Asia Pacific Dairy Alternatives Market Size & Outlook
Asia Pacific dairy alternatives market, 2017-2030 (US$M)
Related Markets
Asia Pacific dairy alternatives market highlights
- The Asia Pacific dairy alternatives market generated a revenue of USD 11,755.4 million in 2022.
- The market is expected to grow at a CAGR of 13.3% from 2023 to 2030.
- In terms of segment, soy was the largest revenue generating source in 2022.
- Almond is the most lucrative source segment registering the fastest growth during the forecast period.
- Country-wise, India is expected to register the highest CAGR from 2023 to 2030.
Asia Pacific data book summary
| Market revenue in 2022 | USD 11,755.4 million |
| Market revenue in 2030 | USD 31,847.7 million |
| Growth rate | 13.3% (CAGR from 2022 to 2030) |
| Largest segment | Soy |
| Fastest growing segment | Almond |
| Historical data covered | 2017 - 2021 |
| Base year for estimation | 2022 |
| Forecast period covered | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Soy, Almond, Coconut, Rice, Oats |
| Key market players worldwide | Archer-Daniels Midland Co, Danone SA, The Hain Celestial Group Inc, Otsuka Pharmaceutical, SunOpta Inc, Oatly Group AB ADR, Blue Diamond Growers, CP Kelco, Vitasoy International Holdings Ltd, Eden Foods, Earth's Own, Freedom Foods Group, Organic Valley, Living Harvest Foods |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 45.2% of the global dairy alternatives market in 2022.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 31,847.7 million by 2030.
Soy was the largest segment with a revenue share of 40.31% in 2022. Horizon Databook has segmented the Asia Pacific dairy alternatives market based on soy, almond, coconut, rice, oats covering the revenue growth of each sub-segment from 2017 to 2030.
Increasing consumer awareness regarding health and nutrition coupled with rising rate of lactose intolerance among the population of Asia Pacific is encouraging the consumption of plant-based milk products in the region since the past few years. Moreover, increasing new product developments in the area of dairy alternatives is likely to further boost market growth in the region in the coming years.
Almond-based dairy alternatives are gaining traction in Asia Pacific over the past few years owing to the numerous health benefits offered by almonds such as ability to lower blood sugar levels, cholesterol and blood pressure, among others.
Moreover, concerns pertaining to environmental damage caused due to deforestation, soil erosion and increased greenhouse gas emissions during soy cultivation is likely to provide opportunities for the use of alternate sources such as almonds for formulating dairy alternatives over the forecast period.
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Dairy Alternatives Market Scope
Dairy Alternatives Market Companies
| Name | Profile | # Employees | HQ | Website |
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Asia Pacific dairy alternatives market size, by country, 2017-2030 (US$M)
Asia Pacific Dairy Alternatives Market Outlook Share, 2022 & 2030 (US$M)
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