In this piece, we are going to look at the 10 Best Alternatives To Dairy Milk. If you want to skip our discussion on the dairy alternative milk market dynamics, you can go directly to 5 Best Alternatives To Dairy Milk.
The Dairy Alternatives Milk Market refers to the segment of the food industry that specializes in producing and offering plant-based alternatives to traditional dairy products. These alternatives, derived from ingredients such as soy, almonds, oats, coconut, rice, hemp, and peas, are gaining popularity in response to various factors like health and environmental awareness, lactose intolerance and milk allergies, ethical concerns related to animal welfare, and changing dietary patterns like veganism and vegetarianism.
In American homes, Milk is a common choice, where a majority of consumers have bought either dairy or plant-based milk in the past couple of years. Plant-based milk has gained popularity due to health, sustainability, and animal welfare concerns, posing a challenge to traditional dairy milk. Despite this, both dairy and non-dairy milk continue to be popular choices among consumers for a variety of reasons.
The market size for dairy alternatives milk globally is expected to reach USD 27.0 billion in 2023 and is projected to grow to USD 43.6 billion by 2028, with a compound annual growth rate (CAGR) of 10.1% during that period. In recent years, the market for dairy alternatives milk has experienced significant growth, mainly driven by the increasing demand for plant-based options due to health, environmental, and ethical considerations. This trend is especially noticeable among younger consumers who are actively choosing plant-based alternatives over traditional dairy products. Moreover, the market has seen a notable expansion in the variety of dairy alternative products offered to consumers. Beyond traditional options like soy and almond-based products, innovative choices such as oat milk, pea protein-based items, coconut milk yogurt, and cashew cheese have emerged to cater to different dietary preferences and address concerns related to food allergies.
With this, let’s also look at some of the players in the Dairy alternatives milk market. Namely, we are going to discuss Unilever PLC (NYSE:UL), Oatly Group AB (NASDAQGS:OTLY) and The Hain Celestial Group, Inc. (NASDAQGS:HAIN), before we jump on to our list of 10 Best Alternatives To Dairy Milk.
Unilever PLC (NYSE:UL)
Unilever PLC is recognized as a fast-moving consumer goods company, with operations spanning across segments like Beauty & Wellbeing, Personal Care, Home Care, Nutrition, and Ice Cream. In the fiscal year 2023, the company reported a turnover of $65.2 billion, reflecting a decrease of 0.8% compared to the previous year. This decline was attributed to adverse foreign exchange translation of 5.7% and disposals net of acquisitions of 1.7%. Unilever PLC’s underlying operating profit rose by 2.6% to $10.8 billion year-over-year, while the underlying operating margin saw a 60 basis points increase to 16.7%.
Oatly Group AB (NASDAQGS:OTLY)
Oatly Group AB, a Swedish food company specializing in oat-based dairy alternatives, saw a revenue increase of $9.1 million, reaching $204.1 million in the fourth quarter ending on December 31, 2023. This represented a 4.6% growth compared to the same period in the previous year, when revenue stood at $195.1 million. Adjusting for a $4.2 million foreign currency exchange impact, the fourth-quarter revenue reached $199.9 million, reflecting a 2.5% increase. The rise in revenue, when measured in constant currency, was mainly fueled by the EMEA and Americas segments, although it was partially offset by anticipated reductions in the Asia segment.
The Hain Celestial Group, Inc. (NASDAQGS:HAIN)
The Hain Celestial Group, Inc., headquartered in the United States, is an international company specializing in natural foods and organic personal-care products. For the quarter ending on December 31, 2023, the company reported flat net sales year-over-year, amounting to $454.1 million. Organic net sales saw a slight increase of 0.2% compared to the previous year. However, the gross profit margin experienced a 40 basis points decrease, settling at 22.5%. The company also faced a net loss of $13.5 million for the quarter, in contrast to a net income of $11.0 million in the same period of the prior year.
