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The dairy alternatives market is growing at a steady pace the world over. The prime reasons for this are the increased consumer awareness coupled with a changing way of life and increased awareness about wellbeing, mainly concerned with the weight management and sugar level control in the body.
Other important reason for the boost in the dairy alternatives market is the growing lactose intolerance and milk allergy amongst the masses. In addition, with the increase in the incidences of gastrointestinal diseases, consumers are sidestepping dairy products and this is the reason for the growth of the dairy alternatives market. Moreover, increased disposable income and rising population, especially in developing nations present a huge opportunity for the dairy alternatives market. Some of the people prefer vegan food, and therefore don’t drink milk sourced from mammals and prefer plant based milk. Also, some people prefer alternate forms of milk, such as plant based milk for the taste. However, the main limitation affecting the market for dairy alternatives is that the price of alternative milk is higher in comparison to conventional milk. This is hurting the market growth, especially in the developing countries, where people are more concerned about the price.
Dairy alternatives are meant to provide an alternative in the form of a liquid to replace the milk sourced from a mammal. This alternative milk in liquid form is whitish in colour and contains similar amount of nutrients like proteins and other vitamins as milk. Such type of dairy alternatives are used to replace milk in tea, coffee or in a recipe.
This Future Market Insights report on the global dairy alternatives market forecasts that the global dairy alternatives market will reach a value of nearly US$ 9,570 Mn in the year 2022 and grow at a robust CAGR during the forecast period.
To Know The latest Trends and Insights Prevalent in This Market, Click the link below:
North America Market Set to Dominate the Global Dairy Alternatives Market in Terms of Revenue
The market in North America is set to dominate the global dairy alternatives market in terms of value and this trend is projected to sustain itself throughout the assessment period. North America Dairy alternatives market is the most attractive market, growing at a robust CAGR over the assessment period.
Plain Sweetened Product Type Segment Poised to Touch a Value of Nearly US$ 3,500 Mn in 2022
As per the Future Market Insights assessment, the plain sweetened product type segment is expected to reach a value of nearly US$ 3,500 Mn in 2022. This signifies a robust CAGR during the forecast period of 2017-2022. Plain sweetened product type segment is expected to account for more than one-third of the revenue share of the product type segment by the year 2017 and is expected to gain market share by the end of the year 2022.
Cheese and Cheese Products Segment to exhibit a CAGR of 7.2% During the Assessment Period
As per the assessment of Future Market Insights, the cheese and cheese products segment is slated to touch a figure of nearly US$ 3,225 Mn in the year 2022. This represents a CAGR of 7.2% during the assessment period from 2017 till the year 2022. This segment is expected to gain market share by the end of the year 2022. The cheese and cheese products segment is expected to account for more than one-third of the revenue share of the application segment by the year 2017.
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