The global dairy alternatives market size is expected to reach USD 25.12 billion till 2026 while exhibiting a CAGR of 9.79% between 2019 and 2026. This is ascribable to factors such as increasing awareness regarding the harmful effects of processed dairy products and increasing focus on product innovations by the companies. This information is published by Fortune Business Insights, in its latest report, titled “Dairy Alternatives Market Size, Share & Industry Analysis, By Source (Soy, Almond, Coconut, Rice, Oats, and Others), Product Type (Non-dairy Milk, Butter, Cheeses, Yogurts, Ice Cream, and Others), Distribution Channel
(Supermarkets/Hypermarkets, Convenience Stores, Online Retail, and Others), and Regional Forecasts, 2019 – 2026.” The report further mentions that the market was worth USD 12.08 billion in 2018 and is likely to gain momentum during the forecast period.
Dairy alternatives are anything that does not involve dairy-based products. Though, dairy based products are a rich source of protein, there are several plant-based products that contain equal number of nutrients. Today, plant-based products such as milks are being labeled as a healthier option compared to dairy milk. For instance, almond milk is considered to be the ideal milk alternative that is enriched with great source of calcium and protein.
What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. The report provides comprehensive research into the regional developments of the market, affecting the market growth. The report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. In addition to this, the competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
Increasing Consumption of Plant-based Products to Surge Demand
According to the US National Institutes of Health (NIH), about 75% of the population is lactose intolerant across the globe. The symptoms of lactose intolerance are stomach pain, stomach rumbling, bloating, diarrhea, and gas, which can get worse in some cases. To avoid the health effects of lactose intolerance and keep their digestive system sound and healthy, a majority of people are switching towards dairy alternatives. Additionally, increasing awareness of the health benefits regarding a vegan diet is expected to bode well for the growth of the global dairy alternatives market in the forthcoming years. For instance, a report by the National Center for Biotechnology Information (NCBI) stated that people consuming a vegan diet are less prone to the risk of suffering from cancer.
Increasing Incidences of Lactose Intolerance in Asia Pacific to Augur Growth
Among all regions, the market in Asia-Pacific is expected to witness considerable growth and register highest global dairy alternatives market revenue during the forecast period. This is ascribable to factors such as increasing prevalence of lactose intolerance and cow milk allergy in the population. Additionally, increasing preference for the vegan diet owing to the high prevalence of hypercholesterolemia in Asia-Pacific will bode well for the market growth. Growing shift towards the consumption of plant-based dairy alternatives in countries such as China and India is likely to contribute to the market growth in the region between 2019 and 2026.
DMS Launches New Plant-based DelvoPlant Enzymes
According to Fortune Business Insights, the global dairy alternatives market is witnessing innovations in products owing to the presence of major companies striving to consolidate their position. The players are actively adopting strategies such as merger and acquisition, collaboration, development of innovative products, investment, and partnership to gain a major chunk of the market share. For instance, in June 2020, DSM, a leading scientific company dealing in health and sustainable living, announced its launch of new DelvoPlant enzymes that can be used to optimize the texture, taste, and sweetness of the plant-based dairy alternative drinks.