Dairy Alternatives Market To Reach $35.06 Billion By 2024
Increasing penetration of plant-based milk such as almond milk, soy milk and, coconut milk to replace cow milk is anticipated to propel demand
Increasing consumer preference for lactose-free food products including cheese, desserts, and snacks are anticipated to drive demand. Rising consumer focus on the nutritional values offered by the product such as low calories and high proteins and vitamins is likely to have a positive impact on the industry. Furthermore, the shift of consumer base towards vegan diet owing to factors including animal rights and environment protection are anticipated to drive demand for dairy alternatives over the forecast period. However, high cost associated with these products as compared to dairy products is likely to hamper industry growth.
The global dairy alternatives market has numerous players, however, is dominated by a few including Danone, Vitasoy International, Sunopta, Earth’s Own Food, and Blue Diamond Growers. These companies are engaged in developing and launching innovative and new products to consolidate their presence in the industry. However, growing consumer demand and rising consumer preference for high-quality products with low costs are anticipated to open new avenues for the new players over the next eight years. The industry players are likely to establish and expand their business in the Asian Market in order to tap the increasing consumer demand associated with the changing lifestyle, growing population, rising disposable income and increasing number of lactose intolerance cases in the countries such as China, Australia, New Zealand, India, Japan, and Korea.