Dairy Alternative Market Analysis, Share, Growth Trends, Global Opportunities, Industry Overview & Forecast 2031

PORTLAND, OR, US, November 2, 2023 /EINPresswire.com/ -- Dairy Alternatives Market by Source (Soy, Almond, Rice and Other Sources), Application (Food, Beverages, Dairy-free Probiotic Drinks and Others), and Distribution Channel (Large Retail, Small Retail, Specialty Stores and Online): Global Opportunity Analysis and Industry Forecast, 2022–2031". According to the report, the global dairy alternatives industry generated $13.1 billion in 2020 and is anticipated to generate $55.4 billion by 2031 witnessing a CAGR of 13.99% from 2022 to 2031.

𝐀𝐬𝐤 𝐟𝐨𝐫 𝐬𝐚𝐦𝐩𝐥𝐞 𝐜𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/request-sample/6198

Dairy alternatives are plant-based natural and chemical free milk products derived through grains, seeds, or nuts. Dairy alternative products act as a substitute for consumers who are allergic to dairy products or people who are on a vegan diet. Some of the major alternatives to dairy are non-dairy milk, ice cream, cheese, yogurts, juice, energy drinks, and soft drinks.

𝐓𝐨𝐩 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

White Wave Foods Company
Blue Diamond Growers
SunOpta Inc.
Earth's Own Food Inc.
Living Harvest Foods Inc.
Kikkoman Corporation
Rebel Kitchen
Organic Valley
Panos Brands LLC
The Hain Celestial Group Inc.
Eden Foods Inc.

Rise in the number of people allergic to dairy, growth in health awareness, and increase in disposable income among individuals drive the growth of the global dairy alternatives market. However, fluctuating prices of raw materials and high cost hinder the market growth. On the other hand, growth in demand for dairy alternatives by the vegan population and introduction of new flavor & variety of dairy alternatives present new opportunities in the coming years.

𝐁𝐮𝐲 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/checkout-final/337ada609b236f7eaebdf23f45869eaa

Based on applications, the beverage segment accounted for the largest share in 2021 contributing to nearly three-fourths of the global dairy alternatives market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 14.2% from 2022 to 2031, owing to increasing demand for plant-based chemical free milk and other drinks.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2021, accounting for nearly half of the global dairy alternatives market, owing to increasing consumer awareness in the region. Moreover, the LAMEA region is expected to witness the fastest CAGR of 15.3% during the forecast period, owing to surge in disposable income.

Based on the dairy alternatives market forecast, Asia-Pacific and North America accounted for the maximum share in the global market in 2020 and is expected to remain dominant during the forecast period. China is expected to grow with the highest CAGR throughout the forecast period, owing to the adoption of veganism among consumers.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞 : https://www.alliedmarketresearch.com/purchase-enquiry/6198

Based on source, the soy milk segment held the highest market share in 2021 accounting for more than half of the global dairy alternatives market, and is estimated to maintain its leadership status throughout the forecast period. This is due to increasing demand for products with high vitamins, zinc, and iron for proper body health, in countries such as India and China. Moreover, the almond milk segment is projected to manifest the highest CAGR of 14.6% from 2022 to 2031, owing to Low cholesterol and low fat.

𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲

The dairy alternatives market was valued at $13,198.4 million in 2020 and is estimated to reach $ 55,450.9 million by 2031, growing at a CAGR of 13.9% through the forecast period.

Based on source, the almond segment is expected to witness the fastest growth, registering a CAGR of 14.6% during the forecast period.

In 2020, based on application, the beverage segment held the highest share, accounting for more than half of the global market share.

In 2020, China was the most prominent market in the Asia-Pacific region and is expected to grow at a significant CAGR throughout the forecast period.

Asia-Pacific was the dominant region in 2020, accounting for more the two-fifth of the dairy alternatives market share.

𝗧𝗿𝗲𝗻𝗱𝗶𝗻𝗴 𝗥𝗲𝗽𝗼𝗿𝘁𝘀 𝗶𝗻 𝗙𝗼𝗼𝗱 𝗮𝗻𝗱 𝗕𝗲𝘃𝗲𝗿𝗮𝗴𝗲𝘀 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆

U.S. Baby Infant Formula Market - https://www.prnewswire.com/news-releases/us-baby-infant-formula-market-to-reach-5-81-bn-globally-by-2027-at-5-8-cagr-allied-market-research-301273688.html

Infant Nutrition Market - https://www.prnewswire.com/news-releases/infant-nutrition-market-to-reach-61-6-bn-globally-by-2026-at-7-7-cagr-allied-market-research-301107444.html

Baby Drinks Market - https://www.globenewswire.com/en/news-release/2022/03/14/2402706/0/en/Global-Baby-Drinks-Market-to-Generate-67-10-Billion-by-2031-Allied-Market-Research.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

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