Dairy Alternatives Market was valued at USD 20,181 Million in 2019 and anticipated to grow at CAGR of 10.7% CAGR during the forecast period. GMI Research speculates the emerging popularity of the market is gaining momentum and noticing a tremendous demand owing to the significant shift in consumer eating preference and change in diet trends. The growing incidents of milk allergies and lactose intolerance cases are stimulating the dairy alternatives market size during the forecast period.
Introduction of the Dairy Alternatives Market
Dairy alternatives products extract from several sources, including almond milk, rice milk, soy milk, coconut milk, hemp milk, and oats milk. These alternatives are rich in protein, calcium, and other imperative nutrients. The dairy alternative is promoting better health and reducing the risks of diseases in the human body. These alternatives come in different flavors and are extensively used in yogurt, cheeses, creamers, and ice creams.
Key Players of the Market
Dairy Alternatives Market Dynamics
The primary factors supporting the growth of the global dairy alternatives market are the increasing concern towards lactose intolerance among individuals, coupled with the paradigm shift in the consumer’s diet patterns regarding healthy food products. Furthermore, the consumers become aware of exceptional nutritional values of plant-based dairy alternatives, including promoting cardiovascular health, reducing the cholesterol level, and controlling diabetes, encouraging them to choose dairy alternative food products to be fit and healthy. In addition, as per the Global Dairy Alternatives Market Report, the growing trend of veganism and the increasing disposable income will positively impact the dairy alternative market in the upcoming years.
Therefore, several multinational players are primarily focusing on product innovation, which includes the introduction of distinct flavors of soy, and almond milk, which will pull a large number of consumers looking for healthy and tasty drink options. Besides, the fluctuation in the prices of raw materials and the challenges that arise in making dairy substitute products with low fat and cholesterol level are the few factors that will negatively affect the growing demand of the market.
Dairy Alternatives Market Segmentation
Application Market Drivers
Based on the Application, the Milk segment is anticipated to grow at a faster CAGR during the forecast period owing to the radical shift in the consumer’s preference towards veganism driven by the increasing interest in animal rights and the environment across the globe. Hence, the leading market giants are broadening their portfolios by incorporating new products comprising almond milk, coconut milk, and soymilk. This expansion will facilitate companies to attract new users into the market. Therefore, the growing health-related issues, like lactose intolerance, followed by the increasingly hectic lifestyle of the working community, are encouraging them to opt for comfortable beverage options to save their time.
Distribution Channel Market Drivers
Based on the Distribution Channel, the Supermarkets/Hypermarkets segment envisages dominating the market over the forecast period due to the radical increase in the number of supermarkets/hypermarkets worldwide inspired by the high population rate and rapid modernization. The supermarkets/hypermarkets are the one-stop shop for varieties of products coupled with tempting discount offers on bulk orders. On the other hand, the online stores segment is estimated to rise at a higher CAGR during the forecast period attributed to the increasing penetration of smartphones and the internet among customers across the globe. The online stores offer quick access to various products, are highly cost-effective, and have other outstanding benefits to their customers, such as paybacks, free home delivery options, multiple payment options, and other discount offers.
Based on the region, the Asia-Pacific region is forecasted to grow at a faster CAGR during the forecast period. Severe growth in the population, increasing buying power, and the rising awareness towards healthy diet habits are the key factors that will boost the adoption of dairy alternatives in the region. Apart from this, the rapid modernization and the ready availability of a broad range of flavors will further bring new customers to the market. Rice, Almond, and Soy milk are used as traditional beverages across many countries, such as India. The robust demand for lactose-free milk for pregnant women and children will further surge the dairy alternative market share in the region.
Dairy Alternatives Market Segmentation
Market Segmentation by Source
Market Segmentation by Application
Market Segmentation by Distribution Channel
Market Segmentation by Formulation
Market Segmentation by Nutrient
Market Segmentation By Region
Rest of World
About GMI Research
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