The global dairy substitute market size was USD 23.01 billion in 2020 and is expected to register a revenue CAGR of 10.5% during the forecast period.
NEW YORK CITY, NEW YORK, USA, August 3, 2022 /EINPresswire.com/ — The Global Dairy substitutes market The size is expected to reach USD 50.87 billion in 2028 and register a CAGR of 10.5% over the forecast period, according to a latest report by Repoarts and Data. The shift in consumer preference towards vegan and flexitarian foods, especially in developed countries such as the US and UK, is leading to high consumption of dairy alternatives such as almond milk, soy milk and rice milk, which in turn is expected to drive market revenue growth.
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Food manufacturers are switching to alternative sources of plant-based ingredients to meet the growing demand from vegans for plant-based dairy products. Vegans and vegetarians are actively opting for dairy alternatives because of the benefits of consuming plant-based beverage alternatives over natural cow’s milk, including preventing lactose intolerance and milk allergy cow’s milk, because these drinks do not contain calories, cholesterol or lactose.
Growing demand for organic food and beverages is expected to drive the revenue growth of this market over the forecast period. The shift in consumer preference towards clean label foods and beverages and growing awareness of the functional health benefits of consuming organic foods and beverages are driving an increase in product demand. Additionally, increasing consumer disposable income in developing countries is driving the growing adoption of a vegan diet, as well as an increase in the consumption of flavored and unflavored soy and almond milk.
Some of the major market players are listed below:
• The Hain Celestial Group, Inc.,
• Producers of blue diamonds,
• SunOpta, Inc.,
• Sanitarium Health and Wellbeing Company,
• Danone S.A.
Market segmentation :
By product type
• Soy milk
• Almond milk
• Coconut milk
• Milk rice
• Oat milk
• Hemp milk
By formulation Perspectives
• Flavored formulation
• Ordinary formulation
By Outlook app
o Ice cream
By distribution channel Perspectives
• Natural food stores
• Convenience stores
• Online stores
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All companies involved in the processing, packaging and distribution of food raw materials fall under the food and beverage sector. Fresh, packaged meals, as well as alcoholic and non-alcoholic beverages, are all included. Apart from drugs, this industry affects all products intended for human consumption.
Due to the current economic depression caused by the Covid-19 outbreak, consumers are looking to save as much money as possible. Consumers do this in a variety of ways, including buying more generic products and cooking their own meals instead of going out. As a result, food processing companies are becoming more creative in order to reduce the cost of goods sold, attract more customers and increase their profit margins.
Obesity has a huge impact on the global food and beverage industry. The desire for healthy foods has increased, as has the demand for more detailed nutritional information. Companies have responded by launching low-calorie foods and tightening control over how their brand is perceived in response to these two changes. Companies want to be seen as a healthy brand, so they support activities that show it, like youth sports. There has even been talk of imposing a tax on foods linked to obesity to deter people from eating them.
The report is drafted with the help of industry analysts, market segmentation, and data collection to help readers make profitable business decisions. The report includes a comprehensive database of technical advancements and products. It also provides insights on growth rates and market value along with an in-depth look at niche market segments. The report provides strategic advice to newcomers and existing businesses on how to make profitable and well-informed business decisions.
The Dairy Substitutes market has been segmented into key regions globally and offers analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industry chain analysis , demand and supply, import and export, revenue contribution and presence of key players in each region. Country-wise market analysis is offered in the report to better understand the regional breakdown and progress of the Dairy Alternatives market.
The Global Dairy Substitutes Market is segmented into:
• North America (United States, Canada, Mexico)
• Europe (Italy, UK, Germany, France, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Australia, rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, rest of Latin America)
• Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, Rest of MEA)
Key questions addressed in the report:
• What are the dominant factors influencing industry growth?
• During the forecast period, which market segment is expected to grow the most?
• What are the risks and challenges facing the industry?
• In the coming years, which area is expected to dominate the market?
• Who are the main market players? What kinds of strategic business plans have they developed?
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