Growth opportunities in the Dairy Alternatives Market look promising over the next six years. This is mainly due to their assistance to promote better health and decrease the chances of diseases in the human body, along with the continuous innovations by market players.
Dairy Alternatives Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmenting apprehension concerned with lactose intolerance among individuals accompanied by the increasing inclination of consumers towards healthy and nutritional food items are two prominent drivers supplementing the growth of the global dairy alternatives market. Also, the surging consciousness regarding the exceptional health benefits proffered by plant-based dairy alternatives, including less cholesterol level, better cardiovascular health, and reduced chances of diabetes, will persuade them to choose these products to stay fit and healthy. Also, the mounting trend of adopting veganism and the accelerating per capita income will strengthen the dairy alternatives market size. Enormous multinational players are increasingly emphasizing product innovation, like the launch of different flavors of almond and soy milk, which will attract an extensive range of consumers seeking tastier and healthy drink options. However, the ongoing fluctuations in the prices of raw materials and the challenge to launch dairy substitute products with low cholesterol and fat level will hinder the market growth.
Application Segment Drivers
Based on the Application, the market is segmented into ice cream, milk, yogurt, cheese, and creamers. Amongst these, milk is expected to witness a higher CAGR over the forecast period. This is primarily attributed to the extensive switch in the consumer’s preference towards vegan diet patterns led by the rising agitation about the environment and animal rights. The prominent market players are extending their product portfolios by accumulating novel products containing almond, coconut, and soymilk. This up-gradation will allow manufacturers to attract new consumers into the market. Moreover, the intensifying health concerns, including lactose intolerance, coupled with the escalating busy and hectic lifestyle of the working population, are encouraging them to opt for convenient options to save time.
Dairy Alternatives Market’s leading Manufacturers:
- Earth’s Own Food Company
- Eden Foods
- Sanitarium
- Blue Diamond Growers
- The Whitewave Foods Company
- Valsoia S.p.A.
- Nutriops S.L.
- Freedom Foods Group Limited
- SunOpta
- Hain Celestial
Dairy Alternatives Market Segmentation:
Segmentation by Source
- Almond
- Soy
- Oats
- Hemp
- Coconut
- Rice
- Others
Segmentation by Application
- Cheese
- Creamers
- Yogurt
- Ice Creams
- Milk
- Others
Segmentation by Distribution Channel
- Supermarkets
- Health Food Stores
- Pharmacies
- Convenience Stores
- Online
- Others
Segmentation by Formulation
- Plain
- Flavored
Segmentation by Nutrient
- Protein
- Starch
- Vitamin
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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