Dairy Alternatives Market Size & Share By Sales Revenue, Future Demands, Growth Factors and Emerging Trends Forecast to 2031,

Kenneth Research, in its repository of market research reports, has recently added a report on Dairy Alternatives Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Dairy Alternatives Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Dairy Alternatives Market products.

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The global Dairy Alternatives Market was valued at USD 7.15 billion in 2016 and is projected to reach USD 18.89 billion by 2025, growing at a CAGR of 11.4% from 2017 to 2025.
Dairy alternatives can be defined as substitutes to dairy products made from animal milk. Some of the common alternatives include soy milk, coconut milk, rice milk, flax milk and many more. Growing trend of vegan culture, which involves complete elimination of dairy products in everyday meals, is expected to be the major driving factor of the market.

Market Dynamics:
1. Market Drivers
1.1 Growing vegan culture
1.2 Advantages of plant-based dairy alternative products
1.3 Increasing occurrence of the milk allergies
2. Market Restraints
2.1 High price of products
2.2 Limited availability of raw materials and processing plants

Market Segmentation:
The global Dairy Alternatives Market is segmented on the basis of formulation, product, application, sales channel and region.
1. Global Dairy Alternatives Market, by Formulation:
1.1 Sweetened Products
1.1.1 Plain Formulation
1.1.2 Flavored Formulation
1.2 Unsweetened Products
1.2.1 Plain Formulation
1.2.2 Flavored Formulation

2. Global Dairy Alternatives Market, by Product:
2.1 Soy Milk
2.2 Almond Milk
2.3 Coconut Milk
2.4 Rice Milk
2.5 Others

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3. Global Dairy Alternatives Market, by Application:
3.1 Food
3.1.1 Cheese
3.1.2 Yoghurt
3.1.3 Ice cream
3.1.4 Others
3.2 Beverages
3.2.1 Milk
3.2.2 Sauces & Dressings

4. Global Dairy Alternatives Market, by Sales Channel:
4.1 Super Markets
4.2 Convenience Store
4.3 Pharmacies
4.4 Health Food Stores
4.5 Others

5. Global Dairy Alternatives Market, by Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa

Competitive Landscape:
The major players in the market are as follows:
1. Daiya Foods Inc.
2. Earth’s Own Food Company Inc.
3. Panos Brands LLC.
4. Eden Foods Inc.
5. Freedom Foods Group Ltd.
6. Blue Diamond Growers Inc.
7. The Hain Celestial Group Inc.
8. The WhiteWave Foods Company
9. Sanitarium Health & Wellbeing Company
10. Sunopta Inc.
11. Archer Daniels Midland Company
12. Nutriops S.L.
13. Döhler GmbH
14. Triballat Noyal

These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.

Research study on the Dairy Alternatives Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.

To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team.

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