Dairy Alternatives Products Market Growth Factors, Key Players, New Opportunities, Trends Analysis and Forecast to 2024

Market Analysis

The global dairy alternatives market is anticipated to grow by leaps and bounds at a promising CAGR over the assessment period (2017-2022). Milk and milk products are a vital constituent of the food supply chain of humans as it is rich in vitamins, proteins and other nutritional content which is necessary for proper growth and development. Dairy alternative is casein and lactose free as it is derived from milk sources that are plant-based such as hazelnut, rice, coconut, almond, soy and others. Today food allergies and food intolerances have turned into a key concern amid consumers that are health-conscious. Consuming a diet that is dairy-free has numerous advantages, and is exercised widely by fitness enthusiasts and health-conscious consumers. Having milk like texture, the dairy alternatives are used as a dairy product replacement which are widely adopted by different cereals such as nuts, barley, rice, wheat and oats. The dairy alternatives which are easily available in the market include different milk options such as flax, hemp, rice, coconut, almond and soy along with dairy-free cheeses, spreads, yoghurts and frozen desserts. Dairy alternatives also provide health benefits such as vitamin content and high calcium.

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There are many factors that is fueling the growth of the dairy alternatives market. The different market trends and factors in this market according to an analysis performed by Market Research Future (MRFR) include innovations and increasing awareness for new products, increase in health awareness, growing vegetarian population, demand for low cholesterol concentration and low-fat content, strong support from government and associations, changing consumer trends for a vegan diet, rising intolerance of lactose products, increasing dietary allergies and increasing number of diabetic patients, appealing flavors and multiple health benefits that dairy alternatives offer, consumers increasing disposable income and also the growing need for fortified beverage and nutritional food products. On the contrary, soaring cost of dairy alternative beverages, lack of adequate nutrients and cross contamination of the raw materials may restrict the growth of the dairy alternatives market.

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