New Delhi, April 15, 2022 (GLOBE NEWSWIRE) — Global dairy alternatives market is growing at a high CAGR because of the increasing disposable income of the customers and changing lifestyles and eating habits along with increasing awareness of animal cruelty in the dairy industry…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the dairy alternatives market was worth USD 24.1 billion in the year 2021. It is estimated to grow at a CAGR of 10.2%, earning revenue of around USD 47.4 billion by the end of 2028. The market is flourishing at a high rate owing to the increasing disposable income of the customers and changing lifestyles and eating habits. The rising demand for dairy alternatives is also attributed to increasing awareness of animal cruelty in the dairy industry. Furthermore, increasing launches of a wide range of dairy alternative products along with easy availability through online stores and supermarkets, and hypermarkets is also playing a crucial factor in driving the market growth.
Increasing Consciousness Towards Animal Cruelty is Boosting the Dairy Alternatives Market
Consumers are increasingly becoming conscious of what they are consuming and how their consumption is affecting the environment. They are becoming more aware of the animal cruelty happening in the dairy industry. According to Animal Equality India, the milk-producing animals only produce milk for their off-springs. Therefore, they are forcefully impregnated every year, which runs in a cycle of cruelty. Furthermore, a dairy farm produces greenhouse gasses emissions that contribute to climate change. This is prompting the shift towards dairy alternatives.
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Dairy Alternatives Market – By Formulation
Based on formulation, the dairy alternatives market is segmented into flavored and plain. The plain dairy alternatives segment accounts for the largest market share in 2021 owing to the working-class population being the major target of this market. The dairy alternatives such as milk or butter are meant for regular consumption, due to which plain products are being preferred by the consumers. However, the flavored segment is anticipated to register a high growth rate during the forecast period.
Dairy Alternatives Market – By Application
Based on application, the dairy alternatives market is segmented into milk, ice creams, yogurt, cheese, creamers, and other applications. The milk segment holds the largest market share in 2021 owing to the rising prevalence of lactose intolerance among the population and the demand for milk for the nutritional needs of the body. The dairy alternatives milk is rich in vitamins and minerals as well as is low in fat. Furthermore, they also have a healthy combination of mono- and polyunsaturated fats and are perfect for people with a slow digestive system.