A new report from Transparency Market Research, titled ‘Dairy Alternative Market - Global Industry Analysis, Size, Share, Growth, Trends, Forecast 2015 - 2023,’ states that the global dairy alternative market is expected to develop swiftly during the period from 2015 to 2023 due to the increasing health awareness among the global populace.

Dairy alternative beverages are referred to as plant-based milk and are processed through nuts, seeds, and cereals. Dairy alternative beverages are low on fat and cholesterol. These beverages can be consumed by lactose intolerant people, vegans, and people with milk allergies. The global dairy alternative market is spread across the globe through various distribution channels such as pharmacies and health food stores, supermarkets, convenience stores, and online stores.

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Availability of many of these distribution channels across the globe is one of the major factors expected to drive the global dairy alternative market in the years to come. The number of health-conscious people around the world has increased in the recent past. People who are health-conscious prefer dairy alternative beverages as their primary choice of beverages primarily owing to their lower fat content. Growing preference in the consumer base for vegan lifestyles and diet due to factors such as growing awareness about animal rights and environment protection are predicted to drive the global dairy alternative market in the years to come.

Increasing disposable incomes are another important factor expected to propel the global dairy alternative market in the next few years. Cross-contamination of raw materials is the major factor expected to restrict the growth of the global dairy alternative market in the next few years. Cross-contamination is a procedure by which bacteria or microorganisms are transferred from one particular substance to another. Another factor expected to restrict the demand for dairy alternatives is their rising prices. Alternative beverages available in the market are priced high, making them a difficult buy for many consumers.

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The global dairy alternative market is segmented on the basis of geography and product type. By geography, the global dairy alternative market is divided into Asia Pacific, Europe, North America, and Rest of the World. Currently, Asia Pacific leads the global market for dairy alternative beverages, followed by North America. The rising health awareness among people and the growing disposable income of the customers are expected to improve the demand for various dairy alternatives.

Based on product type, the global dairy alternative market is classified into oat milk, almond milk, rice milk, hazelnut milk, and soya milk. Amongst all, the soya milk segment is the biggest contributor to the global dairy alternative market. However, the demand for almond milk is predicted to grow rapidly during the forecast period due to its health benefits and high content of vitamins and calcium.

Earth’s Own Food Company Inc., Organic Valley Family of Farms, Living Harvest Foods Inc., The Hein Celestial Group Inc., Sunopta Inc., OATLY A.B., Eden Foods Inc., Grupo Le Pascual Sa, Panos Brands LLC, The Whitewave Foods Company, The Bridge S.R.L., and Blue Diamond Growers Inc. are some of the leading companies in the global dairy alternative market. The entry of new companies is expected to prove beneficial for the growth of the global dairy alternative market in the next few years.