The global dairy alternatives market share is anticipated to reach a significant valuation through 2028 subject to the increasing cases of lactose intolerance amongst population and the surging trend of veganism worldwide. According to the National Institute of Diabetes and Digestive and Kidney Diseases, experts anticipate that nearly 68% of the global population suffers from lactose malabsorption, while in the United States alone the proportion is 36%.
The statistics indicate a strong need for nutritional solutions to substitute dairy products. Briefly, the overall dairy alternatives market is segmented into product type, applications, formulation, sales channel, and regional landscape.
Based on the product type, the market is classified into almond, soy, coconut, oat, rice, and hemp. Out of these, the coconut milk segment is projected to yield considerable gains over 2022 to 2028. This can be reasoned to the rising demand for the product from beverage sector, subject to its exceptional nutritive value and other health benefits.
Dairy alternatives industry share from the rice milk segment would foresee tremendous gains through 2028 on back of the product's antioxidant and gluten free properties, making it an ideal substitute for cow milk. Meanwhile, the hemp segment is also likely to generate strong growth for the market throughout the analysis timeframe. This can be credited to the increasing consumption of the hemp milk for its vitamin and potassium contents that aid proper body functioning.
In terms of the application, dairy alternatives industry is bifurcated into food and beverage applications. Among these, the food segment, which is classified into cheese, desserts, and snacks, would observe substantial growth in the overall market. Market growth from the cheese application would come from the surging consumption of the product aligned with intrinsic benefits like high protein and calcium content.
Additionally, the desserts market share is driven by the elevating popularity of vegan and dairy-free ice cream produced by dairy free products. Speaking of the snacks segment, the market is earmarked to witness impetus on grounds of the escalating inclination towards the adoption of plant-based and frozen products.
Considering the sales channel, dairy alternatives are being provided through mainstream stores, online stores, specialty stores, and foodservice. The foodservice sector, out of these, is expected to reap profitable yields in the ensuing years propelled by the mounting numbers of food service channels such as bakeries, restaurants, and others in rural as well as urban areas.
Geographically, the industry is diversified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Latin America dairy alternatives market share is predicted to be influenced by a paradigm shift towards low-calorie, lactose-free products.
Meanwhile, the Middle East and Africa market would grow on account of the intensifying demand for dairy free products and burgeoning count of vegan consumers in the region.