Australia Dairy Alternatives Market Size & Outlook
Australia dairy alternatives market, 2017-2030 (US$M)
Related Markets
Australia dairy alternatives market highlights
- The Australia dairy alternatives market generated a revenue of USD 457.3 million in 2022 and is expected to reach USD 1,213.4 million by 2030.
- The Australia market is expected to grow at a CAGR of 13% 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.
Dairy alternatives market data book summary
| Market revenue in 2022 | USD 457.3 million |
| Market revenue in 2030 | USD 1,213.4 million |
| Growth rate | 13% (CAGR from 2022 to 2030) |
| Largest segment | Soy |
| Fastest growing segment | Almond |
| Historical data | 2017 - 2021 |
| Base year | 2022 |
| Forecast period | 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, Australia accounted for 1.8% of the global dairy alternatives market in 2022.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China dairy alternatives market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 2,054.2 million by 2030.
Soy was the largest segment with a revenue share of 35.82% in 2022. Horizon Databook has segmented the Australia dairy alternatives market based on soy, almond, coconut, rice, oats covering the revenue growth of each sub-segment from 2017 to 2030.
High consumption of dairy alternatives in food & beverage applications on account of associated health benefits is projected to drive the market growth. Increasing demand for healthy food products having low-fat content and high levels of protein, essential minerals, and iron is expected to propel the market growth over the forecast period.
Increasing health awareness among consumers as well as the use of dairy alternative products such as soy, almond, quinoa, and rice milk in coffee shops of urban areas is likely to propel the market growth over the next eight years. The consumption of dairy alternatives over milk products in food and beverage applications is witnessing an increase among consumers owing to their associated health benefits.
The milk allergic as well as non-allergic consumers are increasingly consuming dairy alternative food and beverages such as soy, oat, rice, and almond-based drinks. This, in turn, it is likely to propel the demand for dairy-free products 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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Australia dairy alternatives market size, by source, 2017-2030 (US$M)
Australia Dairy Alternatives Market Outlook Share, 2022 & 2030 (US$M)
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