Dairy Alternatives Market: Market Outlook
Dairy products play an essential role in consumers’ diets. Many products such as cheese, yogurt, butter, milk, and ice cream are made from the milk of cows, sheep, and goats. However many consumers are moving away from dairy products for a variety of reasons. Some of the reasons could be lactose intolerance, allergic to milk, vegan diet, and the possibility of contaminants in conventional milk and dairy products. There are plenty of alternatives for all dairy products. This makes it easy for consumers to switch from dairy products to dairy alternatives.
With the increase in the trend of veganism, awareness regarding personal health, and with the improving disposable income in developing countries, the demand for dairy alternatives such as soy milk, almond milk, rice milk is anticipated to spur over the forecast period. The surge in demand for plant-based nutritional dairy alternatives can prove to be significant for the growth of the dairy alternatives market. Fluctuation in the availability of raw materials and volatile prices of raw materials can prove to the restraining factors in the growth of dairy alternatives market.
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Dairy Alternatives Market: Market Dynamics
Surge in consumer priority for a vegan diet to drive the dairy alternatives market.
Inclination in the number of consumers opting for a vegan diet is one of the major reasons that could drive the dairy alternatives market. Rising awareness among consumers about the health benefits offered by non-dairy products over dairy products such as the reduced risk of cancer, reduced risk of contaminants such as hormones and steroids in milk, reduced symptoms of lactose intolerance such as gas, bloating, stomach pain, and diarrhea have increased the demands for dairy alternatives. Increasing concern over animal rights and environmental protection are the other factors leading to the growth of the dairy alternatives market.
Government support for plant-based products to drive the dairy alternatives market.
To promote the growth of a plant-based diet, the government is providing the farmers with various schemes. This has encouraged the farmers to cultivate the crops necessary for the development of plant-based products. This has led to the availability of sufficient raw materials for dairy alternatives throughout the year. This can be a major factor contributing to the growth of dairy alternatives market.
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