Dairy Alternatives Market Estimated To Reach US$34 Billion By 2024
Wednesday, January 24th, 2018 | 608 Views
Driven by rampant demand, traditional animal-based milk is being phased out for plant-based alternatives.
A recent report by Renub Research Dairy Alternatives Market indicates that the demand for plant-based alternatives to animal-based milk is due to increase exponentially and will reach US$34 billion by 2024. This is due to an increasing consumer focus on healthy diet and nutritional values offered by non-dairy products, such as high protein levels and vitamins as well as lower calorie options. The growing environmental awareness and product knowledge of the everyday consumer has also led to an increase in ‘vegan-friendly’ and ‘animal-friendly’ dairy options.
The market is currently segmented into Soy Milk, Almond Milk, Rice Milk and Others—the first of which accounts for the highest market share globally. Soy milk is the most common non-dairy item for consumption and anticipated to be the largest product segment of the market in 2015 accounting over 40 percent of the total market. Soy milk contains isoflavones compounds, which reduces the risk of breast cancer and heart diseases, which is likely to raise the popularity of the product, especially among women and elderly consumers.
On average, two-thirds of the world’s adult population is lactose-intolerant; in Asia and Africa, the numbers are as high as 90 percent. As such, the demand in these regions for plant-based alternatives is at an all-time high. With double digit compound annual growth rates (CAGR), the dairy alternatives market has attracted many new manufacturers who seek to develop and launch innovative products to estblish their presence in the industry among giants like Vitasoy, Blue Diamond Growers and Earth’s Own Food.