The global DairyAlternatives Market is set to grow remarkably on account of the evolvingdietary lifestyles of the masses. Additionally, people across the world arepersistently following flexitarianism and veganism, which, in turn, wouldimpact the market positively. This information is given in a recently publishedreport by Fortune Business Insights™, titled, “Dairy Alternatives Market Size,Share & Industry Analysis, By Source (Soy, Almond, Coconut, Rice, Oats, andOthers), Product Type (Non-dairy Milk, Butter, Cheeses, Yogurts, Ice Cream, andOthers), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores,Online Retail, and Others), and Regional Forecasts, 2019 – 2026.” As per thereport, the Dairy Alternatives Market size is projected to reach USD 25.12billion by the end of 2026, thereby exhibiting a CAGR of 9.79% during theforecast period. However, it stood at USD 12.07 billion in 2018.
Increasing Demand forValue-added Products to Boost Growth
As compared to the traditional dairy counterparts, plantmilk and milk products are anticipated to gain more popularity in the comingyears owing to the surging trend of veganism. The rising inclination of peopletowards vegan, vegetarian, and flexitarian food lifestyles would also increasethe demand 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 areshifting towards 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 LeadStoked by Rising Prevalence of Obesity & Hypercholesterolemia
In terms of geography, the market is grouped into AsiaPacific, the Middle East and Africa, Europe, South America, and North America.Amongst these, Asia Pacific had acquired a dairy alternative market revenue ofUSD 6,555.86 million in 2018. The region is set to dominate in the forecastperiod owing to the increasing prevalence of lactose intolerance and cow milkallergy. Also, rising cases of obesity and hypercholesterolemia, as well asconcerns regarding calories, are making the consumers shift towards vegan dietsat a fast 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.
Source: https://www.fortunebusinessinsights.com/industry-reports/dairy-alternatives-market-100221
