The global dairy alternatives market was valued at US$ 18,918.9 Mn in 2018 and is expected to reach US$ 40,901.2 Mn by 2026, growing at a CAGR of 10.1% during the forecast period.
According to the Good Food Institute (GFI), in 2018, 566 million units of plant-based milk were sold in the US, which was worth around US$ 1.8 billion. Additionally, in the US, 37% of households regularly purchase vegan milk. This is expected to enhance production to meet the increasing consumption of dairy alternative products and other vegan products during the forecast period.
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Rising consumer focus on nutritional value, increasing demand for dairy alternatives, and increasing case count of lactose intolerance and milk allergies are the main drivers for the global dairy alternatives market. Moreover, a huge change in the lifestyle of today’s millennials and growing production of dairy alternatives in developing countries are expected to increase the market size. This is also expected to create investment opportunities for manufacturers in the coming years.
The demand for plant-based dairy alternatives is increasing globally owing to the rising consumer awareness about health benefits of these products and animal welfare. Almost 48% people across the globe consume plant-based products due to their taste preferences, 36% because of health benefits, 30% due to all-natural credentials, 33% owing to the preference for ingredient sources, and 37% for price. Approximately 25% Britons chose plant-based milk over cow’s milk in 2018, as the demand for vegan and vegetarian diet is growing.
However, volatile prices of raw materials and the uncertainty about future availability are expected to hamper the growth of the global dairy alternatives market during the forecast period. Moreover, limited awareness and misconception about dairy alternative products are going to be some prime challenges for the global market throughout the forecast period.