Dairy alternative beverages are referred to the plant based milk, which is processed from cereals, seeds, or nuts. Because of the low cholesterol concentration and fat content in dairy alternative beverages, their demand is increasing at a rapid pace around the world. The global dairy alternative market is also gaining from the rising health awareness among consumers.
The report provides a comprehensive overview of the global dairy alternative market covering its historical performance, development opportunities, vendor landscape, and segmentation based on various parameters. For the purpose of the study, the global dairy alternative market is classified into oat milk, almond milk, soya milk, hemp milk, and hazelnut milk. Of these, the demand for soya milk is expected to be the highest and the segment is likely to rake considerably high revenue for the global dairy alternatives market. Dairy alternatives also offer health benefits such as high calcium and vitamin content, rising information regarding which will help in market’s growth in the coming years.
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Global Dairy Alternative Market: Trends and Opportunities
As people around the world become more aware about their health, the demand for milk or diary alternatives is expected to increase at a fast pace. This will provide significant impetus to the global dairy alternative market around the world. Shifting focus of consumers towards vegan diet and vegan lifestyle due to factors such an animal rights campaigns and environment protection will also help the market rake high profits through the forecast period. In addition, the rising disposable income of consumers will help the market gain increased momentum in the forthcoming years.
On the flip side, cross contamination of raw materials could hinder the market’s trajectory in the near future. In addition, the high price of dairy alternative beverages also limits the scope for the sales of dairy alternatives to an extent.
Nevertheless, with the rising incidence of lactose intolerance and dairy allergies will create opportunities for the market in the near future.
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Global Dairy Alternative Market: Regional Outlook
Regionally, the global dairy alternative market has been segmented into Europe, Asia Pacific, North America, and Rest of the World. Among the regions Asia Pacific has been exhibiting highly attractive market opportunities. With the degree of health awareness among consumers in Asia Pacific rising at a fast pace, sooner than expected the region will showcase the highest demand for dairy alternatives. Besides this, the increasing population and the rising willingness among consumers to spend on health products are expected to boost the demand for dairy alternatives further in Asia Pacific.
The market also witnesses lucrative opportunities in North America, which Europe holds the position of the third-largest regional market in the global dairy alternatives market. The demand from both these regions is expected to grow at a rapid pace during the course of the forecast period.