US$50.15 billion market: Growth of dairy alternatives

19-01 | |
Soy milk. Photo: Pixabay
Soy milk. Photo: Pixabay

The size of the global dairy alternatives market is expected to reach US$50.15 billion by 2028, according to a new study by Polaris Market Research.

The reportDairy Alternatives Market Share, Size, Trends, Industry Analysis Report, By Source (Soy, Almond, Coconut, Rice, Oats, Others); By Product; By Distribution Channel; By Region; Segment Forecast, 2021 – 2028′ gives a detailed insight into current market dynamics and provides an analysis on future market growth.

According to a recent news release, an increasing number of people with lactose intolerance and a growing vegan population will drive growth in the alternatives industry. In addition, people are becoming more health-conscious, and lactose intolerance is increasingly prevalent among people globally. Furthermore, around 65% of people suffer from some kind of food intolerance, hence the growing need and demand for substitutes that will provide similar protein and vitamins.

Plant-based products such as almond milk and soy milk have lower calories compared to cow or buffalo milk. Hence, there is a preference for plant-based products to overcome obesity which is highly prevalent in many developed economies.

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The Covid-19 pandemic is expected to positively influence the growth of the industry during the forecast period, as there is great demand for packaged items. Products such as packaged plant-based milk and beverages have more shelf life, and people are storing these products so that they don’t have to go out of their residencies frequently.

Industry participants such as SunOpta, Oatly, Danone, Hain Celestial Group, Daiya Foods, Living Harvest, Melt Organic, Vitasoy, Earth’s Own, The Whitewave Foods Company, ADM, Ripple Foods, Nutriops, S.L., Blue Diamond Growers, Freedom Foods, Eden Foods, Organic Valley, and CP Kelco are some of the key players operating in the global alternatives industry.

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Van Dijk
Zana Van Dijk Editor Dairy Global

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