The size of Latin America's dairy alternatives market is expected to be worth USD 1.26 billion in 2024 and grow at a CAGR of 17.70% from 2024 to 2029 to achieve USD 2.85 billion by 2029.
The market is showing great potential in the mentioned forecasting period. Food and beverages that are based on Dairy alternatives are prepared from dairy-free milk extracted from numerous plant-based sources. They are gradually being consumed by lactose-intolerant and vegan consumers. There is a wide range of food and beverages available in the market, prepared from milk, which in turn is derived from sources such as almonds, rice, soy, coconut, and others. Commonly consumed dairy alternative-based products are milk, butter, ice cream, cheese, soft drinks, energy drinks, and others.
Dairy alternatives have become a growing need for consumers who are allergic to conventional milk and milk products. Most of the customers select dairy alternatives because of intolerances or allergies to cow’s milk while others choose them for taste. Consumers allergic to dairy products are keenly looking for plant-based milk with huge amounts of nutrients, vitamins, and calcium with the same contentment as cow’s milk. Dairy milk was the healthiest food in the past, but increasing allergic consumers would decrease the demand for dairy products in the future.
The overall growth of dairy alternatives is driven by innovative product launches, online selling channels, a rising number of dairy-allergic customers, and attractive marketing and promotional strategies. In recent times, Brazil, Mexico, and Argentina have observed a high demand for dairy alternatives, mainly due to changes in lifestyle and eating patterns. Also, the number of lactose intolerant people is growing. This is powering the growth of the dairy alternatives market in this region. The major factor restraining the growth of the dairy alternatives market in the region is the high cost of dairy alternative products.
Latin America Dairy Alternatives Market By Type
Latin America Dairy Alternatives Market By Formulation
Latin America Dairy Alternatives Market By Application
Latin America Dairy Alternatives Market By Region
Major Key Players in the Latin America Dairy Alternatives Market are White Wave Foods Company, Freedom Foods Group Limited, Daiya Foods Inc, Archer Daniels Midland Company, Sanitarium Health & Wellbeing Company, Blue Diamond Growers, Nutriops S.L, SunOpta Inc, The Hain Celestial Group Inc, Earth’s Own Food Company, and Eden Foods, Inc
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