Dairy Alternatives Market Is Expected to Expand Significant CAGR from 2019 to 2025

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Dairy Alternatives Market size to exceed 37.5 bn
by 2025
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Key Insights from Dairy Alternatives Market

• Shifting consumer preference for vegan products
  owing to growing health consciousness will drive
  the dairy alternatives market growth. The demand
  for flavored milk from soy, almond, coconut,
  rice, oats, and hemp are increasing due to
  improved vitamins minerals uptake. Manufactures
  are focusing on developing new flavors in
  plant-based ice-cream frozen yogurt for gaining
  competitive advantage.
• Increasing concern pertaining to lactose
  intolerance and high prevalence of related
  diseases such as bloating, and diarrhea is
  supporting the dairy alternatives market share.
  As per the World Health Organization, 70 of the
  global population is lactose intolerant in 2017.
  Other key benefits gaining consumer attention
  include low cholesterol level and reduced calorie
  content.
• Ease in raw material availability owing to
  significant growth in production accompanied by
  low initial investments for startups are
  resulting in increased industry competitiveness.
  According to SOPA, global soy production has
  enhanced from around 320 million metric tons in
  2014 to around 361 million metric tons in 2018.
  Further, as per USDA, global almond production
  has increased from around 1,069 thousand metric
  tons in 2014 to 1,285 thousand metric tons in
  2018.

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Continued...

• Key aspects including improved product flavor
  taste and expanding distribution network will
  drive the industry growth over the forecast
  timeframe. Further, the industry observes new
  product launches based on oats, hemp, rice, and
  almonds. For instance, in January 2019, Oatly
  announced to expand its oat-based ice-cream by
  launching new flavors. Also, hemp-based dairy
  alternatives are gaining popularity and readily
  available in North America and Europe.
• Almond-based dairy alternatives market will
  observe the fastest CAGR at around 8.5 from 2019
  to 2025. Increasing almond production to cater
  the growing demand along with rising consumer
  awareness regarding health benefits are
  positively influencing the industry development.
  Further, almond milk provides benefits such as
  higher daily recommended value for vitamin D and
  vitamin E, low-calorie content, and reduced
  cholesterol levels.
• Beverages hold a substantial share in the global
  dairy alternatives market. The ratio of
  plant-based beverages to other alternatives is
  higher with increasing demand for milk. Products
  such as cheese, ice cream, and yogurt are
  difficult to produce from rice, hemp, and oats,
  and do not match the taste and texture of its
  dairy counterparts, hence supporting higher
  penetration rate of plant-based milk. Factors
  such as ready availability, flavor innovations,
  varied taste preferences, and growth in imports
  exports are driving the product demand.

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North America Almond Based Dairy Alternatives
Market, By Application, 2018 2025, (USD Million)

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