Dairy Alternatives Market by Source and By Region – Global Opportunities & Forecast, 2020-2027
Global Dairy Alternatives Market
The GMI Research anticipates that the Dairy Alternatives Market will come across an intensified growth over the forecast period. This is because of the accelerating penetration of smartphones and increasing agitation towards health with the mounting working population.
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Dairy Alternatives Market Dynamics
The increasing awareness among individuals regarding the remarkable benefits proffered by the plant-based dairy substitutes, such as reduction in the cholesterol level, better cardiovascular health, and curb diabetes has persuaded them to choose for dairy alternative food products to remain healthy and fit. This is the major force supplementing the growth of the global dairy alternatives market. The remarkable switch in the consumers choice towards nutritional food items and the mounting agitation towards lactose intolerance among individuals has supplemented the market share. Besides this, the sudden drift towards vegan culture and accelerating per capita income will leave a remarkable influence on the market. Several leading giants are increasingly emphasising on product innovation, such as the initiation of various flavours of soy and almond milk has captivated a huge number of consumers seeking for tastier and nutritional beverages. However, the fluctuating prices of raw material and the interrogation of developing dairy alternatives with lower fat level and cholesterol are the major factors restraining the Dairy Alternatives Market Size.
Regional Drivers
The Asia-Pacific region is contemplated to expand at a higher CAGR during the forecast period. The improving purchasing power, sudden surge in the population, and the rising awareness among consumers regarding healthy and nutritious diet patterns are the chief forces responsible for the market growth. Apart from this, the accelerating urban population and the convenient accessibility of a wide variety of flavors will further allure huge customer base towards the market. The Rice, Soy, and Almond milk are primarily used as a conventional drink across many countries, such as India. Further, as per the Global Dairy Alternatives Market Report, the robust demand for lactose-free milk primarily for children and pregnant women will complement the market growth.
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