Press release
Dairy Alternatives Market Analysis, Size, Share, Trends, Demand, Growth, Opportunities and Forecast 2029
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List of Key Players Profiled in the Market of Dairy Alternatives:
• Danone S.A. (France)
• Archer-Daniels-Midland Company (U.S.)
• Blue Diamond Growers (U.S.)
• SunOpta, Inc. (Canada)
• Vitasoy International Holdings Ltd (Hong Kong)
• Daiya Food, Inc. (Canada)
• Goya Foods, Inc. (U.S.)
• Living Harvest Foods, Inc. (India)
• Organic Valley (U.S.)
• Eden Foods, Inc. (U.S.)
Segments:
Soy Segment to Lead the Market Due to High Availability
By source, the market is categorized into soy, almond, coconut, rice, oats, and others. The soy segment is anticipated to hold a dominating market position during the forecast period owing to increasing availability and rising demand for soy milk.
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Non-dairy Milk Segment to Dominate the Market During the Projected Period
Based on product type, the market is segregated into non-dairy milk, butter, cheeses, yogurts, ice cream, and others. The non-dairy milk segment is anticipated to lead the market share due to increasing demand from the vegan population.
Supermarket/Hypermarkets to Hold Highest Share Due to Affordability
On the basis of distribution channel, the market is divided into supermarkets/hypermarkets, convenience stores, online retail, and others. The supermarkets/hypermarkets segment is expected to dominate the market owing to its accessibility, affordability, and proximity.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report sheds light on qualitative and quantitative analysis of recent trends and current market conditions. Also, the developments and advancements in the industry are highlighted further in this report along with the drivers and restraints affecting the market growth during the forecast period. The impact of COVID-19 pandemic on market growth and expansion is given further in the report. Regional insights on segmented market areas are given with a list of leading market players in the industry.
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Drivers & Restraints:
Increasing Veganism to Bolster Market Growth
The market is anticipated to grow significantly over the forecast period due to rising concerns for processed dairy products and increasing lactose intolerant population. Furthermore, product innovation strategies implemented by the leading market players are expected to fuel the market growth. Also, the rising consumption of vegan food and increasing veganism are expected to bolster the market during the forecast period.
However, low consumer awareness and sub-optimal market penetration may hamper market growth.
Regional Insights:
Asia Pacific Dominates Global Market Share Due to Rising Cases of Lactose Intolerance
Asia Pacific held a dominating global dairy alternatives market share in 2021 owing to rising cases of cow milk allergy and lactose intolerance among the population. Calorie concerns and higher prevalence of hypercholesterolemia and obesity are the major reasons for regional market growth.
North America is anticipated to hold the second-leading position due to the increasing demand for plant-based food products and surging veganism. Also, consumers intend to adopt a highly nutritional diet and develop their immunity.
Competitive Landscape:
New Product Launch Allow Companies to Improve their Business Performance
The leading companies focus on introducing products to attract customers and enhance their product portfolio. Rising adoption of the latest technologies and integration of emerging consumer demand allow companies to build their business performance.
Key Industry Development:
January 2021: Nestle S.A. launched vegan, coconut milk-based, flat white coffee pods in the U.K. to offer consumer's superior coffee made using lactose-free milk, a form of dairy alternatives.
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