The dairy alternatives market is projected to grow from $17.3 billion in 2018 to $29.6 billion by 2023, at a CAGR of 11.4% during the forecast period, according to a study produced by MarketsandMarkets, New York.
According to the market research report, "Dairy Alternatives Market by Source (Soy, Almond, Coconut, Rice, Oats, Hemp), Application (Milk, Cheese, Yogurt, Ice Creams, Creamers), Distribution Channel (Supermarkets, Health Stores, Pharmacies), Formulation and Region - Global Forecast to 2023," the major factors driving the dairy alternatives market include consumers implementing a vegan diet and turning to dairy alternatives such as soy milk, almondmilk, rice milk and other plant-based milk as a substitute for dairy milk. Further, increasing cases of lactose intolerance and milk allergies among individuals promote the consumption of dairy alternatives globally.
The market for almond-based products witnesses a significant demand in the dairy alternatives market.
Yogurt is the fastest-growing segment for dairy alternatives.
And, Asia Pacific is estimated to account for the largest share of the market in 2018. Furthermore, busy lifestyles and increase in disposable incomes incur demand for fortified nutritional food and beverage products.