According to a new market research report published by Acute Market Reports “Dairy Alternatives Market - Growth, Future Prospects, and Competitive Analysis, 2021 – 2029,” dairy alternative product market is expected to reach US$ 24.93 Bn by 2029, growing at a CAGR of more than 10% from 2021 to 2029.
Browse the full Dairy Alternatives Market - Growth, Future Prospects and Competitive Analysis, 2021 – 2029 report at https://www.acutemarketreports.com/report/dairy-alternatives-market
Market Insights
Dairy alternative market is expected to show a robust growth during 2021 to 2029 due to the changing consumer’s preference toward a vegetarian diet and increasing occurrences of lactose intolerance among the consumers. Increasing population and rising disposable incomes, particularly in emerging economies, represents a huge opportunity for the dairy alternatives market. Also, few consumers prefer plant based dairy product for its taste and some use it as they are vegetarian and consider dairy milk to come in the category of non-veg.
In the beverage segment, the soy milk has a largest market share in 2020, and is expected to be the largest market in the near future. Due to the excess of varieties available in soy milk based on blends, formulations, fat content, and flavors, also consumers are getting more aware about the nutritional benefits of soy products. Almond milk is the another lucrative segment in the dairy alternative market in 2020, due to various health benefits associated with it and the raw material for it is also easily available. The food segment has the largest market share in the global dairy alternatives market is attributable to the application of plant-based ingredients in products such as yogurt, creamer, cheese, ice cream, and pudding.
Price associated with dairy alternative product is much higher than that of conventional milk. It is due its higher production cost and the high nutritional value. High cost may hinder the market growth in developing countries where consumers are price sensitive.
The Asia Pacific has the largest market share in the global dairy alternatives market in 2020, owing to the growing consumer demand for dairy-free products along with the increasing occurrence of lactose intolerance. Rising urbanization, changing dietary habits, and liberalization of FDI in food sector may led to the growth of dairy alternative market in Asia pacific. North America is expected to have the highest growth rate in the forecast period owing to the huge demand for almond milk and increasing preference for vegetarian diet. Dairy alternatives market in Middle East & Africa is projected to show a stable growth in the near future. Dairy alternatives market in Middle East and Africa is anticipated to observer a stable growth in the forecast period. South Africa has the largest market share for dairy alternatives in the region. Embracing healthier lifestyles is expected to drive the market share in the region.
Some of the major companies operating in the market are Archer Daniels Midland Company, Blue Diamond Growers, CP Kelco, Daiya Foods Inc., Danone, Freedom Foods Group Ltd., Nutriops S.L., Sanitarium Health & Wellbeing Company, The Hain Celestial Group, Inc., and The Whitewave Foods Company.
