Dairy Alternatives Market Worth $29.6 Billion by 2023 - Exclusive Report by MarketsandMarkets

CHICAGO, January 16, 2019 /PRNewswire/ --

According to the new market research report "Dairy Alternatives Market  by Source (Soy, Almond, Coconut, Rice, Oats, Hemp), Application (Milk, Cheese, Yogurt, Ice Creams, Creamers), Distribution Channel (Supermarkets, Health Stores, Pharmacies), Formulation and Region - Global Forecast to 2023", published by MarketsandMarkets, the Dairy Alternatives Market is projected to grow from USD 17.3 billion in 2018 to USD 29.6 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period. The major factors driving the dairy alternatives market include consumers perceiving a vegan diet to be healthy. These consumers prefer consuming dairy alternatives such as soy milk, almond milk, rice milk, and other plant-based milk as a substitute for dairy milk. Further, increasing cases of lactose intolerance and milk allergies among individuals promote the consumption of dairy alternatives globally and is expected to drive the market.

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The almond segment is projected to grow at the highest CAGR in the global dairy alternatives market during the forecast period. 

The dairy alternatives market has been segmented, on the basis of source, into soy, almond, coconut, rice, oat, hemp and others (cashew and hazelnut). The market for almond-based products witnesses a significant demand in the dairy alternatives market due to the various benefits they offer. These benefits include high nutritional content, easy availability of raw materials, and increased popularity of consumption. Almond-based dairy alternatives are also beneficial for calorie-conscious individuals, as it is free from cholesterol and saturated fats and are available in varieties ranging from plain sweetened, plain unsweetened, and flavored-sweetened to flavored unsweetened.

Browse in-depth TOC on "Dairy Alternatives Market"

88 - Tables
41 - Figures
188 - Pages 

The ice creams segment, by application, is projected to grow at the highest rate during the forecast period. 

The dairy alternatives market has been segmented, on the basis of application, into milk, ice creams, yogurt, cheese, creamers, and others. Yogurt is the fastest-growing segment for dairy alternatives. With the rise in awareness among consumers and the demand for new varieties and alternatives, the market for dairy-free yogurts is expected to grow. The growing market for dairy-free yogurts is opening up new opportunities for applications in the dairy alternatives market. Dairy yogurt alternatives available in the market are cholesterol-free, are fortified with calcium and vitamin D, and function as a healthy replacement for dairy yogurts for vegans and lactose-intolerant consumers.