Dairy Alternatives Market Product Driving Factors, Capacity and Growth Rate Analysis to 2024
31st Aug 2020 - Global Dairy Alternatives Market is projected to reach USD 35.6 billion by 2024. The Dairy alternatives-based food and beverages are prepared from dairy-free milk, extracted from several plant-based sources such as soy, rice, almond, coconut, and others. Widely consumed dairy substitute-based products are ice-cream, milk, butter, energy drinks, soft drinks, cheese, and others. The dairy alternatives have a robust demand with respect to manufacturing medical food for their lactose-free nature, lactose intolerance ailments. The development of this market can be ascribed to the preference of customers toward a vegan diet, rising occurrences of lactose intolerance between the populace, and the increasing demand for several refresh dairy food & beverage applications.
In addition, the
low-fat content and low cholesterol concentration in dairy alternative
beverages, and their increasing demand will initiate the growth of the market.
Moreover, the dairy alternatives offer several benefits such as increasing
awareness among people, and as the dairy alternatives products contain vitamin,
high calcium, the market will upsurge in the forecast period. On the other
hand, factors such as High price of dairy alternative beverages, cross
contamination of raw materials may hamper the growth of dairy alternatives
industry in the forthcoming period and anticipated to grow at a CAGR of 16.6% in the upcoming period as
the scope, product types, and its applications are growing across the globe.
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Alternatives Market Report with TOC @ https://www.millioninsights.com/industry-reports/dairy-alternatives-market
Dairy alternatives
market may be explored by type, applications, formulations, distribution
channel and geography. The market may be explored by type as Soy, Coconut,
Almond, Oat, Hemp, and Rice. Soy milk accounted for 40.5% of the major share of
the global market size analysis in 2016. The factors that attribute to the
growth of this sector is the prevention of breast cancer, and heart diseases,
will upsurge the market growth in the upcoming period.
Dairy alternatives
industry may be explored by application as Food, and Beverages. Amongst the
applications segment, Beverages are estimated to account for the highest
growing segment in the forecast period. Increasing demand for flavored milk
products, and its growing health benefits will upsurge the market. The market
may be explored by Formulations as Plain & unsweetened, Flavored &
sweetened, Plain & sweetened, and Flavored & unsweetened. Dairy
alternatives market may be explored by distribution channel as Supermarket,
Convenience Retailers, Pharmacy.
Some of the key players that fuel the development of the dairy alternatives industry include Panos Brands LLC, Organic Valley Family of Farms, Earth’s Own Food Company Inc., Eden Foods Inc., The White wave Foods Company, Living Harvest Foods Inc., Blue Diamond Growers Inc., Grupo Le Pascual Sa, The Hein Celestial Group Inc., The Bridge S.R.L., OATLY A.B., and Sunopta Inc. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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Dairy Alternatives Regional Outlook (Volume, Kilotons; Revenue, USD
Million; 2013 - 2024)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• UK
• Italy
• France
• Spain
• Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Latin America
• The Middle East & Africa
• South Africa
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