세계의 유제품 대체품 시장 규모 : 유형별, 용도별, 유통 채널별, 지역 범위별 및 예측

Dairy Alternatives Market Size And Forecast

Dairy Alternatives Market size was valued at USD 32.38 Billion in 2024 and is projected to reach USD 90.78 Billion by 2032, growing at a CAGR of 13.79% from 2026 to 2032.

The Dairy Alternatives Market refers to the global industry that produces and sells plant-based products designed to replace traditional dairy. These products are consumed as substitutes for milk, yogurt, cheese, butter, and ice cream.

The market's growth is driven by:

Health and Wellness: A rising number of consumers are seeking alternatives due to lactose intolerance, dairy allergies, and the belief that plant-based options are healthier.

Ethical and Environmental Concerns: Growing awareness of animal welfare and the environmental impact of dairy farming is pushing consumers towards more sustainable plant-based choices.

Product Innovation: The market offers a wide range of products made from various sources, including soy, almond, oat, coconut, and rice, catering to diverse tastes and nutritional needs.

Dietary Shifts: The increasing popularity of vegan, vegetarian, and flexitarian diets worldwide.

Dairy Alternatives Market Drivers

The dairy alternatives market is experiencing unprecedented growth, fueled by a powerful mix of consumer health consciousness, environmental concerns, and a dynamic digital landscape. As brands innovate to meet diverse dietary needs, they are increasingly leveraging sophisticated digital tools to connect with consumers, driving loyalty and market share in this competitive sector.

Building Brand Loyalty with Customer Relationship Management (CRM) Services: The widespread adoption of Customer Relationship Management (CRM) Services is a key driver for the dairy alternatives market, allowing brands to forge deeper, more meaningful connections with their customer base. Through personalized communication via mobile apps and SMS, companies can send tailored updates on new oat milk flavors, offer exclusive discounts on almond yogurt, or share recipes that feature their products. This data-driven approach to customer engagement and retention helps brands build a loyal community, turning a consumer's dietary choice into a long-term relationship. By understanding individual preferences and purchase history, CRM services enable dairy alternative companies to optimize their marketing efforts and ensure that customers feel understood and valued, which is crucial for repeat business in a market defined by personal lifestyle choices.

Fostering Trust with Robust Authentication Services: The increasing reliance on digital channels for shopping is making Authentication Services a critical driver for the dairy alternatives market. As consumers use e-commerce platforms and brand-specific apps for subscriptions and purchases, secure transactions are paramount. The use of One-Time Passwords (OTPs), two-factor authentication (2FA), and other verification protocols builds a high level of trust, assuring consumers that their personal and financial information is safe. This security is particularly important for subscription models, where customers must feel confident in storing their payment details. By providing a seamless yet secure digital experience, dairy alternative brands can encourage more frequent online orders, drive the growth of direct-to-consumer sales, and ultimately expand their market footprint.

Engaging Consumers with Interactive Services for Product Innovation: Interactive Services are a powerful tool for product innovation and customer engagement in the dairy alternatives market. By using tools like SMS surveys, polls, and feedback forms, brands can directly engage with their audience to gather invaluable insights. For example, a company might use a poll to let consumers vote on a new flavor of coconut milk ice cream or ask for feedback on the packaging design of a new cashew milk. This two-way communication makes consumers feel heard and involved in the product development process, which not only strengthens brand loyalty but also provides real-time market data that helps companies make informed decisions. This agile, consumer-centric approach to product development helps brands stay ahead of trends and consistently meet evolving dietary and taste preferences.

Driving Sales and Brand Awareness through Promotional Campaigns: The effective use of Promotional Campaigns is a direct and powerful driver of market growth. Businesses in the dairy alternatives space leverage targeted bulk messaging and push notifications to announce discount offers, seasonal promotions, and new product launches to their customer base. A well-timed flash sale on a new line of dairy-free cheese or an SMS alert about a loyalty reward can significantly boost sales and encourage impulse purchases. These campaigns are highly effective because they provide a direct line of communication to the consumer, bypassing the noise of traditional advertising channels. This direct marketing strategy is crucial for both established brands and new entrants looking to quickly acquire customers and build a strong market presence.

