Dairy Alternatives Market Analysis, Trends, Top Manufacturers, Share, Growth, Statistics, Opportunities & Forecast To 2026

Dairy Alternatives Market by Source (Soy, Almond, Rice and Other Sources), Application (Food, Beverages, Dairy-free Probiotic Drinks and Others), Distribution Channel (Large Retail, Small Retail, Specialty Stores and Online): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global dairy alternatives industry was pegged at $13.02 billion in 2018 and is projected to reach $35.80 billion by 2026, registering a CAGR of 13.6% from 2019 to 2026.

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Covid-19 scenario:
• During the coronavirus pandemic,operations regarding production and supply of dairy alternatives have not beenaffected much as it comes under “essential goods” category.
• However, research & development activities have been halted by manufacturers of dairy alternatives during the outbreak.

Rise in disposable income, growth in number of vegan people, and increase in demand for plant-based milkdrive 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.

Based on application, the beverages segment held the largest share in 2018, accounting for nearly three-fourths of the global dairy alternatives market. Furthermore, the segment is expected to maintain its dominance throughout the study period. Moreover, the segment is expected to portray the fastest CAGR of 14.0% during the forecast period. This is due to increase in demand for plant-based chemical-free milk by lactose intolerant population and growing popularity of dairy free probiotic drinks.

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Based on distribution channel, the large retail segment held the lion's share in 2018, contributing to more than half of the global Dairy alternatives market. This is owing to rise in adoption of large retail formats such as supermarket and hypermarket in both the mature and emerging markets. However, the online segment is expected to manifest the fastest CAGR of 14.8% during the forecast period. This is due to increase in penetration of Internet at a global level, rise in popularity of online shopping, and surge in dependence of consumers on mobile banking.

The global Dairy alternatives market across Asia-Pacific dominated in 2018, contributing to more than two-fifths of the market. Moreover, the region is expected to register the fastest CAGR of 14.5% during the study period. This is due to rise in the trend of veganism and surge in consumers' awareness about health and fitness in the region. On the other hand, North America held the second-largest share in terms of revenue.

Key Findings of the Dairy Alternatives Market :

• The dairy alternatives market was valued at $13,021.0 million in 2018 and is estimated to reach $35,804.6 million by 2026, growing at a CAGR of 13.6% through the forecast period.
• Based on source, the almond segment would witness the fastest growth, registering a CAGR of 14.6% during the forecast period.
• In 2018, based on application, the beverage segment held the highest share, accounting for more than half of the global market share.
• In 2018, China was the most prominent market in the Asia-Pacific region and is expected to grow at a significant CAGR throughout the forecast period.
• Asia-Pacific was the dominant region in 2018, accounting for more the two-fifth of the dairy alternatives market share.

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