Global Dairy Alternatives Market Size to reach $51.6bn in 2028
The worldwide Dairy Alternatives market is expected to reach US$ 51.6bn in 2028, up from US$ 28bn in 2022. According to the latest study on the Dairy Alternatives Market, It is projected to increase at a CAGR of 10.6% from 2022 until 2028.
Consumers are increasingly interested in plant-based or vegan-friendly products due to an increase in health and environmental awareness. This factor is most responsible for the dairy alternative market’s growth. Plant-based dairy alternatives include soy milk, pea milk, almond milk, and coconut milk.
To meet the growing demand for functional dairy substitutes, key brands’ manufacturers are adding essential compounds like antioxidants, collagens, adaptogens, and nootropics to their products.
The yoghurt market is anticipated to record the highest CAGR during the forecast period, owing to the health advantages.
Manufacturers of non-dairy yoghurt are developing innovative goods to increase their customer base. Such advances provide companies an edge over their rivals, which is propelling the growth of dairy alternatives.
Another one of the primary reasons for the growth of the plant-based milk sector is an increase in lactose intolerance in the general public, and the growing vegan community worldwide.
E-commerce platforms have seen tremendous expansion in recent years as the number of customers searching for convenient shopping alternatives has grown. This has been aided by consumer feedback, multiple payment alternatives, and home delivery services.
The food and beverage sector was one of the most affected industries during the COVID-19 epidemic, with disruptions in supply chains and shutdowns of manufacturing facilities.
However, as a result of heightened health and wellness worries, people have been switching to plant-based dairy alternatives in greater numbers.
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