Educating and Informing with Pushed Content Services: Pushed Content Services are enabling dairy alternative brands to not only sell products but also to educate and build authority within the wellness space. By sending automated, opt-in updates, companies can provide valuable content such as health benefits of oat milk, recipes for plant-based meals, or behind-the-scenes stories about their sustainable sourcing practices. This flow of information builds a deeper brand narrative, positioning the company as a credible source of health and wellness information. By consistently delivering relevant and engaging content, brands can foster a loyal following and reinforce the reasons why consumers choose dairy alternatives, thereby driving long-term market growth beyond simple transactional sales.

Dairy Alternatives Market Restraints

The dairy alternatives market, while experiencing significant growth, faces several key restraints that challenge its widespread adoption. These include high costs, taste and nutritional concerns, and complex regulatory and supply chain issues. The following article details the primary barriers impeding the growth of this dynamic market.

High Cost & Price Premium: A significant barrier for the dairy alternatives market is its high cost and price premium compared to conventional dairy. Plant-based ingredients like nuts, soybeans, and oats often have a higher raw material cost. Additionally, the processing infrastructure for dairy alternatives is less mature and lacks the economies of scale seen in the traditional dairy industry. This results in higher production costs which are passed on to consumers. This price sensitivity is particularly impactful in developing markets, where a higher price point can significantly limit consumer adoption and stunt market penetration.

Raw Material Availability & Price Fluctuations: The market is also susceptible to raw material availability and price fluctuations. The supply of plant-based inputs is directly tied to agricultural production, making it volatile due to seasonal and climatic variations. Droughts, poor crop yields, and unpredictable weather patterns can disrupt the supply chain, leading to increased costs and potential shortages. Moreover, in certain regions, the sourcing of these raw materials, such as soy, may be linked to land use issues like deforestation, raising sustainability concerns and potential regulatory scrutiny, further complicating the supply chain.

Taste, Texture & Sensory Properties: For many consumers, the taste, texture, and sensory properties of dairy alternatives don't measure up to traditional dairy products. Plant-based alternatives often struggle to replicate the creamy mouthfeel, rich flavor, and specific functional properties of dairy milk, cheese, and yogurt, which can deter repeat purchases. Furthermore, there's often inconsistency in these attributes across different brands and product types, which can create consumer uncertainty and intensify the perception of an inferior product. This sensory gap remains a primary challenge for manufacturers seeking to win over a broader audience.

Nutritional Concerns: While often marketed as a healthier alternative, dairy alternatives face nutritional concerns. Many plant-based products are naturally low in key nutrients such as protein, calcium, and vitamin B12, which are abundant in dairy milk. Even when fortified, the difference in macro- and micronutrient profiles remains a concern for many health-conscious consumers. This is further complicated by the "clean-label" trend, where consumers demand products with minimal additives, which can conflict with the need for fortification and other ingredients used to mimic dairy's nutritional and functional properties.

Regulatory, Labeling & Standards Issues: The dairy alternatives market is hindered by a lack of clear regulatory, labeling, and standards issues. The ambiguity around what constitutes "milk" or "cheese" can confuse consumers and lead to disputes. Additionally, inconsistent or underdeveloped regulatory frameworks regarding allergen labeling and fortification levels create uncertainty for manufacturers and may lead to additional costs to comply with varying standards across different countries. This lack of standardization can impede a brand's ability to expand globally and create consumer distrust.

Supply Chain, Distribution & Infrastructure Constraints: Developing an efficient supply chain, distribution, and infrastructure for dairy alternatives presents a significant hurdle. Many plant-based products, like yogurts and cheeses, require a robust cold chain for transportation and storage. This is not always well-developed, particularly in rural or less developed areas. The weak distribution channels and high logistics costs in these regions add to the overall price and can limit product availability, making it difficult for brands to reach a wider consumer base.

Cultural & Consumer Habit Barriers: Cultural and consumer habit barriers also slow market growth. Dairy products have a deep-rooted cultural and traditional significance in many cuisines worldwide. Dairy alternatives may be perceived as novel or less suitable for traditional dishes, hindering their integration into everyday diets. Furthermore, in many regions, there is a low level of consumer awareness regarding the health or environmental benefits of dairy alternatives, making it difficult to shift long-established consumption habits.

