Dairy Alternative Market Size is Predicted to Rise $ 55,450.9 Million by 2031 - Allied Market Research

The Dairy Alternatives Market size was valued at $13,198.4 million in 2020 and is estimated to reach $ 55,450.9million by 2031, registering a CAGR of 13.9% from 2022 to 2031. In 2020, the Asia-Pacific region accounted for more than 45.4% share in the global market and is expected to grow at a CAGR of 14.5% throughout the forecast period.China is one of the prominent regionsin the countries that accounted for asizeableshare of the totalmarket in 2020.

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Dairy alternatives are plant-based natural and chemical free milk products derived through grains, seeds, or nuts. Dairy alternative products act as a substitute for consumers who are allergic to dairy products or people who are on a vegan diet. Some of the major alternatives to dairy are non-dairy milk, ice cream, cheese, yogurts, juice, energy drinks, and soft drinks.

Key Players Are:

The key players in the dairy alternatives industry profiled in the report are WhiteWave Foods Company, Blue Diamond Growers, SunOpta Inc., Earth's Own Food Inc., Living Harvest Foods Inc., Kikkoman Corporation, Rebel Kitchen, Organic Valley, Panos Brands LLC, The Hain Celestial Group Inc., and Eden Foods Inc

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According to the dairy alternatives market analysis by source,thesoysegment generated the highest revenue in 2020 and is expected to remain dominant throughout the forecast period. However, the other sources segment is expected to grow at the highest CAGR throughout the forecast period. Based on source, the soy milk segment held the highest market share in 2021 accounting for more than half of the global dairy alternatives market, and is estimated to maintain its leadership status throughout the forecast period.

Regional Outlook:

Based on the dairy alternatives market forecast, Asia-Pacific and North America accounted for the maximum share in the global market in 2020 and is expected to remain dominant during the forecast period. China is expected to grow with the highest CAGR throughout the forecast period, owing to the adoption of veganism among consumers. Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2021, accounting for nearly half of the global dairy alternatives market, owing to increasing consumer awareness in the region.

Reason to Buy:

✅ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Dairy Alternative Market.
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✅ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
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The growth in vegan population is anticipated to increase the demand for dairy alternative milk/milk products. Consumers in countries such as Canada are avoiding animal products and demanding for healthier and cleaner naturally prepared plant-based food. Thus, attractiveness toward dairy alternatives is one of the main factors driving the global dairy alternative marketand also the rise in fitness concerns among people in different regions has also helped the market. In addition, increase in the number of lactose intolerant population, growing trend of veganism, and rise in disposable income also drive the market growth.

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