Global Dairy Alternatives Market Valued At US$14.3 Billion By 2022
Friday, December 29th, 2017 | 533 Views
The global dairy alternatives market is driven by increasing health consciousness among consumers, growing lactose intolerance, and inclination toward a vegan diet, according to market intelligence company ReportLinker.
The market is projected to reach US$14.3 billion by 2022, growing at a compound annual growth rate of 11.7 percent. The market was valued at US$7.37 billion in 2016.
In terms of type, coconut milk is projected to be the fastest-growing segment during the forecast period, due to its increased application areas—ranging from confectionery, snacks, and yogurt to frozen dessert. Commercially, newer varieties of coconut milk in the form of coconut milk powder are being introduced, which further supports its growth in the dairy alternatives market.
On the basis of formulation, the flavoured and unsweetened segment is projected to be the fastest-growing for dairy alternatives during the forecast period. Drivers include the growing health concerns among consumers who refuse the usage of added artificial or natural sweeteners in their products, changing lifestyles, and changing eating habits.
Regionally, North America is projected be the fastest-growing region for dairy alternatives during the forecast period, led by wide applications in food and beverage products, along with their health benefits. Growing health consciousness among consumers and the rising number of cases of lactose intolerance and milk allergies are fuelling the market for dairy alternatives in this region.