The dairy alternative beverages market is projected to gain thanks to robust urbanization, diet diversification and mounting awareness of health and fitness, according to a study released by Radiant Insights, Inc., San Francisco.
The key factors playing a role in raising the global market share may include industrialization, urbanization, rise in investments by leading manufacturers, rising cases of lactose intolerance and allergies, increasing preferences toward vegan, particularly plant-based food, burgeoning demands for a wide variety of novel dairy-free applications, augmented awareness regarding health, growing concerns on obesity and rising applications and prerequisites among food and beverages sector.
Among all the distribution channels— convenience stores, pharmacies, supermarkets, health food stores and others—the supermarket segment takes up the largest share in the market.
Among all the formulations—flavored and sweetened, flavored and unsweetened, plain and sweetened and plain and unsweetened—the flavored and sweetened segment takes up the largest share in the market.
As far as the geographical region is concerned, Asia Pacific currently takes up the largest share in the market thanks to mounting consumer expectations for novelties, availability of healthy dairy-free food products, rising demand for lactose-free food products and accessibility of soy-based, dairy-free products.
Other contributing factors in boosting market growth in the region may include robust urbanization, diet diversification, increased disposable income, rising purchasing power and mounting awareness regarding health and fitness.
On the other hand, North America and Europe are also emerging as one of the promising regions owing to presence of leading manufacturers in these regions.