Dairy Alternatives Market generated $13.02 billion in 2018, and is estimated to reach $35.80 billion by 2026, registering a CAGR of 13.6% from 2019 to 2026.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Rise in disposable income, growth in number of vegan people, and increase in demand for plant-based milk drive the growth of the global dairy alternatives market. However, high cost and rising demand for low cholesterol and low fat conventional milk hinder the market growth. On the other hand, rising R&D activities for taste and flavors in dairy alternatives create new opportunities in the coming years.
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During the coronavirus pandemic, operations regarding production and supply of dairy alternatives have not been affected much as it comes under “essential goods” category.
However, research & development activities have been halted by manufacturers of dairy alternatives during the outbreak.
The report offers a detailed segmentation of the global dairy alternatives market based on source, application, distribution channel, and region.
Based on distribution channel, the large retail segment contributed to the largest share in 2018, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the online segment is expected to register the highest CAGR of 14.8% from 2019 to 2026.
Based on application, the beverages segment accounted for the largest share in 2018, holding nearly three-fourths of the total share, and is expected to maintain the largest share throughout the forecast period. Moreover, the same segment is estimated to portray the highest CAGR of 14.0% during the forecast period. The research also analyzes the food segment.
Based on region, Asia-Pacific contributed the highest share, accounting for nearly half of the total market share in 2018, and will maintain its dominance throughout the forecast period. Moreover, the same region is expected to grow at the highest CAGR of 14.5% from 2019 to 2026. The report also analyzes segments including North America, Europe, and LAMEA.
Leading market players analyzed in the research include WhiteWave Foods Company, SunOpta Inc., Blue Diamond Growers, Living Harvest Foods Inc., Earth’s Own Food Inc., Rebel Kitchen, Kikkoman Corporation, Panos Brands LLC, Organic Valley, Eden Foods Inc., and The Hain Celestial Group Inc.,
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