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According to the latest report by IMARC Group, titled "Dairy Alternatives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global dairy alternatives market exhibited strong growth during 2015-2020. Dairy alternatives are dairy-free food products that are sourced from plants. They are used as a major substitute for animal-based milk and milk-based products, such as butter, cheese and yogurt. These substitutes, including soy, oats, rice, almond and coconut milk and related products, are characterized by similar taste and texture while being considered a healthier option to their traditional counterparts. They are rich in iron, calcium, iodine, zinc, riboflavin, vitamins, minerals, magnesium and potassium, as well as low in fat and calories. Consequently, their consumption is widely associated with improving bone structure, repairing damaged cells, enhancing brain functioning and assisting in weight loss.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Dairy Alternatives Market Trends:
The market is primarily driven by the increasing numbers of lactose intolerant individuals, along with the growing incidences of food allergies among the masses. Dairy alternatives are easily digestible and do not cause gastric problems, due to which there has been a rise in their adoption. The emerging trend of veganism and the growing consciousness regarding its benefits is acting as another major growth-inducing factor. There has also been an increasing demand for fortified dairy alternatives with improved nutritional value. This, along with the shifting dietary preferences of the consumers, inflating disposable incomes and the willingness to experiment with new flavors, has impelled manufacturers to introduce numerous flavored, sweetened and unsweetened product variants in the market that are rich in calcium, vitamin D and DHA. Furthermore, manufacturers are also upgrading their production processes to enhance the yield and nutritional content of the substitutes. Advanced non-thermal processing technologies, including ultra-high pressure homogenization and pulsed electric field processing, are expected to be used for the production of these plant-based dairy products in the near future. Their utilization is anticipated to improve the emulsion stability and extend the shelf life of the products, thereby creating a positive outlook for the market. On account of the aforementioned factors, the market is projected to grow at a CAGR of 12 % during 2021-2026.
Market Summary:
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