Press release
Dairy Alternatives Market to Receive Overwhelming Hike In Revenue That Will Boost Overall Industry Growth
According to a new report published by Allied Market Research, titled "Dairy Alternatives Market by Source, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2022-2031, the dairy alternatives market size was valued at $13,198.4 million in 2020 and is estimated to reach $55,450.9 million by 2031, registering a CAGR of 13.9% from 2022 to 2031. In 2020, the Asia-Pacific region accounted for more than 45.4% of the global market and is expected to grow at a CAGR of 14.5% throughout the forecast period.China is one of the prominent regions in the countries that accounted for a significant share of the total market in 2020.๐ ๐๐๐ญ ๐ ๐ฎ๐ฅ๐ฅ ๐๐๐๐๐ฌ๐ฌ ๐ญ๐จ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ฉ๐ฒ https://www.alliedmarketresearch.com/request-sample/6198
Dairy alternatives are plant-based, natural, and chemical-free milk products derived from grains, seeds, or nuts. Dairy alternative products act as a substitute for consumers who are allergic to dairy products or people who are on a vegan diet. Some of the major alternatives to dairy are non-dairy milk, ice cream, cheese, yogurts, juice, energy drinks, and soft drinks.
The factors that drive the dairy alternatives market growth include the health benefits associated with consuming plant-based milk, as they are high in micro- and macronutrient content as well as low in fat and cholesterol content.Rising demand for plant-based milk is among the major factors boosting the dairy alternative market. A huge demand for naturally prepared plant-based milk has been noted during the past few years, which is expected to continue over the forecast period. The growth in the vegan population is anticipated to increase the demand for dairy alternatives and milk products. Consumers in countries such as Canada are avoiding animal products and demanding healthier and cleaner, naturally prepared plant-based food.
Thus, attractiveness toward dairy alternatives is one of the main factors driving the global dairy alternative market, and the rise in fitness concerns among people in different regions has also helped the market. In addition, an increase in the number of lactose-intolerant people, a growing trend toward veganism, and a rise in disposable income also drive market growth. However, increase in cost of raw materials due to unpredictable weather and high cost of production are expected to hamper the growth of market during the forecast period. The rise in demand for alternatives to dairy by health-conscious consumers and the frequent introduction of new flavors & varieties are expected to provide numerous opportunities for the expansion of the dairy alternatives market. Along with this, increase in disposable income of China's huge population is anticipated to drive the Asia-Pacific dairy alternative market in the coming years. Demand for products with new ingredients is also projected to rise in the future, driving the global dairy alternative market.
๐ ๐๐๐ฅ๐ค ๐ญ๐จ ๐จ๐ฎ๐ซ ๐๐ฑ๐ฉ๐๐ซ๐ญ https://www.alliedmarketresearch.com/connect-to-analyst/6198
The dairy alternatives market is segmented on the basis of source, application, distribution channel, and region. By source, the market is categorized into four segments, which include soy, almond, rice, and other sources. By application, the market is segmented as follows: food, which includes spread, creamer, yogurt, tofu, and others; beverages, which include dairy alternative milk, dairy-free probiotic drinks, and others. Large retail, small retail, specialty stores, and online are the segments by distribution channel. Regionally, the market is classified into North America, Europe, Asia-Pacific, and LAMEA.
According to the dairy alternatives market analysis by source, the soybean segment generated the highest revenue in 2020 and is expected to remain dominant throughout the forecast period. However, the other source segment is expected to grow at the highest CAGR throughout the forecast period.
In 2020, the beverages segment was the most prominent segment, accounting for the maximum share of the global dairy alternatives market. However, the food segment is expected to witness notable growth,with a CAGR of 13.4% from 2022 to 2031.
Based on distribution channel, the large retail segment was the leading distribution channel with most of the dairy alternatives market share in 2020. However, the online segment is expected to witness the fastest growth through the forecast period.
Based on the dairy alternatives market forecast, Asia-Pacific and North America accounted for the maximum share in the global market in 2020 and are expected to remain dominant during the forecast period. China is expected to grow with the highest CAGR throughout the forecast period, owing to the adoption of veganism among consumers.
Key findings of the study
The dairy alternatives market was valued at $13,198.4 million in 2020 and is estimated to reach $ 55,450.9 million by 2031, growing at a CAGR of 13.9% through the forecast period.
Based on source, the almond segment is expected to witness the fastest growth, registering a CAGR of 14.6% during the forecast period.
In 2020, based on application, the beverage segment held the highest share, accounting for more than half of the global market share.
๐ ๐๐๐ค๐ ๐ ๐๐ข๐ซ๐๐๐ญ ๐๐ฎ๐ซ๐๐ก๐๐ฌ๐ https://www.alliedmarketresearch.com/dairy-alternatives-market/purchase-options
In 2020, China was the most prominent market in the Asia-Pacific region and is expected to grow at a significant CAGR throughout the forecast period.
Asia-Pacific was the dominant region in 2020, accounting for more than two-fifth of the dairy alternatives market share.
The key players in the dairy alternatives industry profiled in the report are WhiteWave Foods Company, Blue Diamond Growers, SunOpta Inc., Earth's Own Food Inc., Living Harvest Foods Inc., Kikkoman Corporation, Rebel Kitchen, Organic Valley, Panos Brands LLC, The Hain Celestial Group Inc., and Eden Foods Inc
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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view of providing business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
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