Dairy alternatives are food & beverage products that are similar to certain types of dairy-based products, in terms of texture and flavor as well as the nutritional benefits they offer. They are lactose-free and are used to replace dairy-based products. They are manufactured using cereals such as oats, rice, wheat, barley, and nuts. MarketsandMarkets expects the global dairy alternatives market to grow from USD 17.3 billion in 2018 to USD 29.6 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period.
In terms of geographical coverage, the dairy alternatives market has been segmented into five regions, namely, North America, Asia Pacific (APAC), Europe, South America, and RoW. Europe is projected to be the fastest-growing segment during the forecast period, as Europeans are health-conscious and often check the ingredients on product labels before purchasing them. This high level of awareness has resulted in the demand for lactose-free or low-lactose, low-calorie, and low-fat foods in Europe. The increasing demand for dairy-free food & beverage products is driving the dairy alternatives market in Europe.
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The online stores segment is estimated to be the fastest-growing segment for dairy alternatives in 2018. Many key players have started offering their products for sale through online channels. These online retails also offer a variety of options for a particular dairy-free food product at discounted rates as compared to traditional retail prices, to attract more customers. This gives immense opportunity to online stores to capture the market in the upcoming years.
Nutritional benefits offered by plant-based dairy alternatives is driving the market for dairy alternatives. The nutritional benefits such as reduced cholesterol level, improved cardiovascular health, and diabetes control of plant-based dairy alternatives have led to an increase in their consumption. Almond milk, rich in calcium and vitamin E, is recommended for both skin and bone health. It contains about one-third of the 2% calories in cow’s milk. Soy milk is widely consumed as a rich source of omega-3 fatty acids, protein, and fiber. It contains isoflavones that have anti-estrogenic and anti-cancer properties. Such nutritional benefits contribute to the growth of the dairy alternatives market globally.
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