San Francisco — Dairy alternatives market is expected to reach USD 35.06 billion by 2024, according to a new report by Grand View Research, Inc. Dairy alternatives market is expected to witness significant growth over the projected period owing to rising consumer awareness towards health coupled with increasing number of lactose intolerance cases across various parts of the world. Increasing penetration of plant-based milk such as almond milk, soy milk and, coconut milk to replace cow milk is anticipated to propel demand.
Increasing consumer preference for lactose-free food products including cheese, desserts, and snacks are anticipated to drive demand. Rising consumer focus on the nutritional values offered by the product such as low calories and high proteins and vitamins is likely to have a positive impact on the industry. Furthermore, the shift of consumer base towards vegan diet owing to factors including animal rights and environment protection are anticipated to drive demand for dairy alternatives over the forecast period. However, high cost associated with these products as compared to dairy products is likely to hamper industry growth.
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