The growth of the dairy alternatives market is supported by growing health consciousness among consumers, increasing consumer interest in vegan food products in the Asia Pacific region, and growing prominence of nourishing diets during COVID-19 says this report.
According to the latest report by Global Market Insights Inc., the Dairy Alternatives Market was estimated at USD 24 Billion in 2021 and is expected to be valued at about USD 49 billion by 2028, registering with a CAGR of 10% from 2022 to 2028. The research report gives an in-depth assessment of market size & estimations, top winning strategies, competitive scenario, drivers & opportunities, wavering market trends, and major investment pockets.
Dairy alternatives are known to have fewer calories, less fat content, increased water content, and high nutrients and vitamins. Growing consumption of dairy alternatives owing to their lactose-free characteristics has been favorable for industry growth. Additionally, the rising uptake of plant-based beverages on account of their low caloric and sugar content has positively influenced product adoption. Mounting demand for oat milk and rice milk due to their high nutrient value is speculated to enhance market growth through the forecast period.
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Almond is a nutritional food product rich in vitamins, magnesium, dietary fibers, and healthy fats. Almond milk is increasingly being used as a cow-milk substitute since it has high nutritional value. Moreover, key benefits offered by almond-based products to enhance overall diet as well as lower cholesterol and blood sugar levels among consumers are set to drive product demand. In 2021, the almond product segment surpassed USD 9 billion in revenue and is poised to observe steady expansion over the study timeline.
On the other hand, the dairy alternatives market share from the soy product segment was valued at more than USD 10 billion in 2021 and is estimated to grow significantly at a CAGR of approximately 10% through the assessment timespan. Various health benefits offered by soy-based dairy substitutes are anticipated to bolster segmental adoption in the upcoming years.
Key reasons for dairy alternatives market growth:
1. Soaring demand in the food & beverage sector.
2. Mounting adoption in plant-based beverages.
3. Growing uptake in vegan and lactose-free diets.
2028 forecasts show the ‘beverages’ segment retaining its dominance:
From the application point of view, the beverages segment holds a substantial share in the dairy alternatives industry with a valuation of around USD 21 billion in 2021 and is set to witness robust expansion over the analysis timeline. Shifting preferences of consumers for lactose-free plant-based products are set to drive the demand for dairy alternatives. In the beverage sector, dairy alternatives are widely utilized to improve flavoring, viscosity, stability, and taste in drinks. The increasing inclination of consumers towards the adoption of plant-based products in a beverage for phenylketonuria, lactose intolerance, and milk allergy is foreseen to drive segmental growth in the forthcoming years.
Europe to maintain top status in terms of revenue:
In the regional landscape, the Europe dairy alternatives market is slated to reach a valuation of more than USD 6 billion by the end of 2028. Key benefits of dairy alternatives, such as they are cholesterol-free, sugar-free, gluten-free, and lactose-free, would drive product demand in Europe. Additionally, the growing prevalence of specialty stores, online stores, and mainstream stores providing non-dairy beverages under private labels, along with surging demand for plant-based derivatives, is likely to be key contributors to regional market growth in the coming years.
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Impact of COVID-19 pandemic on dairy alternatives market:
Following the onset of COVID-19, there was need for effective therapeutic methods to combat the infection. Patients infected with the novel coronavirus needed to eat and drink well in order to boost their immune system and recover quickly. Prominent uptake of a diet high in protein and energy increased the importance of dairy alternatives, which has boosted market growth during the pandemic.
Leading market players:
Some key companies in the global dairy alternatives industry include Califia Farms, SunOpta, Inc, So Delicious, Blue Diamond Growers, WhiteWave Foods, Valsoia SpA, Pacific Foods, Freedom Foods, New Barn, and MALK Organics, among others.