Dairy Alternative Products Market Analysis
Dairy Alternative Products Market are prepared from plant-based milk and are lactose-free. The various plant-based sources include soy, almond, and coconut, among others. Owing to the increasing prevalence of lactose intolerant population and food allergies is driving consumers to opt for dairy alternatives products. In addition to that, changing food trends and an increasing number of consumers opting veganism has increased the demand for various non-dairy foods. The global dairy alternatives products market is expected to garner a revenue of USD 2.1 billion by 2024 with a CAGR of 6.3% during the forecast period of 2019–2024.
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There are many factors that is fueling the growth of The Dairy Alternatives Market. The different market trends and factors in this market according to an analysis performed by Market Research Future (MRFR) include innovations and increasing awareness for new products, increase in health awareness, growing vegetarian population, demand for low cholesterol concentration and low-fat content, strong support from government and associations, changing consumer trends for a vegan diet, rising intolerance of lactose products, increasing dietary allergies and increasing number of diabetic patients, appealing flavors and multiple health benefits that dairy alternatives offer, consumers increasing disposable income and also the growing need for fortified beverage and nutritional food products. On the contrary, soaring cost of dairy alternative beverages, lack of adequate nutrients and cross contamination of the raw materials may restrict the growth of the dairy alternatives market.
Leading players profiled in the dairy alternatives market include Tofutti Brands Inc. (U.S.), Galaxy Nutritional Foods, Inc. (U.S.), Daiya Foods Inc. (Canada), Sunopta Inc. (Canada), Whitewave Foods (France), Hain Celestial Group (U.S.), and Blue Diamond Growers (U.S.).
As per the MRFR report, The Global Dairy Alternatives Market has been segmented based on source, application, formulations and distribution channel.
Based on source, it is segmented into rice milk, coconut milk, almond milk, soymilk and others. Of these, soymilk is expected to dominate the market during the assessment period.
Based on application, the dairy alternatives market is segmented into food and beverages.
Based on formulations, it is segmented into flavored and plain. Of these, the plain segment is expected to dominate the market during the assessment period.
Based on distribution channel, the dairy alternatives market is segmented into non-store based and store based. The store based is further segmented into convenience stores, pharmacy, health and wellness, supermarkets and hypermarkets and others.
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Based on region, The Dairy Alternatives Market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, Asia Pacific will have lion’s share in the market during the assessment period. Rising urbanization, robust economic growth and explosion in the middle-class population are the key factors that is driving the growth of the dairy alternatives market in the European region. Besides, vegan diet is gaining enough acceptance here that is anticipated to drive the market growth. The dairy alternatives market in North America is anticipated to expand exponentially at a favorable 14.63% CAGR over the assessment period.
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