Tending Boom in Dairy Alternatives Market with Future Forecast 2023
The global dairy alternatives market is fueled by
increasing consumers’ preference towards vegan food, growing instances of
lactose intolerant consumers, and nutritional benefits provided by such foods.
The increasing urbanization leading to change in lifestyle is further driving
the growth of the global dairy alternatives market.
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The dairy farms are consolidating worldwide,
owing to declining profitability of the small scale dairy farmers. This is also
affecting the raw milk production globally, thus creating demand of milk
extracted from non-dairy sources. The increasing demand for nutritional
products and flavored health drinks has been observed to increase in the recent
years.
The demand for dairy products, such as cheese,
snacks, and desserts prepared from milk alternatives is also increasing
globally. The increasing on-the-go health drinks consumption is boosting the
growth of beverages segment in the application category of the global dairy
alternatives market.
North America and Europe leads the global dairy
alternatives market globally, however Asia-Pacific is expected to witness
fastest growth among the regions, during the forecast period. Soy and almond
milk are the most preferred milk alternatives in the U.S. Rice milk is most
consumed among cereal-based milk in the country. The major markets in Europe are France,
Italy, Germany, the U.K., and Spain. The key markets in Asia-Pacific are China,
Japan, Australia, and New Zealand.
The key competitors in the global dairy
alternatives market include Archer Daniels Midland Company, WhiteWave Foods
Company, Sanitarium Health and Wellbeing, Hain Celestial Group, Freedom
Nutritional Products Group, SunOpta Inc., Nutriops S.L., Eden Foods Inc. and
Earth’s Own Food Company Inc.
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