Market Overview:

The dairy alternatives market was worth US$ 17.0 billion in 2019 and is expected to grow at an average annual growth rate of 15.45% to reach US$ 34.9 billion in 2024. Dairy alternatives are milk-like products that do not contain lactose and serve as a substitute. These alternatives are used with different cereals such as oats, wheat, rice, barley and nuts. The available milk alternatives include almond milk, soymilk, rice milk, coconut milk and other nut-based dairy products such as cashew nuts, hazelnuts, etc. Milk alternatives have many health-related benefits, including high levels of energy compared to regular milk, which makes people shift from natural products or these alternatives beverages.

Market Drivers and Restraints:

Demand for milk alternatives is driven by growing consumer tastes for lactose-free foods such as cheeses, desserts and snacks. Growing consumer interest in the nutritional value of the product, such as low calorie, high protein and vitamin levels, is expected to have a positive impact on the industry. In addition, it is likely that the shift of the consumer base to the vegan diet, due to certain aspects, including animal rights and environmental protection, will boost demand for dairy alternatives over the forecast period. However, the high costs associated with these products compared to dairy products are likely to slow down industry growth.

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Report segmented as

By Product Type:

Almond Milk,
Soy Milk,
Rice Milk,
By Formulation:

Plain Sweetened,
Plain Unsweetened,
Flavoured Sweetened,
Flavoured Unsweetened
By Application:

Food & Beverages
Geographical Analysis:

Based on the topography, the global market is scrutinized under various regions, namely North America, Europe, Asia-Pacific and Rest of the World. The Dairy Alternatives market was dominated by Asia-Pacific, which is followed by North America and Europe.

Important Market Players:

Some of the major corporations dominating the Dairy Alternatives Market, by their products and services comprise, The Hain Celestial Group Inc., Blue Diamond Growers, Daiya Foods Inc., SunOpta Inc., Archer Daniels Midland Company, The WhiteWave Foods Company, Freedom Foods Group Limited, Sanitarium Health & Wellbeing Company, Earth’s Own Food Company, Nutriops S.L. and Eden Foods, Inc.

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

About Us:

Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.

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