Shift in consumer choice for vegan diets and rising incidences of lactose intolerance are among the major factors expected to stimulate the market demand.
Market Size – USD 15.40 billion in 2018, Market Growth - CAGR of 12.2%, Market Trends – Huge investment in R&D by the companies in the market
NEW YORK, April 09, 2019 (GLOBE NEWSWIRE) -- The dairy alternatives market is expected to reach USD 41.80 Billion by 2026, according to a new report by Reports and Data. Dairy alternative, a plant based milk, is used as the main substitute of milk. It is obtained from cereals (oats, wheat, rice, and barley among others), nuts, and seeds. Dairy alternatives have low fat and low cholesterol content than milk products and does not contain lactose that has medical benefits especially for the lactose intolerant people.
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Increasing incidences of lactose intolerance among individuals across the globe, the rising number milk allergies, innovative product launches and smart marketing and sales promotional strategies followed by the market players are the some of the main factors that have stimulated the overall market demand for dairy alternatives. The competition in the dairy alternatives market is very high with major players acquiring other small players to increase their market share and profitability. Players in this market are continuously innovating their products to come up with new taste and flavors to differentiate their products and pull more customers. Nevertheless, the players in the dairy alternatives market may face a significant challenge in the form of innovation being done in conventional milk and dairy products with low cholesterol and fat.
Considerable investments in R&D for development of new technologies and methods for the improvement of dairy alternative products like the removal of flavor & inhibitors, fortification of food items, and enhanced shelf life, will drive the market growth. The deployment of latest technological methods, like Ultra High Processing (UHT) and enzymatic liquefaction for the efficient production of various dairy alternative food items will provide strong growth opportunities for the market.
The high price associated with dairy alternative products may create hindrances for the market growth in the forecast period.
Further key findings from the report suggest
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/dairy-alternatives-market
For the purpose of this report, Reports and Data have segmented global dairy alternatives market by product type, formulation, application, distribution channel, and region:
Product Type Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
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Formulation Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
Application Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
Distribution Channel Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
Regional Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
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