Allergy / Sensitivity Issues: Paradoxically, while they appeal to those with lactose intolerance, dairy alternatives can introduce new allergy and sensitivity issues. Many popular plant-based sources, such as soy and nuts, are common allergens. This requires careful and clear labeling to prevent adverse reactions and limits who can consume a given product. This also presents a challenge for multi-ingredient products that may contain a range of potential allergens.

Shelf Life & Product Stability: The shelf life and product stability of many dairy alternatives are often shorter than their conventional dairy counterparts. This is a significant logistical challenge for retailers and consumers alike. To extend shelf life, manufacturers must often resort to special packaging or more intensive processing methods, which in turn increases production costs and can conflict with consumer desires for minimal processing. This can also lead to more food waste at the retail and consumer levels.

Global Dairy Alternatives Market: Segmentation Analysis

The Dairy Alternatives Market is segmented based on Type, Application, Distribution Channel, and Geography.

Dairy Alternatives Market, By Type

Soy Milk

Almond Milk

Coconut Milk

Rice Milk

Based on Type, the Dairy Alternatives Market is segmented into Soy Milk, Almond Milk, Coconut Milk, and Rice Milk. At VMR, we observe that Soy Milk remains the dominant subsegment, largely due to its historical presence and established foothold in key markets, especially in the Asia-Pacific region, including China and India, where soy-based products are a traditional dietary staple. This dominance is bolstered by its high protein content and nutritional profile, which closely mimics that of conventional dairy, making it a preferred choice for consumers seeking a direct nutritional substitute. The widespread availability, cost-effectiveness, and versatility of soy milk in various food applications further contribute to its leading market share, which was valued at around USD 10.5 billion in 2022 with a projected CAGR of approximately 7% from 2024 to 2030.

The second most dominant subsegment is Almond Milk, which has experienced explosive growth, particularly in North America and Europe, driven by its light texture, mild flavor, and low-calorie profile. Almond milk's appeal to health-conscious consumers and those on low-calorie or keto diets has significantly propelled its market expansion, with its market size valued at USD 5.4 billion in 2024 and expected to grow to USD 10.2 billion by 2035. This growth is also fueled by strong marketing efforts and its popular adoption in the foodservice industry, particularly in coffee shops. The remaining subsegments, including Coconut Milk and Rice Milk, play a supporting, albeit smaller, role. Coconut milk holds a niche market with its distinct flavor, appealing to specific culinary uses and consumers who are sensitive to nuts or soy. Rice milk caters to a highly specific group of consumers with multiple food allergies, as it is one of the most hypoallergenic milk alternatives available. While these segments do not command the same market share as soy or almond milk, they fulfill niche demands and have future potential as the market for allergen-free and plant-based options continues to diversify.

Dairy Alternatives Market, By Application

Food

Beverages

Based on Application, the Dairy Alternatives Market is segmented into Food and Beverages. At VMR, we observe that the Beverages segment is the most dominant application, driven primarily by the high consumer demand for milk substitutes. This subsegment holds a significant market share, with milk alternatives alone accounting for over 67% of global revenue in 2024 and a notable CAGR of 13.5% between 2025 and 2034. The key drivers behind this dominance are the rising awareness of lactose intolerance and dairy allergies, the increasing adoption of vegan and flexitarian diets, and a general consumer shift toward health-conscious and sustainable choices. Regionally, this trend is pronounced in North America and Europe, where the cafe culture and foodservice industry have rapidly integrated plant-based milks into their offerings, making products like oat and almond milk staples for coffee and smoothies. The ease of substitution and versatility of liquid alternatives in everyday consumption, from cereal to coffee, further cements this segment's leading position.

The Food segment, while the second most dominant, is gaining traction. This category includes a diverse range of products like plant-based yogurts, cheeses, ice creams, and spreads. Its growth is fueled by innovation in product formulation aimed at replicating the taste and texture of traditional dairy, which is crucial for gaining consumer acceptance. While the food segment holds a smaller market share, its high potential for future growth is driven by the increasing demand for vegan-friendly options in processed foods and packaged goods, which is expanding at a robust rate.

