Dairy Alternative can also be called as Dairy free or No dairy product. For making Dairy alternatives, the milk is extracted from almonds, soy, coconut, cashew-nuts, oat, rice, hemp etc. and those products are sold in milk form as well as after processing it and making products like cheese, yogurt etc and this comes under Dairy Alternative Market.
Soy milk is one of the popular dairy alternative market products. Tofu i.e. the soy cheese is the most sorted product which is Dairy free.
The formulations that are available in the Dairy Alternative Market are plain formulation and flavored formulation. Plain formulated and flavored formulated products again are divided into sweetened and non-sweetened versions keeping the consumer’s needs in mind.
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Dairy Alternative Market products are supplied to super markets, convenience stores, health food stores and pharmacies for sales. These products have different shelf life, refrigerated shelf life & stable shelf life for the temperatures they have been stored under.
Dairy Alternative Market is a growing market with a CAGR of 9.9% from 2016-2021 according to IndustryARC market research report and a great market option to invest into, there are many big companies involved in this market. To name few of them:
· Blue Diamond Growers Inc.(U.S.)
· Earth's Own Food Company Inc. (Canada)
· Eden Foods Inc. (U.S.)
· Freedom Foods Group Ltd. (Australia)
· Grupo Leche Pascual, SA (Spain)
Dairy Alternative Market report by IndustryARC suggests, it is going to see a rise in APAC region since it is the most populated region also due to the fact Dairy alternative products food as well as beverages is healthier alternatives if they are ionized with supplements.
North America is followed APAC region with second position followed by European region and ROW.
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The tilt towards vegan way of life, allergies and intolerance to lactose or other dairy protein is making this market grow rapidly. Dairy Alternative Market is the next big thing in food and beverage market that will lessen the burden of the Dairy product counterpart to supply the products.
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