Rise In Vegan Population Is The Prime Factor Driving The Growth Of Dairy Alternative Market

Dairy Alternatives Market Size, Share, Trends, Growth, Analysis, Research

Global Dairy Alternatives Market: Key Highlights

  • According to the new market research report “Dairy Alternatives Market by Source (Soy, Almond, Coconut, Rice, Oat, Hemp, Cashew and Others), by Application (Milk, Cheese, Yogurt, Butter and Others), by Distribution Channel (Convenience Store, Supermarket and Hypermarket, Health Stores and Pharmacies and Online Store), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global dairy alternatives market is estimated to reach USD 41.1 Billion by 2027 at a CAGR of around 11.35% in the study period.
  • Diary alternatives are the dairy products, which act as substitutes for the conventional milk and milk products. These are obtained from the plant sources such as soy, rice, oat, hemp, and coconut among others
  • Increasing entry of new players in the dairy alternatives market those are infused with unique flavors and taste in product range

Dairy Alternatives Marke

Global Dairy Alternatives Market: Key Market Dynamics

  • Ongoing trend of consuming flexitarian and vegan diet to minimize consumption of meat and animal based food products is driving the dairy alternatives market
  • Rise in prevalence of lactose intolerance among the population is driving higher demand for plant based diary substitutes
  • High cost of the production and processing of the plant-derived dairy alternatives is hampering the market growth
  • Emergence of new source such as chickpea for dairy based food and beverages is creating new growth opportunities for this market
  • Challenges associated related to taste and mouth feel of dairy alternatives is acting as roadblock for the market growth

Global Dairy Alternatives Market: Regional Overview

  • North America

The dairy alternatives market in the North American region is growing at a robust pace owing to rise in adoption of plant based products. Rising environmental concern with ill effects of consuming animal-derived food products is shifting the consumer’s interest towards flexitarian and vegan diet. Increasing count of vegan population along with expansion of vegan food outlets in the US, is further driving the market growth.

  • Europe

In Europe, the diary alternative market is expected to gain higher market share in the years to follow. Owing to growing number of Europeans preferring meat-free and vegan die especially among young population, an outcome of higher awareness regarding negative impact of meat and animal-derived products is driving the market growth. Rapid shift towards consuming meat alternatives in Finland, German, UK among the key contributing European countries, is driving the demand for dairy alternatives.

Global Dairy Alternatives Market: Key Players Overview

  • Axiom Foods Inc.:

Axiom Foods Inc. is a manufacturer and supplier of the plant based food, sugar, starched, protein and dairy alternatives globally. The company offers clean, allergen friendly and natural products used in varied application areas including beverages, bakery products and others. Axiom foods offers Oryz-O-Lait, and AvenOlait, oat and wheat based dairy alternatives ingredient, a substitute for the population intolerance towards soy and dairy products.

  • ADM:

ADM operates through offering product used across food and beverage, animal nutrition, fuels and agricultural services. The company offers plant based proteins, soy flour, texture soy protein and other products. In November 2018, the company signed an agreement with the Perfect Day, a manufacturer of animal free dairy products for development of vegan proteins, used across various food and beverage applications.

 

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Rep Id : FnB 010

Published : 2020-02-28

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