Dairy Alternatives Market worth $45 Billion by 2027, Says Global

Dairy Alternatives Industry is set to record around 10% CAGR between 2021 and 2027 supported by surging demand for less calorie and fat content food products globally.

Selbyville, Delaware, Nov. 10, 2021 (GLOBE NEWSWIRE) —

The dairy alternatives market value is projected to cross USD 45 billion by 2027, according to a new research report by Global Market Insights Inc. Steady growth of food industry along with growing consumption of low calorie and nutritional products to drive the market growth.

Soy product segment exceeded USD 9 billion in 2020. Soy-based products are widely used as a primary ingredient in dairy-free products owing to benefits including the ability to maintain cardiac health, improve metabolism, and help in healthy weight gain. Moreover, increasing demand for soy drinks and soy milk majorly in South Asian and European countries is one of the prominent reasons for market expansion.

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Dairy alternatives market from snacks application is anticipated to grow at a CAGR of over 10% between 2016 to 2027. Emergence of healthier variants of snacks containing cereals, nuts, and natural sweeteners is anticipated to trigger the demand for dairy-free snacking products. Factors such as ready availability, flavor innovations, varied taste preferences, and growth in imports & exports are driving the product demand.

Some major findings of the dairy alternatives market report include:

• Increasing health awareness and requirement for nutritional products has boosted the demand for diary alternative products.

• Almond product segment is projected to grow at a CAGR of over 7.5% through 2027 driven by growing demand for almond ingredients in plant milk, desserts, and snacks owing to its potential health benefits.

• Online stores segment is set witness a significant CAGR owing to premium and high convenience in the availability of product variants.

• Some of the key industry players operating in the market are Danone, Blue Diamond Growers, Valsoia S.P.A, Hain Celestial Group, Freedom Foods, Pacific Foods, and Sun Opta.

• Beverages application segment is set to register around 10% CAGR between 2021 and 2027 and the sector is further anticipated to witness significant gains due to increasing demand for flavored and fortified health drinks.

• North America region acquired significant share in the global market driven by rising consumption of bakery & confectionery products in the region.

Browse key industry insights spread across 1164 pages with 2325 market data tables & 14 figures & charts from the report, “Dairy Alternatives Market Outlook By Product (Almond, Soy, Coconut, Oat, Rice, Hemp), Application (Food {Cheese, Desserts, Snacks}, Beverages), Formulation (Sweetened, Unsweetened), Sales Channel (Mainstream Stores, Specialty Stores, Online Stores), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2021 –…