The Dairy alternatives-based food and beverages are prepared from dairy-free milk, extracted from several plant-based sources such as soy, rice, almond, coconut, and others. Widely consumed dairy substitute-based products are ice-cream, milk, butter, energy drinks, soft drinks, cheese, and others. The dairy alternatives have a robust demand with respect to manufacturing medical food for their lactose-free nature, lactose intolerance ailments. The development of this market can be ascribed to the preference of customers toward a vegan diet, rising occurrences of lactose intolerance between the populace, and the increasing demand for several refresh dairy food & beverage applications.
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In addition, the low-fat content and low cholesterol concentration in dairy alternative beverages, and their increasing demand will initiate the growth of the market. Moreover, the dairy alternatives offer several benefits such as increasing awareness among people, and as the dairy alternatives products contain vitamin, high calcium, the market will upsurge in the forecast period. On the other hand, factors such as High price of dairy alternative beverages, cross contamination of raw materials may hamper the growth of dairy alternatives industry in the forthcoming period and anticipated to grow at a CAGR of 16.6% in the upcoming period as the scope, product types, and its applications are growing across the globe.
Dairy alternatives market may be explored by type, applications, formulations, distribution channel and geography. The market may be explored by type as Soy, Coconut, Almond, Oat, Hemp, and Rice. Soy milk accounted for 40.5% of the major share of the global market size analysis in 2016. The factors that attribute to the growth of this sector is the prevention of breast cancer, and heart diseases, will upsurge the market growth in the upcoming period.
Dairy alternatives industry may be explored by application as Food, and Beverages. Amongst the applications segment, Beverages are estimated to account for the highest growing segment in the forecast period. Increasing demand for flavored milk products, and its growing health benefits will upsurge the market. The market may be explored by Formulations as Plain & unsweetened, Flavored & sweetened, Plain & sweetened, and Flavored & unsweetened. Dairy alternatives market may be explored by distribution channel as Supermarket, Convenience Retailers, Pharmacy
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