Global Dairy Alternative Market is expected to reach USD 40.6 billion by 2027 and is projected to register USD 22.6 billion by 2020 with a healthy CAGR of 8.8% in the forecast period of 2020 to 2027.Rising consumer focus on nutritional values such as low calories and high proteins and vitamins offered by milk substitutes or dairy analogs is likely to have a positive impact on the market.
Soymilk contains various minerals such as iron, calcium, phosphorous, zinc, sodium, potassium, and magnesium. The product is highly popular among heart patients as it reduces cholesterol levels. In addition, soy milk contains an equal amount of proteins as that in cow milk and is low in calories compared to the whole and skim milk. Therefore, the growing consumption of soy milk is likely to augment overall industry demand.
The global industry is expected to grow at a significant rate owing to rising consumer demand for plant-derived nutritional dairy goods. Increasing consumer awareness regarding health, along with improving disposable income in countries such as Brazil, India, China, and Japan, is anticipated to spur consumption of soy milk, almond milk, coconut milk, and rice milk over the forecast period.
Consumers have shown a growing preference for vegan diet owing to increasing concern over animal rights and environmental protection. This is anticipated to drive the industry over the forecast period. In addition, government policies to improve the agricultural sector are likely to increase raw material availability and lower their prices, which will also have a positive impact on market growth.
Fluctuation in raw material supply is projected to be a key concern for market growth. Raw materials used in manufacturing milk substitutes are edible nuts and cereals, and the majority of their production volume is used for direct consumption. As a result, the availability of raw materials is likely to be a key factor influencing the industry.
However, initiatives are undertaken by manufacturers to offer novel flavors, better quality, and attractive packaging are likely to have a positive impact on the industry over the forecast period. These products can be fortified with vitamin-D, calcium, and DHA, which improve their nutritional values. Increasing consumer knowledge about milk analogs is anticipated to fuel market growth.
Report : Dairy Alternative Market - By Source (Soy, Almond, Rice, Other Sources) By Application (Food, Beverages, Dairy-free Probiotic Drinks, Others) By Distribution Channel (Large Retail, Small Retail, Specialty Store, Online) By Region (North America, Europe, Asia-Pacific, LAMEA) - Industry Analysis, opportunity and Forecast 2020 To 2027