Dairy Alternatives Market Will Hit Big Revenues In Future

According to MarketsandMarkets, the dairy alternatives market was valued at USD 22.6 billion in 2020 and is projected to reach USD 40.6 billion by 2026, recording a CAGR of 10.3%. It is witnessing significant growth due to increasing instances of lactose allergies, changing consumer lifestyles, and growing health awareness among consumers.

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Consumers are increasingly adopting a vegan diet contributing to the growth of the dairy alternatives market. The Asia Pacific region will dominate the market due to the agricultural production base for plant-based sources. Several consumers perceive a vegan diet to be healthy and prefer consuming dairy alternatives such as soy milk, almond milk, rice milk, and other plant-based milk as a substitute for dairy milk.

Asia Pacific to account for the largest market share during the forecast period

Key Market Players:

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).