The market is growing and seeing a lot of demand because people are changing the way they eat and diet trends are changing. Over the next few years, the growing number of people with milk allergies and lactose intolerance is likely to increase the demand for dairy alternatives. Soy milk is used in a lot of food and drink products to appeal to the growing number of people who prefer plant-based and other dairy-free options.
People over 50 and women in the U.S. are likely to drink more soy milk because it has isoflavones, which are said to lower the risk of heart disease and breast cancer. Soy also has phytoestrogen, which works like the hormone oestrogen in women. Women like to drink soy milk as an alternative way to raise their oestrogen levels, which is expected to drive the market even more.
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Almond milk is getting more and more popular among young people who care about their health and follow diets like the ketogenic diet and the vegan diet. Almond milk is a good substitute for dairy because it is high in lipids, fibre, and protein. Consumers and industries that use almond milk are likely to adopt it in large numbers.
Consumers are also choosing dairy alternatives to cut down on calories, since dairy products usually have a lot of calories. People who want to lose weight have been replacing cow or buffalo milk with soy or almond milk more and more. This, in turn, should help the market grow, since more and more people around the world are interested in fitness.
Manufacturers’ efforts to offer new flavours, better quality, and more attractive packaging are likely to be good for the industry over the next few years. Vitamin D, calcium, and DHA can be added to these products to improve their nutritional value. Over the next few years, the market is expected to grow because more people will know about dairy-free products.
Effects of COVID-19 on the Dairy Alternatives Market:
Many economies around the world have been hurt by the COVID-19 pandemic. As of July 9, 2020, the pandemic had spread to more than 200 countries and killed 545,481 people. It had infected more than 11,874,226 people (Source: European Centre for Disease Prevention and Control). COVID-19, a disease caused by the new coronavirus SARS-nCoV-2, has quickly spread to 216 countries and territories on all continents, causing a public health emergency in all of them. Because of the pandemic, the dairy alternatives industry now has a better idea of how to do things. From a manufacturing and distribution point of view, both manufacturers and consumers have put a lot of pressure on this industry. This is especially true for some products, like plant-based milk, cheese, and yoghurt. Due to a sudden rise in demand, many companies that make dairy alternatives have already started to change their business plans.
The dairy alternatives industry has been very good at rising to the challenge and delivering. In the coming years, the lack of traditional dairy products in grocery stores will be a great chance to speed up the adoption of dairy alternatives, especially in North America and Europe. COVID-19 is giving alternative dairy products a surprising boost in sales. According to data from the Good Food Institute, Plant Based Foods Association, IRI, and Nielsen, retail sales of oat milk in the U.S. in April 2020 grew by 476.7% in the week ending March 14 compared to the same week last year, while sales of dairy milk grew by 32.4%. Sales went up mostly because more people bought oat milk and nutritional plant-based butter.
Global Dairy Alternative Market: Product Segment Analysis
- Almond milk
- Oat milk
- Rice milk
- Soya milk
Global Dairy Alternative Market: Formulations Segment Analysis
- Plain sweetened
- Plain unsweetened
- Flavored sweetened
- Flavored unsweetened
Global Dairy Alternative Market: Region Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East & Africa