Dairy alternatives are expected to grow at a CAGR of 11.7% from 2017, to reach $14.36 Billion by 2022
The report "Dairy Alternatives Market by Type (Soy, Almond, Coconut, Rice, Oat, Hemp), Formulation (Plain & Sweetened, Plain & Unsweetened, Flavored & Sweetened, Flavored & Unsweetened), Application (Food, Beverages), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the Dairy Alternatives Market was valued at USD 7.37 Billion in 2016. It is projected to grow at a CAGR of 11.7% from 2017, to reach USD 14.36 Billion by 2022. The base year considered for this study is 2016, while the forecast period is from 2017 to 2022.
The global Dairy Alternatives Market is expanding with considerable growth potential over the next five years. The growth of this market can be attributed to the growing inclination toward vegan, especially plant-based food, growing lactose intolerance among a large section of the population, and rising demand for various innovative dairy-free applications.