The Latin America Plant-Based Dairy Products Market size was valued at around USD 1.38 billion in 2024 and is projected to reach USD 2.54 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 10.81% during the forecast period (2025-30). The Latin American region has witnessed a boom in the plant-based dairy product market due to a shift in consumers' lifestyle, fitness trends, and developing environmental consciousness. Brazil, Mexico, and Argentina are the top countries in this region currently embracing plant-based products, which include some dairy alternatives like almonds, soy, and oat milk.
High Cost of Plant-Based Dairy Products – Plant-based dairy products are relatively expensive compared to dairy products, especially for people in Latin America. The high production costs, restricted local raw materials, and the fact that a lot of the material needs to be imported. For instance, consumers in Brazil or Argentina pay USD3.50 – USD4.50 for a liter of oat milk, although the same amount of regular milk costs USD1.50 – USD2.00. There are no factories in most regions to produce plant-derived products, which makes the products expensive to acquire since many items are imported. This can be resolved through local purchasing of ingredients, improved techniques of production, and support from the government. It would increase plant-based dairy accessibility and its consumption in different regions, given that the expenses would be reduced.
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Latin America Plant-Based Dairy Products Market Size, Share & Industry Trends Analysis- By Product (Plant-based Milk [Almond milk, Oat Milk, Soy Milk, Coconut Milk], Plant-based Cheese [Nut-based Cheese, Soy-based Cheese], Plant-based Yogurt [Almond Yogurt, Coconut Yogurt, Soy Yogurt], Plant-based Butter, Others), By Source (Fruits, Vegetables, Seeds & Nuts, Others), By Sales Channel (Supermarket/Hypermarket, Convenience Stores, Specialty Stores, Online Stores, Others), By Nature (Organic, Conventional), By End Use (Bakery & Confectionery, Snacks & Savories, Ready to Eat Meals, HoReCa, Dietary Supplements) and Others
Mexico dominates the Latin America plant-based Dairy Products Market. It holds about 32% of the total regional market value.
Companies are strengthening their presence in the Latin America Plant-Based Dairy Products market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.