Dairy Alternatives Market is likely to show the fastest CAGR of 13.99% from 2022 to 2031

WILMINGTON, DE, UNITED STATES, February 6, 2025 /EINPresswire.com/ -- The global dairy alternatives market size was valued at $13,198.4 million in 2020 and is estimated to reach $ 55,450.9 million by 2031, registering a CAGR of 13.9% from 2022 to 2031.

Increase in obese population and rise in demand for chemical-free, and plant based milk products are the major factors boosting the dairy alternatives market.

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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.

The factors that drive the dairy alternatives market growth include health benefits associated with consuming plant based milk as they are high in micro and macronutrient content as well as low in fat and cholesterol content. Rising demand for plant-based milk is among the major factors boosting the dairy alternative market. A huge demand for naturally prepared plant-based milk has been noted during the past years, which is expected to continue over the forecast period. The growth in vegan population is anticipated to increase the demand for dairy alternative milk/milk products. Consumers in countries such as Canada are avoiding animal products and demanding for healthier and cleaner naturally prepared plant-based food. Thus, attractiveness toward dairy alternatives is one of the main factors driving the global dairy alternative market and also the rise in fitness concerns among people in different regions has also helped the market.

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In addition, increase in the number of lactose intolerant population, growing trend of veganism, and rise in disposable income also drive the market growth. However, increase in cost of raw materials due to unpredictable weather and high cost of production are expected to hamper the growth of market during the forecast period. Rise in the demand for alternatives to dairy by health-conscious consumers and frequent introduction of new flavors & variety are expected to provide numerous opportunities for expansion of the dairy alternatives market. Along with this, increase in disposable income of China's huge population is anticipated to drive the Asia-Pacific dairy alternative market in the coming years. Demand for products with new ingredients is also projected to rise in the future, driving the global dairy alternative market.

Based on Region, 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.

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The key players in the dairy alternatives industry profiled in the report are WhiteWave 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., and Eden Foods Inc

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