India Dairy Alternatives Market Size & Outlook, 2022-2030
India dairy alternatives market, 2017-2030 (US$M)
Related Markets
India dairy alternatives market highlights
- The India dairy alternatives market generated a revenue of USD 692.4 million in 2022 and is expected to reach USD 2,054.2 million by 2030.
- The India market is expected to grow at a CAGR of 14.6% 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 692.4 million |
| Market revenue in 2030 | USD 2,054.2 million |
| Growth rate | 14.6% (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, India accounted for 2.7% 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 40.01% in 2022. Horizon Databook has segmented the India dairy alternatives market based on soy, almond, coconut, rice, oats covering the revenue growth of each sub-segment from 2017 to 2030.
The increasing lactose intolerant population in India is encouraging Indian consumers to look for dairyfree products as an alternative to conventionally used dairy products, in turn boosting the growth of dairy alternative market over the forecast period.
Moreover, increasing rate of adoption of vegan diet among the Indian population coupled with the rising consumer awareness regarding the need to reduce animal cruelty is expected to further drive the growth of dairy alternatives market in the country in the coming years.
As per a new survey conducted by Pew Research Center, around 81% of Indian adults follow certain restrictions on incorporation of meat in their diet which includes avoiding meat consumption, avoiding meat consumption on certain days or both. Growing tendency of the Indian population to incorporate plant-based foods in their diet is expected to raise the demand for 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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India dairy alternatives market size, by source, 2017-2030 (US$M)
India Dairy Alternatives Market Outlook Share, 2022 & 2030 (US$M)
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