Updated: Mar 26, 2020
The dairy alternatives market is estimated to reach $41 Billion by 2025, growing at a CAGR 16.7% % through the forecast ( report by ResearchAndMarkets).
The factors that drive the dairy alternatives market growth include health benefits associated with consuming plant based milk as they are high in micro and macro nutrient content as well as low in fat and cholesterol content. The rise in fitness concerns among people in different regions has also helped the market.
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. Vegan diet followers and adopters of a healthy diet are the primary consumers of dairy alternatives that have propelled market growth. The almond segment is the fastest growth, registering a CAGR of 14.6% during the forecast period.
The Asia Pacific market accounted for the largest share in the market. Rise in income, purchasing power, rapid growth of the middle-class population, increase in consumer awareness about health & fitness, and consumer demand for nutritional & healthy products provide promising prospects to the market players.
A new generation of plant-based startups is gaining the sort of cachet once reserved for tech companies. A handful of synthetic biology companies have emerged that are pushing the envelope by creating milk, eggs, and other dairy products using fermentation technologies that employ microbes to produce the same proteins but without the animal.
Read more on the innovation coming from those startups: https://www.nanalyze.com/2019/08/alternative-dairy-startups/