The Dairy Alternatives Market size was valued at $13,198.4 million in 2020 and is estimated to reach $ 55,450.9million by 2031, registering a CAGR of 13.9% from 2022 to 2031. In 2020, the Asia-Pacific region accounted for more than 45.4% share in the global market and is expected to grow at a CAGR of 14.5% throughout the forecast period.China is one of the prominent regionsin the countries that accounted for asizeableshare of the totalmarket in 2020.
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Dairy alternatives are plant-based natural and chemical free milk products derived through grains, seeds, or nuts. Dairy alternative products act as a substitute for consumers who are allergic to dairy products or people who are on a vegan diet. Some of the major alternatives to dairy are non-dairy milk, ice cream, cheese, yogurts, juice, energy drinks, and soft drinks.
Top Key Players:
The key players in the dairy alternatives industry profiled in the report are WhiteWave Foods Company, Blue Diamond Growers, SunOpta Inc., Earth’s Own Food Inc., Living Harvest Foods Inc., Kikkoman Corporation, Rebel Kitchen, Organic Valley, Panos Brands LLC, The Hain Celestial Group Inc., and Eden Foods Inc
Key findings of the study
- The dairy alternatives market was valued at $13,198.4 million in 2020 and is estimated to reach $ 55,450.9 million by 2031, growing at a CAGR of 13.9% through the forecast period.
- Based on source, the almond segment is expected to witness the fastest growth, registering a CAGR of 14.6% during the forecast period.
- In 2020, based on application, the beverage segment held the highest share, accounting for more than half of the global market share.
- In 2020, China was the most prominent market in the Asia-Pacific region and is expected to grow at a significant CAGR throughout the forecast period.
- Asia-Pacific was the dominant region in 2020, accounting for more the two-fifth of the dairy alternatives market share.
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