Butterfly Equity Acquired Milk Specialties Global: A Defining Factor in the Milk Substitutes (Non dairy milk) Market’s Growth Trajectory

 

How large is the milk substitutes (non dairy milk) market, and what is its growth trajectory?

The milk substitutes (non dairy milk) market size has grown rapidly in recent years. It will grow from $39.15 billion in 2024 to $44.77 billion in 2025 at a compound annual growth rate (CAGR) of 14.4%.  The growth in the historic period can be attributed to health and wellness trends, lactose intolerance awareness, vegan and plant-based lifestyle, diversity of product offerings, environmental and ethical concerns.

The milk substitutes (non dairy milk) market size is expected to see rapid growth in the next few years. It will grow to $78.96 billion in 2029 at a compound annual growth rate (CAGR) of 15.2%.  The growth in the forecast period can be attributed to rising demand for plant-based protein, innovations in product formulations, expansion of distribution channels, culinary applications and food trends, governmental support and regulations. Major trends in the forecast period include rise of blended and functional varieties, customization and personalization, expansion of distribution channels, health and wellness positioning, rising demand for barista-grade varieties.

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What key drivers have fueled the milk substitutes (non dairy milk) market’s development over the years?

The increasing consumer's preference for vegan food is driving the milk substitute market. Consumers are increasingly becoming aware of animal abuse at dairy farms and are avoiding animal-based products. Vegan milk is cholesterol-free, rich in vitamin D and proteins and provides more calcium than animal milk. For instance, in May 2023, according to the report published by the Plant Based Foods Association, a US-based food and beverage organization, in 2022, the plant-based food sales achieved 6.6% sales growth, up from 5.9% in 2021, with a 10% rise in average retail prices. Thus, the rising consumer's preference for vegan food is driving the milk substitute market going forward.

What is the segmentation for the milk substitutes (non dairy milk) market?
The milk substitutes (non dairy milk) market covered in this report is segmented –

1) By Type: Soy Milk, Almond Milk, Rice Milk, Other Types
2) By Formulation: Plain-Sweetened, Plain-Unsweetened, Flavored-Sweetened, Other Formulations
3) By Distribution Channel: Super markets, Hyper markets, Convenience Stores, Specialty Stores, Online Retail Stores, Other Distribution Channels
4) By Application: Food, Beverages

Subsegments:
1) By Soy Milk: Unsweetened Soy Milk, Sweetened Soy Milk, Flavored Soy Milk
2) By Almond Milk: Unsweetened Almond Milk, Sweetened Almond Milk, Flavored Almond Milk
3) By Rice Milk: Original Rice Milk, Flavored Rice Milk, Organic Rice Milk
4) By Other Types: Coconut Milk, Oat Milk, Hemp Milk, Cashew Milk, Pea Milk

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Who are the most influential companies in the milk substitutes (non dairy milk) market?

Major companies operating in the milk substitutes (non dairy milk) market include  Archer Daniels Midland Company, Nutriops S.L., Hain Celestial Group Inc., Blue Diamond Growers Inc., Organic Valley Cooperative, SunOpta Inc., Chobani LLC, Vitasoy International Holdings Limited, Oatly AB, Freedom Foods Group Limited, Sanitarium Health and Wellbeing Company, Valsoia S.p.A., Califia Farms LLC, Eden Foods Inc., Earth's Own Food Company, Daiya Foods Inc., Ripple Foods Inc., Miyoko's Creamery, Mariani Nut Co. Inc., NadaMoo! LLC, Triballat Noyal SAS, Malk Organics Inc., Good Karma Foods LLC, Elmhurst 1920 Inc., Pacific Foods of Oregon LLC, Silk North America LLC, So Delicious Dairy Free, Alpro (UK) Limited, Coconut Dream Inc., Dream Products LLC, Forager Project LLC, Happy Planet Foods Inc., Kite Hill Foods LLC, Milkadamia Inc., Mooala Brands LLC, Nutpods LLC, Rude Health Inc., Sproud Limited

What are the top industry trends projected to impact the milk substitutes (non dairy milk) market?

In December 2022, Butterfly Equity, a US-based private food company acquired Milk Specialties Global for an undisclosed amount. This acquisition broadens, diversifies, and enriches Butterfly’s product portfolio by adding science-based nutritional dairy products and dairy protein ingredients, including milk non dairy products. Milk Specialties Global is a US-based manufacturer of milk replacer.

What are the major regional insights for the milk substitutes (non dairy milk) market, and which region holds the top position?

The countries covered in the milk substitutes (non dairy milk) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

What Does The Milk Substitutes (Non dairy milk) Market Report 2025 Offer?

The milk substitutes (non dairy milk) market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.

The milk substitutes (non-dairy milk) market refers to a segment of the food industry that offers alternatives to traditional dairy milk, derived from plant sources such as almonds, soy, and oats. The milk substitutes (non-dairy milk) market is used to provide lactose-free and vegan alternatives for those with dietary restrictions or preferences.

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