Pixabay / Public Domain
Methodology
To create our list of 10 Best Alternatives To Dairy Milk, we referred to the various sources on the internet listing Best Alternatives To Dairy Milk. Some of the sources we referred to include 7DROPS, Taste of Home, Gundersen Health System, Parade and Eating Well. We shortlisted the list of alternatives from all sources and kept a count of the frequency of their appearance across sources. Then, to put our focus on the lactose amount in these alternatives, we further searched the internet for the alternatives that are not only “best” options in context of overall nutrition, but also cater to the lactose intolerant segment, which is a significant portion in the world population, especially in the U.S. Around 65% of individuals in the human population exhibit a decreased ability to digest lactose after infancy. Finally, we ranked the alternatives based on the consensus approach, relying on the frequency and lactose elements. With this, let’s not jump to our list of 10 Best Alternatives To Dairy Milk.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
10. Pistachio Milk
Frequency of appearance across sources: 4
10th on our list of 10 Best Alternatives To Dairy Milk is Pistachio Milk. Pistachio milk is a plant-based dairy alternative created by blending pistachios with water, offering a flavorful and creamy option for those with lactose intolerance. This versatile milk can be utilized in cooking, baking, or enjoyed on its own, sweetened or unsweetened to suit individual preferences. Beyond its enjoyable taste, pistachio milk also provides several health benefits. It is a source of protein, healthy fats, and fiber, along with essential vitamins and minerals such as vitamin E, potassium, and magnesium. Some research suggests that pistachios, and by extension pistachio milk, could potentially aid in lowering cholesterol levels and reducing the risk of heart disease.
9. Macadamia Milk
Frequency of appearance across sources: 4
Macadamia milk is a dairy-free alternative crafted by blending macadamia nuts with water, offering a lusciously creamy texture and a delicate nutty essence. This milk substitute can be seamlessly integrated into cooking, baking, or enjoyed as a beverage. Notably, macadamia milk serves as an abundant source of healthy fats, vitamins, and minerals. It contains monounsaturated fats known to aid in reducing bad cholesterol levels and lowering the risk of heart disease. Rich in vitamin E, an antioxidant crucial for shielding the body against free radical damage, macadamia milk also provides essential minerals like calcium, potassium, and magnesium, vital for maintaining robust bones and muscles.
8. Hazelnut Milk
Frequency of appearance across sources: 5
Hazelnut milk is a vegan and lactose-free alternative suitable for individuals with dietary restrictions. However, it may not be suitable for those with nut allergies due to its hazelnut base. It is also considered paleo and keto-friendly, unlike cow’s milk. Hazelnut milk provides a nutty, slightly sweet flavor and a thinner texture compared to the creamier and milder taste of cow’s milk. Typically, hazelnut milk is made by blending hazelnuts with water to create a milk-like consistency. Some commercially available varieties may contain sweeteners like cane sugar or natural options such as dates to enhance flavor, and some brands may include stabilizers and thickeners for improved texture and shelf life. While hazelnut milk is not very high in protein or carbohydrates, it contains more fat than other plant-based milks, even surpassing whole milk in fat content. Typically, hazelnut milk is not fortified with additional vitamins and minerals, unlike some other nut milks such as almond milk.
7. Cashew Milk
Frequency of appearance across sources: 6
Cashew milk, derived from cashew nuts blended with water, offers a sweet and creamy texture that can enhance the thickness of smoothies, coffee, and desserts. Low in calories, protein, and sugar, cashew milk is a suitable option for individuals with lactose intolerance. Some of the key benefits of cashew milk include its ability to boost heart health, promote good eye health, aid in the blood clotting process, lower blood sugar levels, improve skin health, and enhance overall immunity.
6. Hemp Milk
Frequency of appearance across sources: 6
The flavor of hemp milk can range from resembling cow’s milk to featuring nutty or slightly sour notes, leading to varied preferences among individuals. In terms of texture, hemp milk can occasionally exhibit a thick or chalky consistency. Nutritionally, hemp milk is relatively low in carbohydrates and calories, typically containing approximately 3g of carbs and 40 calories per 100ml.
Click to continue reading and find out about 5 Best Alternatives To Dairy Milk.
Suggested Articles:
- 16 Biggest Milk Companies in the US
- 12 Countries That Produce the Best Cheese in the World
- 15 Highest Quality Cheeses in America
Disclosure: None. 10 Best Alternatives To Dairy Milk is originally published on Insider Monkey.
Hedge Fund Resource Center