Global Dairy Alternatives Market Size Set to Register 10% CAGR Through 2028

By Ashwin Naphade  | Date: November 01, 2022

Global Dairy Alternatives Market Size Set to Register 10% CAGR Through 2028

The report on ‘Global Dairy Alternatives Market’ available with MarketStudyReport, states that global dairy alternatives market is anticipated to witness a CAGR of 10% over the forecast period, thereby amassing notable returns by the year 2028.

Report findings suggest that rising consumption of dairy substitutes by people who are lactose intolerant and allergic to milk, as well as the shifting consumer preference toward plant-based foods as a result of environmental concerns are the major growth determinants for global dairy alternatives market.

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For the unversed, dairy alternatives are food and drink items that, in terms of flavor, texture, and nutritional advantages they provide, are comparable to some types of dairy-based goods. They are used to replace dairy-based products because they don't contain lactose.

Furthermore, rising prevalence of lactose intolerance greatly increases consumer demand for dairy substitutes such as soy milk, rice milk, coconut milk, and others, which in turn propels the expansion of the industry.

However, the high cost of dairy substitutes and fluctuating prices of raw materials are some of the factors that may hinder market development in the coming years.

Based on source, worldwide dairy alternatives industry is divided into almond, soy, coconut, rice, oats, and others. Among these, the almond segment is slated to witness considerable growth over the forecast period.

In terms of product type, the market is branched into cheese, ice cream, yogurt, milk, and others. Where, the milk segment is gaining traction at present, and is slated to register colossal expansion during the assessment period.  Speaking of formulation, the industry is bifurcated into plain and flavored. On the basis of sales channel, the market is split into online and offline.

Regionally, the latest trends are studied across Western and Eastern Europe, Asia-Pacific, North America, Latin America, and the Middle East & Africa. Of these, Asia Pacific region holds a considerable market share currently and is projected to expand substantially in the coming years.

Coming to competitive landscape, Valsoia S.p.A, Eden Foods, Inc., Arla Foods Inc., Living Harvest Foods Inc., Earth's Own Food Company Inc., Blue Diamond Growers, WhiteWave Foods Company, Vitasoy International Holdings Limited, CP Kelco US Inc., Oatly Group AB, Freedom Foods Group Limited, Daiya Foods Inc., Archer-Daniels-Midland Company, The Hain Celestial Group, Inc., and Cargill, Incorporated are the leading players in global dairy alternatives market.

Questions and Answers: Global Dairy Alternatives Market

Q1. What are the growth determinants for global dairy alternatives market?

Answer: Rising consumption of dairy substitutes by people who are lactose intolerant and allergic to milk, as well as the shifting consumer preference toward plant-based foods as a result of soaring environmental concerns are the major growth determinants for global dairy alternatives market.

Q2. Which product type category is slated to contribute significantly to worldwide dairy alternatives market earnings?

Answer: Rising prevalence of lactose intolerance greatly increases consumer demand for dairy substitutes such as soy milk, rice milk, coconut milk. Hence, the milk product category is slated to contribute substantially toward global dairy alternatives market.

Q3. Which are the key players in global dairy alternatives market?

Answer: Valsoia SpA, Eden Foods, Inc., Arla Foods Inc., Living Harvest Foods Inc., Earth's Own Food Company Inc., Blue Diamond Growers, WhiteWave Foods Company, Vitasoy International Holdings Limited, CP Kelco US Inc., Oatly Group AB, Freedom Foods Group Limited, Daiya Foods Inc., Archer-Daniels-Midland Company, The Hain Celestial Group, Inc., and Cargill, Incorporated are the leading players in global dairy alternatives market.

For more details on this report:

https://www.marketstudyreport.com/reports/global-dairy-alternatives-market-investment-growth-opportunity-analysis-2019-2028/   

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About Author

Ashwin Naphade     ibmag.com

Ashwin Naphade

Ashwin is into digital marketing since the last 2 years and has worked on multiple projects across various industries. He likes posting information and knowledge on multiple topics with an objective to create online visibility as well as share his inputs. His interest...

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