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The global Dairy Alternatives Market Size is expected to attain a market size of $20.2 billion by 2022, rising at a CAGR of 13.7% during the forecast period.
Dairy Alternatives are one of the important parts of food & beverages industry. Dairy Alternative products are made from milk based on almonds, SOY, coconut, and rice among others. These products are mostly preferred by the population who are lactose-intolerant, or one who have allergy from milk, or people prefer it as vegan diet as well. Dairy alternatives are dairy free products and do not contain lactose in it. Most of the people believe that Vitamin and calcium could only be found in dairy products. Generally, people decides to stop eating dairy due to reasons such as either they are allergic to the dairy items or may just decide to adopt vegan diet. In Addition to this, Food Standard Agency has found that, ?almost half of 16-25 years olds believe that they have allergies with the cow milk and only prefer dairy alternatives?. There has been a prominence rise in the adoption of dairy or plant based products.
People now prefer yogurt, almond related products than milk. Additionally, new dairy alternative products were highlighted in the Natural Products Expo West 2017. The discussion was about the innovation of new set of multi serving products; that mainly focus on fulfilling more consumer need. Additionally, nutrition, protein, and flavored added products are expected to be launched in market by some of the big brands manufacturing dairy alternative products. The factors driving the demand of dairy alternative market are the increase in the disposable income of consumers and vegan population. Additionally, growing awareness for the benefit related to the dairy alternative products and also growing demand for the plant based milk are some of the factors driving the growth of dairy alternative market.
However, high cost of dairy alternative factors and availability of low cholesterol milk is restraining the growth of dairy alternative market. The market has been segmented on the basis of distribution channel, application, and region. Based on distribution channel, the market is segmented into Small retail, Specialty store, large retail, and others. Based on Application, the dairy alternative market has been segmented into Food & Beverages. Food is further segmented into Spread, Tofu, Creamer, Yogurt, and Others. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East and Africa).
The key players operating dairy alternate market are as follows: WhiteWave Foods Company, SunOpta Inc., Blue Diamond Growers, Hain Celestial Group, Inc., Earths Own Food Inc., Organic Valley, Panos Brands LLC, and Elden Foods Inc.