CHICAGO, Jan. 25, 2021 /PRNewswire/ -- According to the new market research report "Dairy Alternatives Market by Source (Soy, Almond, Coconut, Oats, Rice, Hemp), Application (Milk, Yogurt, Ice creams, Cheese, Creamers), Distribution Channel (Supermarkets, Health Food Stores, Pharmacies), Formulation, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Dairy Alternatives Market size is estimated to be valued at USD 22.6 billion in 2020. It is projected to reach USD 40.6 billion by 2026, recording a CAGR of 10.3% in terms of value. The increasing demand for lactose-free food and beverage products is driving the global dairy alternatives market.
The soy segment accounted for the largest share in the dairy alternatives market
Based on source, soy dominated the dairy alternatives market. Soy-based dairy alternative products are popular among consumers owing to their nutritional content. They are a rich source of proteins and calcium, which makes it suitable for lactose-intolerant consumers.
The yogurt segment is expected to grow with the highest CAGR in the forecast period
Based on application, yogurt is the fastest-growing segment in the overall dairy alternatives market. The growth of the yogurt segment is majorly driven by the rising demand for new varieties by the consumers. Dairy-free yogurts act as a healthy replacement for vegans and lactose-intolerant consumers, having similar taste and texture as dairy yogurts. Innovation in this market is expected to further lead to the growth of this segment.
The supermarkets & hypermarkets segment is projected to account for a major share in the dairy alternatives market during the forecast period
By distribution channel, the dairy alternatives market is segmented into supermarkets & hypermarkets, health food stores, pharmacies, convenience stores, and online stores. Supermarkets & hypermarkets segment accounted for the largest market share in the overall dairy alternative market in 2019. Consumers prefer supermarkets and hypermarkets as they have many options available at one place and they can easily compare products on various factors such as price, nutritional content, allergens and others. The rising trend of consumers reading packaged labels is further driving sales of products through supermarkets.
The Europe region is the fastest-growing in the dairy alternatives market in the forecast period
Europe will be the fastest-growing region in the global dairy alternatives market in the forecast period. An increasing number of flexitarians in the region are driving the demand for dairy alternatives. Manufacturers in the region are also focusing on new product developments that include fresh soy drinks. The increasing demand for healthy & nutrition products, along with changing eating habits, environmental concerns, and sustainability factors, drive the growth of the European dairy alternatives market.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as The Hain Celestial (US), Blue Diamond Growers (US), SunOpta (Canada), Sanitarium Health and Wellbeing Company (Australia), Danone (France), Freedom Foods Group (Australia), Earth's Own Food Company (Canada), Triballat Noyal (France), Valsoia S.P.A (Italy), Panos Brands (US), Melt Organic (US), Oatly (Sweden), Living Harvest Foods (US), Ripple Foods (US), Kite Hill (US), Califia Farms (US), Hudson River Foods Inc. (US), Daiya Foods Inc. (Canada), Pureharvest (Australia), Yoconut Dairy Free (US), and Yumbutter (US).
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