The rising trend of eating and living healthy is helping the global dairy alternatives market to grow at promising rates, predicts Fortune Business Insights in their recent report. The report is titled,” Dairy Alternatives Market Size, Share and Global Trend By Source (Soy, Almond, Coconut, Rice, Oats, Hemp), Formulation (Plain, Flavoured), Application (Milk, Yogurt, Ice creams, Cheese, Creamers), Distribution Channel (Mass Merchandisers, Specialty Stores, Convenience Stores) and Geography Forecast till 2026”.
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The Asia Pacific to Witness Robust Growth Rates to Increasing Number of Vegans the
Fortune Business Insights predicts the dairy alternative market in the Asia Pacific to exhibit higher growth rates during the forecast duration. This is because of the increasing awareness about the importance of health and benefits of consuming plan-based products. Again the market in the Asia Pacific is expected to continue dominating the global market because of the rise in discretionary expenditure on food products that are plant-based. The rising number of Vegetarians is also increasing in the region and this may cause the market to witness promising growth in the near future.
Market players have taken various initiatives to bring variety in dairy alternative products. The introduction of ingredients such as hemp, coconut, and cashew, besides soy and almond, is anticipated to boost the market globally.
According to the study, the nutritional benefits offered by plant-based dairy alternative products is a major factor boosting the market globally. As per analysts at Fortune Business Insights, the soy-based and almond dairy alternatives are the two leading segments, concerning segmentation by source. This is because both soy-bean and almonds provide benefits to the human body in terms of cholesterol level and lipid profiles.
Some of the Main Key Players Covered in the Report
- The Hain Celestial Group
- Daiya Foods Inc.
- Archer Daniels Midland Company
- Sunopta Inc.
- Blue Diamond Growers Inc.
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Market to Gain Exponentially from Increasing Awareness About Consumption of Dairy Alternatives
Various factors are boosting the global dairy alternatives market such as the increasing number of people shifting to veganism and consuming a vegan diet, rising number of lactose intolerant people and those suffering from milk allergies. Additionally, the nutritional benefits derived from plant-based dairy substitutes are also helping the global market gain momentum.
Another major factor driving the market for dairy substitutes is the nutritional fortification and superiority in these alternatives that help to intensify their demand in the near future. Additionally, the relatively matured markets such as yogurt and ice creams also gained traction with the popularity of dairy substitutes available now. This ingredient level innovation derived from plants and plant-based products is anticipated to bring lucrative growth opportunities for the market in the long run.
Furthermore, the increasing popularity of ready-to-eat food products used as snacks such as nutrition bar is also propelling the demand for dairy substitutes in the market. However, the market may face certain challenges in terms of the volatile prices of raw materials used for producing dairy substitutes, and also the limited availability of the same. Again the lack of awareness about the benefits of consumption of dairy alternatives may also hinder the growth of the market during the forecast duration.
Nevertheless, the growing demand from developing nations and an increasing number of vegan population is prognosticated to bring better growth opportunities in the near future. Besides this, the favorable marketing and advertising tactics adopted by various players may also aid to the market expansion in the coming years.
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