Dairy Alternatives Market, By Distribution Channel

Supermarkets/Hypermarkets

Online Retail

Specialty Stores

Based on Distribution Channel, the Dairy Alternatives Market is segmented into Supermarkets/Hypermarkets, Online Retail, and Specialty Stores. At VMR, we observe that the Supermarkets/Hypermarkets segment holds a dominant position, accounting for over 45% of the total market share in 2024. This dominance is attributed to the widespread accessibility and convenience they offer consumers, functioning as a one-stop-shop for a wide variety of grocery needs. These large retail formats provide extensive shelf space for a broad range of dairy alternative products, including refrigerated milks, yogurts, cheeses, and ice creams, making it easy for consumers to compare brands and make informed purchasing decisions. This segment's growth is particularly strong in North America and Europe, where established retail infrastructure and changing consumer habits have driven a significant increase in dairy-free product offerings and visibility.

The second most dominant subsegment is Online Retail, which is experiencing rapid growth due to the ongoing digitalization of consumer shopping behaviors and improved cold-chain logistics. The online channel is projected to grow at a high CAGR, with some reports citing a double-digit growth rate in the coming years. Its popularity is fueled by the convenience of home delivery, a wider product assortment than most physical stores, and the ability for brands to reach consumers directly. This channel is especially strong for niche or direct-to-consumer brands and is popular among younger, tech-savvy consumers. Lastly, Specialty Stores, such as health food stores and organic markets, play a vital but smaller role in the market. While they serve a niche audience of health-conscious and dedicated plant-based consumers, their limited footprint and higher pricing models position them as a supplementary channel rather than a primary driver of overall market volume.

Dairy Alternatives Market, By Geography

North America

Europe

Asia Pacific

Rest of the World

The global dairy alternatives market is witnessing a significant shift in consumer preferences, driven by factors such as rising health consciousness, sustainability concerns, and the increasing prevalence of lactose intolerance. While North America and Europe have long been dominant, the Asia-Pacific region is emerging as a powerhouse of growth, with other regions also showing promising trends.

United States Dairy Alternatives Market

Market Dynamics: The United States represents a mature and dominant market for dairy alternatives, with a projected market size of approximately USD 11.6 billion in 2025.

Key Growth Drivers: This growth is fueled by a strong consumer base of health-conscious individuals, a high prevalence of lactose intolerance, and a flourishing vegan and flexitarian population. The market benefits from a well-developed food processing and retail infrastructure, with supermarkets and hypermarkets leading the distribution channel.

Trends: Oat milk and almond milk are particularly popular, with significant innovation in products like barista-style oat milk for the booming coffee shop culture.

Europe Dairy Alternatives Market

Market Dynamics: The European market for dairy alternatives is one of the fastest-growing globally, with a size estimated at USD 10.84 billion in 2025 and a high CAGR.

Market Dynamics: Key drivers include rising consumer demand for ethical, sustainable, and plant-based products, coupled with increasing awareness of the environmental impact of traditional dairy. Germany, France, and the UK are leading countries, demonstrating a strong consumer inclination toward dairy-free options.

Trends: Oat milk and soy milk are prominent, and the market is seeing a surge in demand for fortified products and diverse applications, including plant-based yogurts and cheeses.

Asia-Pacific Dairy Alternatives Market

Market Dynamics: The Asia-Pacific region is the largest and fastest-growing market for dairy alternatives, projected to reach over USD 31 billion by 2030. This expansion is powered by rapid urbanization, rising disposable incomes, and a cultural shift towards healthier eating.

Key Growth Drivers: The region has a high prevalence of lactose intolerance, making dairy alternatives a natural choice for many consumers.

Trends: Soy milk remains the dominant segment due to its long-standing cultural use, but almond and oat milk are gaining significant traction, particularly in countries like China, Japan, and India.

