Dairy Alternatives Market Size and Forecast to 2026:

The Dairy Alternatives Market size was valued at $ 13,021.0 million in 2018 and is expected to reach $ 35,804.6 million by 2026, registering a CAGR of 13.6% from 2019 to 2026.

Market overview:

Dairy substitutes are foods and beverages that can replace dairy products. These foods and drinks are derived from plants and are considered a very healthy alternative to dairy products. Soy milk, rice milk, and almond milk are some of the most popular dairy alternative options around the world. Dairy substitutes are considered sound because of the presence of various fundamental nutrients and minerals. They are likewise low in fat, cholesterol, and without lactose.

Recent developments:

The Hain Celestial Group, Inc. (Nasdaq: HAIN) ("Hain Celestial" or the "Company"), a leading organic and natural products company with operations in North America, Europe, Asia and the Middle East that offers consumers A Healthier Form of Life ™, announced today that it has completed the sale of its North American non-dairy beverage brands, Dream® and Westsoy®, to SunOpta Inc. for $ 33 million, as a reserve for customary post-market adjustments. closing.
Market Drivers and Restrains:

Dairy Alternatives is very popular in mature and emerging markets. This can be credited to the increment in the quantity of individuals oversensitive to dairy items. Also, expanded health mindfulness and expanded discretionary cashflow have added to the development of the dairy options market. Also, the presentation of extra solid fixings by various market players are different components that further drive the development of the market. However, fluctuating prices of raw materials and high cost of products are the main drag in this market. On the contrary, the growing demand for dairy alternatives by the vegan population and the introduction of new flavors and varieties of dairy alternatives are expected to provide growth opportunities for the dairy alternatives market.

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Report is segmented as:

By Application:

Milk
Cheese
Yogurt
Ice creams
Creamers
By Distribution channel:

Supermarkets
Health stores
Pharmacies
Online stores
Geographical Segmentation:

Asia-Pacific overwhelmed the market and represented over 44.0% of worldwide income in 2020. Populace development and rising extra cash in arising nations, for example, India, China and Japan are relied upon to support interest of the item in the Asia-Pacific area. Increasing cases of lactose intolerance, along with increasing health problems associated with harmful additives used in dairy products, are expected to drive demand for non-dairy products, such as soy milk, almond milk, rice milk and other dairy alternatives.

Impact of COVID-19 on Dairy Alternatives Market:

Growing consumer concerns associated with consuming animal-based foods and beverages in the wake of the COVID-19 outbreak and the adoption of vegan diets due to growing health awareness are expected to drive the growth of the dairy alternatives market. However, the lack of cold chain infrastructure in Southeast Asian countries and comparatively higher prices for herbal products are expected to hamper market growth.

Key market players:

The Hain Celestial Group, Inc.
SunOpta Inc.
Danone
Oatly
Vitasoy International Holdings Limited
DAIYA FOODS INC.
Melt Organic
Living Harvest Foods Inc.
Ripple Foods
Earth’s Own Food Company Inc.
ADM
The Whitewave Foods Company
Eden Foods, Inc.
Nutriops, S.L.
Freedom Foods Group Ltd.
Blue Diamond Growers
CP Kelco
Organic Valley Family of Farms
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