As veganism is accelerating its move in the mainstream, the demand for plant-based food products has witnessed an upsurge. In fact, the dairy alternatives market is expected to reach $34.6 billion by 2029, according to a study by Future Market Insights (FMI), Valley Cottage, N.Y. And, in terms of value, the global dairy alternatives market is projected to register a CAGR of 8.3% during the forecast period.
The thriving trend of veganism is one of the primary factors triggering the demand for dairy alternatives.
Dairy alternative beverages accounted for more than 8% of worldwide dairy launches. Actual global dairy alternative launches have more than doubled over five years.
The thriving demand for healthier foods and modern retail formats such as supermarkets/hypermarkets in developing countries are assisting the sales of dairy alternatives. Also, the market experienced an upsurge in e-retail for the sales of dairy alternatives over the last two years.
The dairy alternatives market in Asia Pacific is expected to lead the market in terms of share, while North America and Europe are expected to record a relatively higher CAGR.
Also, Latin America is the prominent region for the players wanting to enter the market, the opportunity for growth is highest among all regions.