozen Desserts (By Protein Source)
      • Avocados
      • Oats
      • Cashews
      • Soy
      • Almonds
      • Coconuts
    • Plant-based Yogurt (By Protein Source)
      • Oats
      • Cashews
      • Soy
      • Almonds
      • Coconuts
      • Others
    • Plant-based Cheese (By Form)
      • Blocks & Wedges
      • Creams, Sauces, & Spreads
      • Shredded & Crated
      • Sliced
    • Plant-based Creamers (By Protein Source)
      • Soy
      • Coconuts
      • Almonds
      • Others
    • Plant-based Butter (By Form)
      • Sticks
      • Spread
  • By Nature :

    • Organic
    • Conventional
  • By End Use :

    • B2B Consumers
      • Bakery & Confectionery
      • Snacks & Savouries
      • Ready Meals
      • HoReCa
      • Other Food Products
    • B2C Consumers
      • Households
      • HoReCa
  • By Sales Channel :

    • Retail Channels
      • Hypermarkets & Supermarkets
      • Convenience Stores
      • Independent Grocery Stores
      • Specialty Stores
      • Online Retailers
    • Direct Channels
  • By Region :

    • North America
    • Latin America
    • Europe
    • APAC
    • MEA

- FAQs -

How big is the plant-based dairy market?

At present, the global plant-based dairy market stands at US$ 12.4 billion.

What is the projected market value for 2033?

Consumption of plant-based dairy is predicted to reach US$ 34.9 billion by 2033-end.

At what pace will the sales of plant-based dairy products rise?

Plant-based dairy demand is estimated to rise at a stellar 10.9% CAGR over the next ten years.

Which plant-based milk sells the most?

Almond milk is expected to witness robust sales throughout the forecast period.

What is the most popular dairy-free milk?

Soy milk is the most popular non-dairy milk across the world.

- Also of Interest -

Functional Dairy Ingredients Market

Functional Dairy Ingredients Market Analysis By Nature (Organic, Conventional), By Type (Proteins & Amino Acids, Oils & Fatty Acids, Carotenoids), By Source (Animal-based, Plant-based), By End Use (Whole Milk, Confectionery, Yogurt), By Region - Global Insights 2022 - 2032

Plant Protein Ingredient Market

Plant Protein Ingredient Market Study by Soy, Wheat, Pea, Rice, and Potato Protein for Sports, Clinical, and Infant Nutrition; Bakery & Confectionary; and Fortified Food & Beverages from 2024 to 2034

Probiotic Dairy Products Market

Probiotic Dairy Products Market Analysis by Type (Fermented Milk, Cheese, Yogurt, Acidophilus Milk, Yakult, Acidophilus Buttermilk, Kefir), by End-use industry, by Application, by Region - Global Forecast 2020-2030

Plant-based Cheese Market

Plant-based Cheese Market Analysis By Source (Soy, Coconuts, Cashews, Almonds), By Form (Blocks & Wedges, Slices, Spreads, Shreds), By Buyer Type (Households, HoReCa, Food Processors), By Sales Channel (Retail Sales, Direct Sales) - Global Market Insights 2023 to 2033

Plant-based Dairy Market