SAN FRANCISCO, April 27, 2021 /PRNewswire/ — The global dairy alternatives market size is expected to reach USD 52.58 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 12.5% from 2021 to 2028. The rise in demand for plant-based alternatives and changing consumer diets utilizing milk alternatives are driving the demand for dairy alternatives. Increasing occurrence of milk allergies or cases of lactose intolerance is expected to drive the market further. People with lactose intolerance are increasingly opting for milk alternatives, which has made beverage manufacturers adopt dairy alternatives to appeal to the respective consumer base, further propelling the demand for dairy alternatives.

Key suggestions from the report:

By source, soy held the largest share of over 35.0% in 2020. Soy milk has been traditionally consumed for a long time in many countries and is affordable and easily available worldwide, making it the most dominant source segment in terms of revenue in 2020By product, milk captured the largest share of more than 67.0% in 2020 owing to high demand for plant-based milk alternatives from lactose-intolerant consumers as well as consumers following a vegan diet. The increasing occurrences of high cholesterol in adults and the elderly have led to numerous consumers opting for dairy alternatives-based products instead of milk productsBy distribution channel, supermarkets and hypermarkets led the market with more than 40.0% share in 2020. Developed regions such as North America and Europe have a higher penetration of supermarkets and hypermarkets, meanwhile developing regions are witnessing an increased number of supermarkets and hypermarkets, thus contributing to the high growth of the distribution channel segmentAsia Pacific dominated the market in 2020 with a share of over 44.0% in terms of revenue, which was followed by North America and Europe, respectively. The easy availability of the product in aseptic packaging enabling convenient storage is expected to result in increased adoption of the product over the forecast periodThe investments in the plant-based alternatives food sector are increasing as the market for the same is growing. For instance, an investment issuer called EAT BEYOND GLOBAL HOLDINGS

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