According to the latest research study, the report predicts the global Dairy Alternatives Market size & share to reach around USD 50.15 Billion by 2028 from USD 20.54 Billion in 2020. The global Dairy Alternatives Market is anticipated to register a significant CAGR of 12.3% by 2028.
Dairy products or cow's milk is avoided by some people as their bodies fail to digest lactose or they suffer from an allergy to the cows' milk protein. There are numerous dairy products that are lactose-free and are obtainable to purchase for people with an intolerance of lactose. They accommodate similar minerals and vitamins as standard dairy products. Still, they also contain an added enzyme known as lactase which assists in digesting any lactose, so symptoms are not triggered by any products.
There are many benefits of going dairy-free. Steering clear of symptoms of lactose intolerance is a benefit. Symptoms of lactose intolerance include stomach pain, bloating, gas, diarrhea, and rumbling of the stomach. People who are hypersensitive to cow's milk can have possibly threatening allergic after-effects and therefore should avoid dairy products altogether. Some people discard dairy products to circumvent the probability of contaminants of milk like hormones or steroids. Minute amounts of steroids and hormones in milk emerge to pass on to the person who consumes it and could have an undesirable impact on the body.
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· Report Introduction, Overview, And In-Depth Industry Analysis
· Covid-19 Pandemic Outbreak Impact Analysis Included
· 2021 Upgraded Report Preface, Overview and Detailed in Depth Industry Analysis
· Offer Chapter Wise Instruction On Request
· Includes Refurbished Regional Scrutinizing with Graphical Representation of Share, Size and Trends
· Updated List of Tables and Figures
· The Report Offers Top Market Players with Their Sales Volume, Business Strategy and Revenue Analysis
· Research Methodology
Important Questions Being Answered by The Market Report
· Which are the prominent sources contemplated in this study, and which segments are estimated to have a reasonable growth rate in the future?
· What are the drivers pushing the growth of the global dairy alternative market?
· How big is the global dairy alternative market?
· Which region held the largest share?
· Which distribution channel dominated the market?
Key offerings
· Market size and forecast by revenue (2021—2028)
· Market dynamics – Prime trends, restraints, growth drivers, and opportunities of investment
· Market segmentation – A detailed analysis by source, product, distribution channel and region
· Competitive landscape – vendors that are crucial and topmost
Top Market Players
· SunOpta Inc.
· Oatly
· Danone
· The Hain Celestial Group Inc.
· DAIYA FOODS INC.
· Living Harvest Foods Inc.
· Melt Organic
· Vitasoy International Holdings Limited
· Freedom Foods Group
· Earth’s Own Food Company
· The Whitewave Foods Company
· ADM
· Ripple Foods
· Nutriops
· Blue Diamond Growers
· Eden Foods Inc.
· Organic Valley Family of Farms and CP Kelco
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Dairy Alternatives Market: Growth Leading Factors
The market growth will be fuelled by the number of lactose-intolerant consumers, essentially pushing the dairy alternative market growth. Aside from that, there is an increasing insight among the general consumers that lactose-free products are wholesome alternatives to traditional dairy. Lactose intolerance is because of the removal of an enzyme called lactase that dismantles lactose.
The alternative dairy market will observe plant milk products and are anticipated to obtain more significant dairy alternatives market share and robust growth rates than the traditional dairy equivalents in coming years as veganism will go in now mainstream. The increasing liking for vegetarian, flexitarian, and vegan food habits would push the sales of plant-based dairy replacements. The justifiable growth trajectory of the product depends on products that are value-added and engage the aesthetic and nutritional needs of the consumers.
The covid-19 saw a decline in the market. This decline was because of the spread of coronavirus globally. The covid-19 pandemic has created the governments to inflict a lockdown to end community transmission among the people impacting the functioning of many industries. The limited capacity of workers, lesser availability of laborers, and delayed supply chain are the fundamental reasons for lower market growth.
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Dairy Alternative Market: Key Segmentation
Insight by source, product, distribution channel, and region
Based on the source, Almond milk is gaining prominence as the consumers have experienced allergies and health concerns with soy milk. Almond milk is less in calories, and these products are also well marketed and branded and knowledgeable way incredibly engaging for the younger consumers. By product, segments like vegan cheese, yogurt, ice cream display speedier growth rates than nondairy segments because of their acceptance among consumers irrespective of their age groups. The foodservice segment is speedily progressing in the context of its claims and product offerings. The vegan, nondairy, natural and plant-based is encountering substantial attention by the consumers. By distributional channel, the supermarket is segmented to hold the dominant market share because of its accessibility, affordability, and proximity. There is a devoted retail shelf for vegan and plant-based products and discounts that are attractive to allure the consumers and increase the acquisition rates.
By region, the Asia Pacific market is driven by a pronounced rise in the reported cases of allergy from cow's milk and intolerance of lactose. Further, the worries about calories and greater pervasiveness of hypercholesterolemia and obesity have prompted consumers to shift to vegan diets, which is likely to generate alternatives for cow's milk. North America, as a region, is anticipated to utilize more options that are plant-based and play a crucial role in offering national and food security. Consumers are well acquainted and aware of dairy substitutes available in a great deal. This region will also observe an increasing number of consumers consuming more plant-based food than those acquiring vegan diets.
Browse the full “Dairy Alternatives Market Share, Size, Trends, Industry Analysis Report, By Source (Soy, Almond, Coconut, Rice, Oats, Others); By Product; By Distribution Channel; By Region; Segment Forecast, 2021 - 2028” Report at https://www.polarismarketresearch.com/industry-analysis/dairy-alternatives-market
The market predominantly depends on the source, product, distribution channel, and region
Dairy Alternative Market: By Source
- Soy
- Almond
- Coconut
- Rice
- Oats
- Others
Dairy Alternative Market: By Product
- Milk
- Yogurt
- Cheese
- Ice cream
- Creamer
- Others
Dairy Alternative Market: By Distribution Channel
- Supermarkets & Hypermarkets
- Convenience Stores
- Online Retail
- Others
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