The global Dairy Alternatives Market isset to grow remarkably on account of the evolving dietary lifestyles of themasses. Additionally, people across the world are persistently followingflexitarianism and veganism, which, in turn, would impact the marketpositively. This information is given in a recently published report by Fortune Business Insights™,titled, “Dairy AlternativesMarket 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), andRegional Forecasts, 2019 – 2026.” As per the report, the DairyAlternatives Market size is projected to reach USD 25.12 billion by the end of2026, thereby exhibiting a CAGR of 9.79% during the forecast period. However,it stood at USD 12.07 billion in 2018.
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.
Increasing Demand for Value-added Products to Boost Growth
As compared to the traditional dairy counterparts, plant milk andmilk products are anticipated to gain more popularity in the coming years owingto the surging trend of veganism. The rising inclination of people towardsvegan, vegetarian, and flexitarian food lifestyles would also increase thedemand for dairy substitutes. Apart from that, the ever-increasing concernsregarding environmental impacts, animal welfare, and health may limit thegrowth of the dairy sector.
As per one of our lead analysts, “Nowadays, consumers are shiftingtowards value-added products that are appealing to their aesthetic andnutritional needs.” These factors, together, are likely to augment the DairyAlternatives Market growth during the forthcoming years.
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. Amongstthese, Asia Pacific had acquired a dairy alternative market revenue of USD6,555.86 million in 2018. The region is set to dominate in the forecast periodowing to the increasing prevalence of lactose intolerance and cow milk allergy.Also, rising cases of obesity and hypercholesterolemia, as well as concernsregarding calories, are making the consumers shift towards vegan diets at afast pace. Hence, they are opting for cow milk alternatives more in thisregion. In the emerging economies, dairy alternatives are posing ascost-effective substitutes. Lastly, the young populaces are likely to demandfor the substitutes more as these products are eco-friendly and sustainable.
Get Detailed Summary of this Research Report Enable with Table ofContent, Tables and Figures:
https://www.fortunebusinessinsights.com/industry-reports/dairy-alternatives-market-100221
