Dairy Alternatives Market is expected to exceed USD 34 Billion by 2024

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Dairy Alternatives Market is expected to exceed USD 34 Billion by 2024, growing with double digit CAGR. Dairy Alternatives are also called plant-based milk. People who wish to stop using convention milk can now choose from a range of plant-based milk options. Milk alternatives include Soy Milk, Rice Milk, Almond Milk, Coconut Milk and Hemp Milk. Most of the stores today store both types of milk (Animal & Plant based) both in non-refrigerated boxed products as well as refrigerated varieties.

Global Dairy Alternatives market (plant-based milk) is growing due to increasing consumer awareness for lactose-free food products including cheese, desserts, and snacks are expected to drive the demand. In addition, increasing consumer focus on the healthy diet and nutritional values offered by the non-dairy product such as low calories and high proteins and vitamins is likely to have a positive impact on the industry.

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Soy Milk holds the highest Market Share

On the basis of source, the market for dairy alternatives (plant-based milk) has 4 segments: Soy Milk, Almond Milk, Rice Milk and Others. Out of all the 4 segments Soy Milk has highest market share globally. Report has also studied Dairy Alternatives market on the basis of its applications as Food & Beverages.

Roughly two thirds of the world's adult populations are lactose-intolerant. In Asia and Africa the figure is around 90%. Thus, an increasing number of consumers are choosing non-dairy milk and products which are lactose-free because of its benefits over conventional milk.

Regional Outlook – Asia-Pacific have the Maximum Production Share

On the basis of regions, the market for dairy alternatives (plant-based milk) has been segmented into North America, Asia-Pacific, Europe and Rest of World. The dairy alternatives market is mostly dominated by Asia-Pacific region due to the growing number of vegan and lactose intolerant population in the region.

Dairy Alternatives Market Key Players

Some of the key players in the Global Market for Dairy Alternatives (plant-based milk) include WhiteWave Foods Company, Organic Valley, Hain Celestial Group Inc., Blue Diamond Growers Inc., SunOpta Inc., Freedom Foods Group Limited, Vitasoy International Holdings Limited and Kikkoman.

Renub Research report titled “Dairy Alternatives Market, Consumption, Forecast, Global Analysis - By Plant based Milk (Soy, Almond, Rice, Others), Regions (North America, Asia Pacific, Europe, ROW) Companies (WhiteWave Foods, Organic Valley, Hain Celestial Group Inc., Blue Diamond Growers Inc., SunOpta Inc., Freedom Foods Group Ltd., Vitasoy International Holdings Ltd., Kikkoman.)” studies the Global Market for Dairy Alternatives (plant-based milk) and Consumption. This 119 page report with 71 Figures provides an all-encompassing analysis of the key growth drivers and restraining factors, market and consumption trends, and their projections for the upcoming years.

The report have been analyzed from 2 major viewpoints and further studied by 3 different perspectives.

1. Global Market for Dairy Alternatives

• Source

• Regions

• Applications

2. Global Consumption for Dairy Alternatives

• Source

• Regions

• Applications

Segmentation based on Source

1. Soy

2. Almond

3. Rice

4. Others

Segmentation based on Regions

1. North America

2. Asia-Pacific

3. Europe

4. Rest of the World

Segmentation based on Application

1. Food

2. Beverages

Company Analysis

1. WhiteWave Foods Company 

2. Organic Valley 

3. Hain Celestial Group Inc. 

4. Blue Diamond Growers Inc.

5. SunOpta Inc. 

6. Freedom Foods Group Limited 

7. Vitasoy International Holdings Limited 

8. Kikkoman

Key Benefits of the Report

• This report provides current market estimates and forecasts for the Dairy Alternatives Market.

• Detailed analysis of the key market segments such as source, geography and applications; provides a comprehensive understanding of the market.

• Dairy Alternatives Market (plant-based milk) – Growth Drivers and Challenges.

• Key sustainability strategies adopted by market players.

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