Latin America Dairy Alternatives Market Size & Outlook
Latin America dairy alternatives market, 2017-2030 (US$M)
Related Markets
Latin America dairy alternatives market highlights
- The Latin America dairy alternatives market generated a revenue of USD 1,513.7 million in 2022.
- The market is expected to grow at a CAGR of 12.7% 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, Brazil is expected to register the highest CAGR from 2023 to 2030.
Latin America data book summary
| Market revenue in 2022 | USD 1,513.7 million |
| Market revenue in 2030 | USD 3,947.5 million |
| Growth rate | 12.7% (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, Latin America region accounted for 5.8% 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 37.58% in 2022. Horizon Databook has segmented the Latin America dairy alternatives market based on soy, almond, coconut, rice, oats covering the revenue growth of each sub-segment from 2017 to 2030.
Growing health concerns and rising popularity of the nutritional benefits provided by the dairy alternatives in food and beverage applications are likely to fuel the market growth. The global decline in the consumption of dairy products is also likely to impact dairy consumption in the Central and South American markets.
Moreover, consumers in the region are expected to increasingly shift toward tasty and nutritious dairy alternative products in the coming years. Soymilk is a key product segment and is expected to dominate dairy alternatives market on account of the rising consumer demand for soy-based beverages in the region is expected to drive the market over the forecast period.
Factors such as lower fat content, zero cholesterol, and an increasing number of consumers with lactose intolerance are likely to drive the demand for soymilk in this region. In addition, increasing cases of lactose allergy and growth in application sectors are also expected to drive the market.
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Dairy Alternatives Market Scope
Dairy Alternatives Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America dairy alternatives market size, by country, 2017-2030 (US$M)
Latin America Dairy Alternatives Market Outlook Share, 2022 & 2030 (US$M)
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