Canada Dairy Alternatives Market Size & Outlook, 2022-2030
Canada dairy alternatives market, 2017-2030 (US$M)
Related Markets
Canada dairy alternatives market highlights
- The Canada dairy alternatives market generated a revenue of USD 644.8 million in 2022 and is expected to reach USD 1,667.9 million by 2030.
- The Canada market is expected to grow at a CAGR of 12.6% from 2023 to 2030.
- In terms of segment, almond 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 644.8 million |
| Market revenue in 2030 | USD 1,667.9 million |
| Growth rate | 12.6% (CAGR from 2022 to 2030) |
| Largest segment | Almond |
| 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, Canada accounted for 2.5% 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 North America, U.S. dairy alternatives market is projected to lead the regional market in terms of revenue in 2030.
- Mexico is the fastest growing regional market in North America and is projected to reach USD 1,246.7 million by 2030.
Almond was the largest segment with a revenue share of 39.9% in 2022. Horizon Databook has segmented the Canada dairy alternatives market based on soy, almond, coconut, rice, oats covering the revenue growth of each sub-segment from 2017 to 2030.
In Canada, the commercial milk sales have been declining since 2004 on account of the mounting health concerns regarding dairy milk. The switch in plant-based alternatives is increasingly gaining popularity as more than 10% of the population consider themselves to be either vegan or vegetarian. Oat milk is the fastest growing milk category in Canada as the demand is rising by 500% since January 2019.
Although the demand for oat milk has grown exponentially, almond and soy milk remained the preferred choice of plant-based alternatives in Canada in the recent past. In Canada, soybean is mostly produced in Manitoba, Quebec, and Ontario. Increasing production of soybean in the country is expected to increase raw material availability for soymilk industry, thereby positively impacting the overall market growth.
Over 7 million people in the country suffer from lactose intolerance and are displaying increasing demand for lactose-free products with high nutritional value. As a result, the demand for dairy alternative products such as soymilk, coconut milk, and almond milk is expected to witness a substantial growth 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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Canada dairy alternatives market size, by source, 2017-2030 (US$M)
Canada Dairy Alternatives Market Outlook Share, 2022 & 2030 (US$M)
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