Dairy Alternatives Market is anticipated to hit $15.72 billion by 2023 at a CAGR of 9.9%
Asia Pacific region holds the largest market share and growth in the Dairy Alternatives Market and is anticipated to reach $8.25 billion by 2023 at a CAGR of 8.3%. The APAC region is followed by North Americas. Large consumer base coupled with familiarity of soy and almond among the Chinese people, spurs the market growth. The key channels include super markets, health food stores, convenience stores, and pharmacies.
• Manufacturers have been actively involved in developing new products, with major focus on flavor and health benefits.
• Super Markets and Health food stores are gaining traction among consumers, especially in the developing nations.
• Growth in vegan population, and rapidly spreading awareness among lactose intolerance provides impetus to the market growth.
• Additionally, with the growing concern about obesity, consumers have been preferring substitutes which have less cholesterol level as compared to the conventional dairy products.
• Increasing cases of lactose intolerance and rise in consumers preferring plant based diets across various countries are the primary drivers for the market growth.
• Leading manufacturers have been reaping benefits from the growing popularity of almond milk by investing more in promotional activities.
• Growing consumer awareness about health issues and new product launches are driving the market growth.
• Plain-unsweetened formulation of dairy alternative beverages are gaining popularity among the consumers due to their high nutritive value and organic nature.
• The growing penetration of established brands and entry of new manufacturers are driving the market for other distribution channels such as health food stores, convenience stores and pharmacies globally.
• Health food stores are the emerging and fastest growing channel of distribution in the global dairy alternatives beverage market.
• The growing disposable income and demand among women millennial are driving the market for dairy substitutes, especially through the supermarket and hypermarket distribution channels.
• Growing health conscious population is driving the market for dairy alternative beverages globally in health food stores.
• Pharmacies dairy alternatives market is estimated to grow fastest in the Asia-Pacific region due to growing awareness among the millennial, lactose intolerance instances and changing consumer preferences toward healthy milk alternative beverages.
• Increasing per capita consumption of dairy products and preference for lactose free products propels the dairy alternatives market growth in Mexico.
• Dairy alternatives along with goat milk and organic cow’s milk have been propelling the growth of the dairy sector in UK.