Latin America Dairy Alternatives Market

Market Dynamics: The Latin American dairy alternatives market is poised for robust growth, driven by increasing health consciousness and a growing middle class. Countries like Brazil and Mexico are leading the way, where a significant portion of the population is lactose intolerant.

Key Growth Drivers: The market is seeing a rise in demand for products like almond milk and soy milk, with a strong emphasis on clean-label and organic options.

Trends: The expansion of modern retail channels and e-commerce platforms is making these products more accessible to a broader consumer base.

Middle East & Africa Dairy Alternatives Market

Market Dynamics: The Middle East and Africa region is an emerging market for dairy alternatives, with a growing consumer base driven by increasing health awareness and evolving dietary preferences.

Key Growth Drivers: While still in its nascent stages, the market is expected to grow at a high CAGR, fueled by urbanization and rising disposable incomes.

Trends: The market is currently dominated by soy milk, but there is an increasing demand for other alternatives like almond milk. Challenges include the high price premium of products and a less-developed cold chain infrastructure in some areas.

Key Players

• The "Dairy Alternatives Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are WhiteWave Foods Company, Blue Diamond Growers, SunOpta Inc., Earth's Own Food Company Inc., Danone, Oatly AB, Califia Farms LLC, Ripple Foods, Kikkoman Corporation, and Elmhurst Milked Direct LLC.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

• Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter's five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come

6-month post-sales analyst support

TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 MARKET DEFINITION
• 1.2 MARKET SEGMENTATION
• 1.3 RESEARCH TIMELINES
• 1.4 ASSUMPTIONS
• 1.5 LIMITATIONS

2 RESEARCH DEPLOYMENT METHODOLOGY

• 2.1 DATA MINING
• 2.2 SECONDARY RESEARCH
• 2.3 PRIMARY RESEARCH
• 2.4 SUBJECT MATTER EXPERT ADVICE
• 2.5 QUALITY CHECK
• 2.6 FINAL REVIEW
• 2.7 DATA TRIANGULATION
• 2.8 BOTTOM-UP APPROACH
• 2.9 TOP-DOWN APPROACH
• 2.10 RESEARCH FLOW
• 2.11 DATA SOURCES

3 EXECUTIVE SUMMARY

• 3.1 GLOBAL DAIRY ALTERNATIVES MARKET OVERVIEW
• 3.2 GLOBAL DAIRY ALTERNATIVES MARKET ESTIMATES AND FORECAST (USD BILLION)
• 3.3 GLOBAL BIOGAS FLOW METER ECOLOGY MAPPING
• 3.4 COMPETITIVE ANALYSIS: FUNNEL DIAGRAM
• 3.5 GLOBAL DAIRY ALTERNATIVES MARKET ABSOLUTE MARKET OPPORTUNITY
• 3.6 GLOBAL DAIRY ALTERNATIVES MARKET ATTRACTIVENESS ANALYSIS, BY REGION
• 3.7 GLOBAL DAIRY ALTERNATIVES MARKET ATTRACTIVENESS ANALYSIS, BY TYPE
• 3.8 GLOBAL DAIRY ALTERNATIVES MARKET ATTRACTIVENESS ANALYSIS, BY APPLICATION
• 3.9 GLOBAL DAIRY ALTERNATIVES MARKET ATTRACTIVENESS ANALYSIS, BY DISTRIBUTION CHANNEL
• 3.10 GLOBAL DAIRY ALTERNATIVES MARKET GEOGRAPHICAL ANALYSIS (CAGR %)
• 3.11 GLOBAL DAIRY ALTERNATIVES MARKET, BY TYPE (USD BILLION)
• 3.12 GLOBAL DAIRY ALTERNATIVES MARKET, BY APPLICATION (USD BILLION)
• 3.13 GLOBAL DAIRY ALTERNATIVES MARKET, BY DISTRIBUTION CHANNEL (USD BILLION)
• 3.14 GLOBAL DAIRY ALTERNATIVES MARKET, BY GEOGRAPHY (USD BILLION)
• 3.15 FUTURE MARKET OPPORTUNITIES

