The purpose of this study was to compare consumer perceptions regarding the health value of dairy milk and plant-based dairy milk alternatives (PBDMAs). The motivation stemmed from the decline in dairy milk consumption, contrasted with the rising popularity of PBDMAs. Data on consumer perceptions were collected from 1,036 respondents through an online survey. The Wilcoxon signed-rank test was used to test for differences in perception, while binary logistic models identified the factors that influenced consumption decisions. Significant differences in perception were found for 15 of the 16 health claims tested; while respondents tended to have an overall positive perception of dairy milk’s health value, there were apparent concerns with its fat content and impact on weight which were not similarly present for PBDMAs. Health perceptions were found to have a significant, positive effect on the decision to consume dairy milk and PBDMAs, thus substantiating the importance of studying consumer perceptions.