Dairy Alternatives Market Size, Trends, Applications, and Industry Strategies
Dairy alternatives are derived from non-dairy resources, such as nuts, rice, wheat, oats, and barley. As these products are derived from nuts and cereals, they have numerous health benefits and are suitable for obese people and gastrointestinal (GI) patients. Moreover, dairy alternative such as soy milk provides protective health advantages due to the presence of phytoestrogen in it. Additionally, hemp milk is one of the best sources of Omega-3 fats and almond milk is a good source of calcium.
Thus, the increasing prevalence of obesity and GI diseases will strengthen the dairy alternatives market in the forthcoming years. For instance, the World Health Organization (WHO) stated that, in 2020, 39 million children under the age of 5 years were overweight or obese. The organization also stated that nearly 4 million global deaths were caused due to obesity in 2017. Apart from obese people, dairy alternatives are also beneficial for people suffering from GI disorders such as irritable bowel syndrome (IBS), gas, constipation, bloating, and diarrhea.
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According to P&S Intelligence, North America and Europe are the major dairy alternatives market, due to the surging popularity of soy and almond milk and the soaring vegan population in these regions. Additionally, the increasing focus of regulatory bodies on reducing CO2 emissions from the animal agricultural sector also encourages the adoption of dairy alternatives in these regions. For instance, the 'Fit for 55' package by the European Union will help Europe mitigate CO2 emissions by 55% by 2030 and reach carbon neutrality by 2050, by promoting a plant-based diet.
Whereas, Asia-Pacific (APAC) is expected to consume dairy alternatives at the highest pace in the upcoming years, owing to the mounting population and accelerating urbanization rate in the region. According to the United Nations Population Fund (UNFPA), APAC is home to approximately 4.3 billion people, accounting for 60% of the global population. Furthermore, the World Bank stated that 861,289,360 people, 22,152,760, people, 115,494,820 people, 481,980,330 people in China, Australia, Japan, and India, respectively, resided in urban areas in 2020.
Thus, the surging prevalence of obesity, increasing shift toward veganism, and rising incidence of GI diseases are expected to propel the production of dairy alternatives across the world in the coming years.
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