Dairy Alternatives Market Opportunity, Global Trend, Future Growth, Key Findings and Forecast to 2023
The global dairy alternatives market size is set to grow remarkably on account of the evolving dietary lifestyles of the masses. Additionally, people across the world are persistently following flexitarians and veganism, which, in turn, would impact the market positively. This information is given in a recently published report by Fortune Business Insights™, titled, “Dairy Alternatives Market Size, Share & Industry Analysis, By Source (Soy, Almond, Coconut, Rice, Oats, and Others), Product Type (Non-dairy Milk, Butter, Cheeses, Yogurts, Ice Cream, and Others), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail, and Others), and Regional Forecasts, 2019 – 2026.” As per the report, the dairy alternatives market size is projected to reach USD 25,122.71 million by the end of 2026, thereby exhibiting a CAGR of 9.79% during the forecast period. However, it stood at USD 12,077.35 million in 2018.
Key Players Aim to Broaden Product Portfolio by Launching Novel Products
Major players present in the market are focusing on launching innovative products to enhance product portfolio and upsurge sales worldwide. Industry giants, such as Nestle, Perfect Day, and Starbucks, are either unveiling their products in the market or are planning to launch them soon to hold the maximum dairy alternative market share.
Increasing Demand for Value-added Products to Boost Growth
As compared to the traditional dairy counterparts, plant milk and milk products are anticipated to gain more popularity in the coming years owing to the surging trend of veganism. The rising inclination of people towards vegan, vegetarian, and flexitarian food lifestyles would also increase the demand for dairy substitutes. Apart from that, the ever-increasing concerns regarding environmental impacts, animal welfare, and health may limit the growth of the dairy sector. As per one of our lead analysts, “Nowadays, consumers are shifting towards value-added products that are appealing to their aesthetic and nutritional needs.” These factors, together, are likely to augment the dairy alternatives market growth during the forthcoming years.
Highlights of the Report
• Analysis and forecast of the market data by utilizing coherent and statistical models.
• Extensive analysis of the dairy substitutes market trends, opportunities, hindrances, growth drivers, and hindrances.
• List of the most significant regions that are expected to exhibit the majority of growth in demand.
• In-depth information about the key players and their business strategies to increase sales.
The Asia Pacific to Lead Stoked by Rising Prevalence of Obesity & Hypercholesterolemia
In terms of geography, the market is grouped into Asia Pacific, the Middle East and Africa, Europe, South America, and North America. Amongst these, Asia Pacific had acquired a dairy alternative market revenue of USD 6,555.86 million in 2018. The region is set to dominate in the forecast period owing to the increasing prevalence of lactose intolerance and cow milk allergy. Also, rising cases of obesity and hypercholesterolemia, as well as concerns regarding calories, are making the consumers shift towards vegan diets at a fast pace. Hence, they are opting for cow milk alternatives more in this region. In emerging economies, dairy alternatives are posing as cost-effective substitutes. Lastly, the young populaces are likely to demand the substitutes more as these products are eco-friendly and sustainable.
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