Dairy alternatives market to boom for next 10 years, predicts FMI
Veganism, environmental impact and health concerns such as intolerance to dairy products are providing a significant boost to the dairy alternatives market.
A recent market study by Future Market Insights (FMI) predicts more individuals are leaning towards non-dairy milk as consumers are looking for better health, to address their growing concerns for animal welfare, and reduce their impact on the planet.
FMI forecasts the revenue of the dairy alternatives market will reach US$ 34.6 billion (£26.48bn) by 2029. In terms of value, the global dairy alternatives market is projected to register a CAGR of 8.3% during the forecast period.
The dairy alternatives market in Asia Pacific is expected to lead the market in terms of share, and North America and Europe are expected to record a relatively higher CAGR.
Dairy alternative beverages accounted for more than 8% of world dairy launches, and overall dairy alternative launcheshave more than doubled in the last five years.
Substitutes for dairy available on the market include soy, almond, coconut, rice, cashew, flax, corn, and many more.
The thriving demand for healthier foods and modern retail formats such as supermarkets and e-retail in developing countries are assisting the sales of dairy alternatives.
FMI says it will be quite impossible to replace dairy overall for the next 15-20 years at least however it expects evolving consumer trends awareness to provide an upsurge to the dairy alternatives market.