4 MARKET OUTLOOK

• 4.1 GLOBAL DAIRY ALTERNATIVES MARKET EVOLUTION
• 4.2 GLOBAL DAIRY ALTERNATIVES MARKET OUTLOOK
• 4.3 MARKET DRIVERS
• 4.4 MARKET RESTRAINTS
• 4.5 MARKET TRENDS
• 4.6 MARKET OPPORTUNITY
• 4.7 PORTER'S FIVE FORCES ANALYSIS
  • 4.7.1 THREAT OF NEW ENTRANTS
  • 4.7.2 BARGAINING POWER OF SUPPLIERS
  • 4.7.3 BARGAINING POWER OF BUYERS
  • 4.7.4 THREAT OF SUBSTITUTE COMPONENTS
  • 4.7.5 COMPETITIVE RIVALRY OF EXISTING COMPETITORS
• 4.8 VALUE CHAIN ANALYSIS
• 4.9 PRICING ANALYSIS
• 4.10 MACROECONOMIC ANALYSIS

5 MARKET, BY TYPE

• 5.1 OVERVIEW
• 5.2 GLOBAL DAIRY ALTERNATIVES MARKET: BASIS POINT SHARE (BPS) ANALYSIS, BY TYPE
• 5.3 SOY MILK
• 5.4 ALMOND MILK
• 5.5 COCONUT MILK
• 5.6 RICE MILK

6 MARKET, BY APPLICATION

• 6.1 OVERVIEW
• 6.2 GLOBAL DAIRY ALTERNATIVES MARKET: BASIS POINT SHARE (BPS) ANALYSIS, BY APPLICATION
• 6.3 FOOD
• 6.4 BEVERAGES

7 MARKET, BY DISTRIBUTION CHANNEL

• 7.1 OVERVIEW
• 7.2 GLOBAL DAIRY ALTERNATIVES MARKET: BASIS POINT SHARE (BPS) ANALYSIS, BY DISTRIBUTION CHANNEL
• 7.3 SUPERMARKETS/HYPERMARKETS
• 7.4 ONLINE RETAIL
• 7.5 SPECIALTY STORES

8 MARKET, BY GEOGRAPHY

• 8.1 OVERVIEW
• 8.2 NORTH AMERICA
  • 8.2.1 U.S.
  • 8.2.2 CANADA
  • 8.2.3 MEXICO
• 8.3 EUROPE
  • 8.3.1 GERMANY
  • 8.3.2 U.K.
  • 8.3.3 FRANCE
  • 8.3.4 ITALY
  • 8.3.5 SPAIN
  • 8.3.6 REST OF EUROPE
• 8.4 ASIA PACIFIC
  • 8.4.1 CHINA
  • 8.4.2 JAPAN
  • 8.4.3 INDIA
  • 8.4.4 REST OF ASIA PACIFIC
• 8.5 LATIN AMERICA
  • 8.5.1 BRAZIL
  • 8.5.2 ARGENTINA
  • 8.5.3 REST OF LATIN AMERICA
• 8.6 MIDDLE EAST AND AFRICA
  • 8.6.1 UAE
  • 8.6.2 SAUDI ARABIA
  • 8.6.3 SOUTH AFRICA
  • 8.6.4 REST OF MIDDLE EAST AND AFRICA

9 COMPETITIVE LANDSCAPE

• 9.1 OVERVIEW
• 9.2 KEY DEVELOPMENT STRATEGIES
• 9.3 COMPANY REGIONAL FOOTPRINT
• 9.4 ACE MATRIX
  • 9.4.1 ACTIVE
  • 9.4.2 CUTTING EDGE
  • 9.4.3 EMERGING
  • 9.4.4 INNOVATORS

10 COMPANY PROFILES

• 10.1 OVERVIEW
• 10.2 WHITEWAVE FOODS COMPANY
• 10.3 BLUE DIAMOND GROWERS
• 10.4 SUNOPTA INC
• 10.5 EARTH'S OWN FOOD COMPANY INC
• 10.6 DANONE
• 10.7 OATLY AB
• 10.8 CALIFIA FARMS LLC
• 10.9 RIPPLE FOODS
• 10.10 KIKKOMAN CORPORATION
• 10.11 ELMHURST MILKED DIRECT LLC