Dairy Alternatives Market to Reach a Valuation of US$ 34.6 Bn by 2029

According to a new study by TMR, the sales of dairy alternatives are estimated to go beyond 6 million metric tons in 2019, and record a Y-o-Y growth of ~8% during the period of forecast. Growth of the dairy alternatives market remains driven by a slew of aspects, which range from increased market demand for clean label products and changing regulations in the food and beverage industry, to growing awareness among consumers.

Dairy alternatives are available in various products and sources. The most common source for dairy alternatives is soy, coconut, almonds, rice, oats, and others. Dairy alternatives are generally plant-based products, and are becoming popular in the global non-dairy products market. Various product types of dairy alternatives are available in the market, which include flavored and unflavored plant-based milk. A few of the dairy alternatives or plant-based dairy products are available in the market in organic labels.

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The ingredients that are being used in the production of dairy alternatives have also become an important factor, when it comes to consumer choices. Consumers are preferring healthy and clean label ingredients for consumption. This is due to the rising prevalence of food-borne allergies and lactose intolerance among the population. Also, other ingredients, which are known to increase the nutritional value of dairy alternatives, are being used by the manufacturers of dairy alternatives.

Preferential Inclination towards Non-Modified Convenience Ingredients

Rising concerns about health and wellness have led the consumers changing their lifestyles and habits. These have transformed their food preferences as well. Due to this shift, the demand for organic products and ingredients has increased considerably in the past few years. The demand for organic dairy alternatives is also on the rise due to consumers shifting to clean label products. Even among the dairy alternative products that are available in the market, those that are certified by higher regulatory bodies are trusted more. Consumers are demanding transparency about the products that they are consuming, and want to know about the sources of the ingredients in their food products.

Functional Benefits of Probiotics

The growing incidence of functional disorders and other gastrointestinal diseases are the key factors due to which consumers are opting for dairy alternatives. The increasing incidence of gastrointestinal disorders is responsible for poor gut health. Growing consciousness for gut health improvement has led to the increasing demand for probiotics among the population. Due to this, drinkable non-dairy probiotics are facing very high market demand. These dairy alternatives have become popular due to their immunity and digestive benefits, such as prevention from various cardiovascular and gastrointestinal disorders.

Global Dairy Alternatives Market: Competitive Landscape

Some of the key players in the global dairy alternatives market are E. I. du Pont de Nemours and Company, Archer Daniels Midland Company, THE WHITEWAVE FOODS COMPANY, Blue Diamond Growers, Freedom Foods Group Limited, SunOpta, Inc., The Eden Foods, Inc., Daiya Foods Inc., Sanitarium Health and Wellbeing Company, Hain Celestial Group, Inc., and Earth’s Own Food Company, Inc.