Dairy Alternatives Market to Touch a Value of Nearly US$ 3,500 Mn in 2022

The market for dairy alternatives is expanding with considerable growth all over the world due to a variety of reasons. The main reason for this are an increased awareness amongst the consumers and a changing lifestyle and heightened awareness about health issues, mainly regarding weight and diabetes.

The major factor contributing to the growth of the dairy alternatives market is the increase in the incidences of lactose intolerance and milk allergy along with increased cases of gastrointestinal diseases in the population. Due to such health factors, consumers are avoiding cow-based milk and are consuming dairy alternatives like plant based milk, which is increasing the market growth of dairy alternatives.

In addition to this, augmented disposable incomes and a population explosion, especially in developing countries, present wide ranging opportunities for the dairy alternatives market.

Moreover, some of the consumers choose plant based milk for its taste and some consume it because they are vegan. However, one of the main restraint hampering the growth of the dairy alternatives market is that it is costlier than cow milk, and this is a huge factor for consumers in developing countries, that are price sensitive.

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The global Dairy alternatives market is slated to touch a value of nearly US$ 9,570 Mn in the year 2022 and grow at a robust CAGR during the assessment period.

4 Forecast Highlights on Global Dairy Alternatives Market
As per the forecast of Future Market Insights, the plain unsweetened product type segment is slated to touch a value of nearly US$ 1,930 Mn in the year 2022. This represents a robust CAGR growth during the assessment period of 2017-2022.

The plain unsweetened product type segment is estimated to account for more than one-fifth of the revenue share of the product type segment by the year 2017 end and is expected to lose market share by the year 2022 end.

As per the forecast of Future Market Insights, the creamers segment will reach a value of nearly US$ 1,290 Mn in the year 2017. This represents a robust CAGR growth during the forecast period. The creamers segment is estimated to account for nearly one-fifth of the revenue share of the application segment in the year 2017 end and is expected to gain market share by the end of the year 2022.

As per the forecast of Future Market Insights, the protein segment is slated to reach a value of nearly US$ 4,400 Mn in 2022. The protein segment is expected to gain some market value by the end of the year 2022. The largest share is contributed by the North America region in the protein segment.

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Future Market Insights forecasts the US dairy alternatives market to grow from nearly US$ 2,100 Mn in 2017 to nearly US$ 3,180 Mn in 2022. This represents a compound annual growth rate (CAGR) of 8.7% from 2017 to 2022.

The report has also profiled leading players in the global market for Dairy alternatives, which will remain active through 2022. These include companies such as Blue Diamond Growers, Inc., Eden Foods Inc., SunOpta, Inc., Califia Farms LLC, The Hain Celestial Group, Inc., Koninklijke Wessanen N.V., OATLY A.B., Danone, Organic Valley Cropp Cooperative and Earth’s Own Food Company Inc.

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This release was published on openPR.