The Global Dairy Alternatives Market was worth USD 11.10 billion in 2016 and is estimated to be growing at a CAGR of 15.3%, to reach USD 22.62 billion by 2021, according to Data Marketing Forecast. The market is showcasing evident potential in the mentioned forecasting period.
The types of dairy alternatives available consists of almond milk , soy milk , rice milk , coconut milk and various other nut based milks such as cashew , hazelnut etc.
Dairy Alternatives comes with numerous health related benefits, including high energy levels as compared to normal dairy products which are expected to be the key factors, because of which, people are shifting from regular products or beverages to their alternatives.
The demand for dairy alternatives is driven by growing consumer liking for lactose-free food products including cheese, desserts, and snacks. Rising consumer focus on the nutritional values offered by the product such as low calories and high proteins and vitamins is likely to have a positive impact on the industry.
Moreover, the swing of consumer base towards vegan diet owing to certain aspects including animal rights and environment protection are anticipated to drive the demand for dairy alternatives over the forecast period.