According to a new study by Polaris Market Research, the global dairy alternatives market size is expected to reach USD 50.15 billion by 2028 . The report “Dairy Alternatives Market Share, Size, Trends, Industry Analysis Report, By Source (Soy, Almond, Coconut, Rice, Oats, Others); By Product; By Distribution Channel; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Consumers with lactose intolerance along with a growing vegan population will mainly contribute to the alternatives industry growth. People becoming more health-conscious and wishing to avoid foods associated with obesity and heart diseases will also propel the growth of the industry. Lactose intolerance is becoming increasingly prevalent globally, and around 65% of people suffer from some kind of food intolerance. Hence, these people must avoid dairy products and look for substitutes that will provide similar protein and vitamins.
Plant-based products such as almond drink and soy drink have lower calories compared to cow or buffalo milk. Hence, consumers are opting for plant-based products to overcome obesity which is highly prevalent in the developed economies.
COVID-19 pandemic is expected to positively influence the growth of the industry during the forecast period, as there is great demand for packaged items. Products such as packaged plant-based milk and beverages have more shelf life, and people are storing these products so that they don’t have to go out of their residencies frequently.
Industry participants such as SunOpta Inc., Oatly, Danone, The Hain Celestial Group, Inc., DAIYA FOODS INC., Living Harvest Foods Inc., Melt Organic, Vitasoy International Holdings Limited, Earth’s Own Food Company Inc., The Whitewave Foods Company, ADM, Ripple Foods, Nutriops, S.L., Blue Diamond Growers, Freedom Foods Group Ltd., Eden Foods, Inc., Organic Valley Family of Farms and CP Kelco are some of the key players operating in the global alternatives industry. For more or to request a sample of the report visit polarismarketresearch.com/industry-analysis/dairy-alternatives-market/request-for-sample