Market Overview
The global dairy alternatives products market size is expected to reach USD 46.4 Billion by the end of the forecast period, at a CAGR of over 10.88% during the period. Dairy alternative products are lactose-free dairy alternatives made from plant-based milk. Coconut, almond, and soy are just a few of the plant-based options. To meet consumer needs, global market participants are investing heavily in product development and continual product improvement. The texture and flavor qualities of dairy alternatives are reserved and mimicked in dairy products using the appropriate ingredients and kind of dairy substitute as the starting material. In recent years, the global market for dairy alternatives has experienced tremendous expansion. The increasing incidence of lactose-intolerant populations around the world is primarily responsible for the market's rise. Additionally, factors such as rising food allergies, changing dietary preferences, an increase in the number of consumers choosing veganism, and the simple availability of alternatives are expected to fuel market growth in the future years.
Market Segmentation
Based on the source, the global Dairy Alternatives Products Market is segmented into soy, almond, coconut, rice, oats, and others.
Based on the type, the global dairy alternatives products market is segmented into milk, cheese, yogurt, ice creams, and others.
Based on the distribution channel, the global dairy alternatives products market is segmented into store-based and non-store-based.
Based on the region, the global dairy alternatives products market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
Regional Classification
The dairy alternative products sector is likely to be dominated by the North American Dairy Alternative Products Market. The United States and Canada are important contributors to market growth and are expected to continue dominating during the review period. Furthermore, changing lifestyles and consumption patterns are indicating a preference for dairy-free food sources, which is another reason fueling the expansion of dairy alternatives in North America. In Asia-Pacific, there is a growing need for nutritious convenience foods. Because of the growing customer preference for plant-based milk sources, especially in industrialized nations, manufacturers of ready-to-eat food are exploring dairy-alternative as a convenient preferred milk solution. This pattern is catching on throughout the region.
Industry News
The major Key Dairy Alternatives Products Market Players are The Whitewaves Food Company, The Hain Celestial Group, Blue Diamond Growers, Sunopta, Sanitarium Health & Wellbeing Company, Freedom Foods Group, Eden Foods, Nutriops S.L., Earth's Own Food Company, Triballat Noyal, Valsoia S.P.A, Dohler GmBh, Organic Valley, Panos Brands LLC, Daiya Foods Inc., Galaxy Nutritional Foods, Inc., and Tofutti Brands Inc. Peet's Coffee is planning a vegan transition. Violife, JUST Egg, and Beyond Meat are among the companies that have recently announced the launch of a vegan spring menu. Cargill Turkey has announced the inauguration of a high-tech ingredient blending manufacturing plant and a state-of-the-art technological application center in Bursa, Orhangazi, to enable dairy manufacturers better respond to growing customer needs.
Wilk, an Israeli food technology firm, has announced plans to address dairy demand in a novel way, focusing on the production of cell-cultured milk, which aims to undercut the dairy sector by delivering a substitute that tastes exactly like the real thing. The cultured dairy brand is attempting to become a major player in the manufacturing of cell-based milk, hence increasing accessibility to the amazingly sustainable product.
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