Dairy Alternatives Market to witness remarkable gains over 2019-2025: Global Market Insights, Inc. As per a recent industry report put forward by Global Market Insights Inc., Dairy Alternatives Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 37.5 billion by 2025 with a projected CAGR of 10% over 2019-2025. Shifting consumer inclination toward vegan items owing to the rising health awareness will drive dairy alternatives market growth. Health conscious people have registered increased demand for flavored milks such as almond, soy, coconut, oats, hemp, and rice to improve their mineral and vitamin uptake. Manufactures are working to develop new flavors in plant-based ice-creams and frozen yogurts to gain a competitive edge, thereby contributing to a surge in dairy alternatives industry size.
Easy accessibility to raw materials due to substantial augmentation in manufacturing supplemented with low initial investments for startups have been resulting in an amplified competitive scenario in dairy alternatives market. As per SOPA, soy production globally has improved from almost 320 million metric tons in the year 2014 to about 361 million metric tons in the year 2018. Also, according to USDA, almond production worldwide has raised from about 1,069 thousand metric tons in 2014 to 1,285 thousand metric tons in 2018. Major factors such as enhanced product flavor and taste and growing distribution network are likely to fuel dairy alternatives industry share growth in the times to come. The dairy alternatives market trends have also been influenced with the launch of latest products based on hemp, oats, almonds, and rice. For example, in January 2019, Oatly has reportedly announced that it will develop its oat-based ice-cream by unveiling new flavors. Moreover, hemp-based dairy alternatives industry have been earning traction significantly. Hempbased dairy alternatives are also readily available in Europe and North America. Almond-based dairy alternatives market share is likely to experience fastest CAGR at about 8.5% over 2019-2025. Increasing production of almonds to cater to the expanding demand and simultaneously intensifying consumer awareness concerning health advantages are impelling almond-based dairy alternatives industry size growth. Furthermore, almond milk offers benefits including greater daily suggested value for vitamin E and vitamin D, reduced cholesterol levels, and low-calorie content which will also help to expand dairy alternatives industry outlook.
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