Dairy Alternatives Market Size To Reach USD 50.87 Billion In 2028 | Rising Cases Of Lactose Intolerance And Increasing Awareness Regarding Benefits Of Plant-Based Foods Are Key Factors Driving Market Revenue Growth - Reports and Data
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For the purpose of this report, Reports and Data has segmented global dairy alternatives market based on product type, formulation, application, distribution channel, and region:
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Specialty Food Ingredients Market is estimated to grow at a CAGR of 4.3% from USD 88.78 billion in 2019 to USD 125.66 billion in 2027. The market is expected to raise demand for packaged and easy foods, raise demand for higher nutrients and organic products.
Natural Food Colors Market is estimated to grow at a CAGR of 5.3% from USD 1.80 billion in 2019 to USD 2.76 billion in 2027. The size of the global market for natural food colors is expected to experience rapid growth over the forecast period due to high demand for pastry and bakery products.
Infant formula ingredients market was valued at USD 15.51 billion in 2019 and is expected to reach USD 27.06 billion by the year 2027, at a CAGR of 7.0%. Infant formula goods are used for babies from birth to 12 months of age and generally recognized as safe, and most products are from cow-base milk.
Almond Milk Market is projected to grow at a CAGR of 12.8% from USD 5.96 billion in 2019 to USD 15.73 billion in 2027. The market demand has been further driven by the increasing availability and promotion of plant-based or cereal alternatives in comparison to traditional dairy products, particularly beverages, but also cultured products like yogurt, ice cream, frozen desserts, creamers, and cheese.
Nut Milk Market is projected to grow at a CAGR of 12.8% from USD 18.36 billion in 2019 to USD 48.46 billion in 2027. Increasing consumption of the alternatives to milk and dairy-based products can be attributed to a number of reasons, comprising increasing awareness for health consciousness amongst consumers, lactose intolerance and the increasing inclination for vegan diets.
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