China Dairy Alternatives Market Size & Outlook, 2022-2030
China dairy alternatives market, 2017-2030 (US$M)
Related Markets
China dairy alternatives market highlights
- The China dairy alternatives market generated a revenue of USD 4,670.4 million in 2022 and is expected to reach USD 12,933.4 million by 2030.
- The China market is expected to grow at a CAGR of 13.6% 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 4,670.4 million |
| Market revenue in 2030 | USD 12,933.4 million |
| Growth rate | 13.6% (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, China accounted for 18.0% 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 40.2% in 2022. Horizon Databook has segmented the China dairy alternatives market based on soy, almond, coconut, rice, oats covering the revenue growth of each sub-segment from 2017 to 2030.
According to China CDC data, more than 90% of Asians have lactose deficiency. In addition, the usage of vegan labeling claims on packages increased by 440% in the last few years. The demand for plantbased foods remained intact in the initial phases of coronavirus pandemic on account of their high shelf life and nutritional content in comparison to cow milk.
However, lockdowns across the country, shutdowns of restaurant chains, hypermarkets/supermarkets and factories in Wuhan along with supply chain issues resulted in food shortage which restricted the growth of dairy alternatives in the Q1 of 2020. The decrease in the number of COVID-19 cases and an increase in the supply of essential products in other countries is expected to boost the market growth over the forecast period.
China is one of the key markets for dairy alternatives in the region and has dominated the dairy alternatives market for the past few years. It is expected to grow at a significant rate owing to rising demand for plant-based products. Parents are increasingly focusing on infant nutrition and the quality of milk formula owing to a spate of food safety scandals.
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Dairy Alternatives Market Scope
Dairy Alternatives Market Companies
| Name | Profile | # Employees | HQ | Website |
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China dairy alternatives market size, by source, 2017-2030 (US$M)
China Dairy Alternatives Market Outlook Share, 2022 & 2030 (US$M)
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