The global dairy alternatives market size was USD 23.33 Billion in 2021 and is expected to register a revenue CAGR of 12.6% over the forecast period, according to the latest report by Reports and Data.
As the world’s population rises, the demand on limited resources increases. Low-income consumers are impacted by increased food prices due to high energy prices and growing raw material costs. Water scarcity is adding to the pressure on the food supply, especially in Africa and Northern Asia.
Moreover, Asia Pacific offers lower production and processing costs. Dairy substitute providers and producers will be better able to target this market thanks to the high demand and low production costs. People have begun converting to nutrient-dense and healthful variations of food items as a result of their quickly changing lives. As consumers look for quick and convenient healthy options, fast food is predicted to progressively distance itself from junk food.
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Some Key Highlights from the Report
- causes driving the demand for dairy-free desserts include an increase in lactose sensitivity among people, a rise in health consciousness, and an increase in customer desire for quick, wholesome, low-calorie items. Manufacturers have invested in creating new goods to take advantage of this market opportunity. Dairy-free ice cream comes in a wide variety of flavours, including Neapolitan, Cookies Cream, Mint Chocolate Chip, Vanilla, Chocolate, Butter Pecan, Strawberry, Caramel, and many more.
- The expansion of Asia Pacific is attributable to the rise in popularity of natural goods with positive health effects. Due to changing consumer habits and a preference for dairy-free food and beverage items, there is an increase in the market for dairy substitutes in the region. The expansion of the market in the region is being facilitated by the presence of large economies like China and India. Most soy protein components are exported by Chinese businesses to Europe and Southeast Asia. Because of China’s economic growth, customers have more spending power, which has increased the demand for premium dairy replacements.
- Blue Diamond unveiled Almond Breeze Extra Creamy Almondmilk in November 2021. This product’s extra-creamy texture comes from the use of almond oil prepared from premium Blue Diamond almonds that are farmed in California.
- Companies profiled in the market report include Danone North America Public Benefit Corporation (US), The Hain Celestial Group, Inc. (US), Blue Diamond Growers (US), SunOpta (Canada), Sanitarium (New Zealand), Freedom Foods Group Limited (Australia), Eden Foods, Inc. (US), Nutriops, S.L. (Spain), Earth's Own Food Company Inc. (Canada), Triballat Noyal (France), Valsoia S.p.A (Italy), Panos Brands (US), Green Spot Co., Ltd. (Thailand), and Hiland Dairy (US).
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Market Segmentation:
The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.
The global Dairy Alternatives market is segmented into:
Source Type Outlook (Revenue, USD Billion; 2019-2030)
- Soy
- Almond
- Coconut
- Rice
- Oats
- Hemp
- Other sources
Formulation Outlook (Revenue, USD Billion; 2019-2030)
- Flavored
- Plain
Application Outlook (Revenue, USD Billion; 2019-2030)
- Milk
- Ice cream
- Yogurt
- Cheese
- Creamers
- Other applications
Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
- Supermarkets
- Health food stores
- Pharmacies
- Convenience stores
- Online stores
- Other distribution channels
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Some key Questions of the Dairy Alternatives Market include:
- What factors are expected to drive revenue growth of the Dairy Alternatives market?
- What factors are expected to hinder revenue growth of the Dairy Alternatives market?
- Which was the leading segment in the global Dairy Alternatives market on the basis of Type?
- Which was the leading segment in the global Dairy Alternatives market on the basis of application?
- Which market is expected to account for largest market share in the Dairy Alternatives market?
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