Northbrook, IL 60062 -- (SBWIRE) -- 12/20/2023 -- The global dairy alternatives market, as detailed in the research report by MarketsandMarkets, is experiencing substantial growth, estimated to reach USD 43.6 billion by 2028 with a CAGR of 10.1%. This surge is fueled by the increasing demand for plant-based alternatives, driven by factors such as health-conscious consumer choices, dietary restrictions, and environmental sustainability concerns.

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Nutritional Advantages Driving Adoption:

Plant-based dairy alternatives, sourced from soy, almond, coconut and oats, are gaining popularity for their nutritional benefits. These alternatives offer reduced cholesterol levels, improved cardiovascular health, and enhanced diabetes management. Lower fat and calorie content compared to traditional dairy products make options like soy milk, almond milk, oat milk, and rice milk attractive to health-conscious consumers.

Addressing Allergies and Intolerances:

The prevalence of dairy intolerance and allergies has led to the development of dairy-free alternatives. Almond milk and coconut milk, among others, are recognized for providing a nourishing and easily digestible option for individuals with sensitivities. To cater to diverse dietary requirements, manufacturers are expanding offerings to include alternatives derived from seeds, grains, and legumes, providing options for those with nut allergies while maintaining nutritional value.

Functional Benefits and Enrichment:

Dairy alternatives are evolving beyond basic nutrition to offer functional benefits. Enriched with essential nutrients, including vitamins, minerals, and antioxidants, these alternatives support overall well-being. Consumers are drawn to products offering specific functional advantages, such as added calcium for bone health or omega-3 fatty acids for heart health. The market is witnessing a trend of culinary innovation and flavor exploration to meet consumer preferences.

Rise of Flavored Dairy Alternatives:

The flavored sub-segment in the formulation category is experiencing significant growth, estimated at 10.4% during the forecast period. Flavored dairy alternatives, replicating the creamy qualities of traditional dairy milk, are gaining popularity. Manufacturers employ advanced formulation techniques to closely resemble conventional dairy milk in both texture and flavor. Low-sugar and fortified versions are introduced to cater to health-conscious consumers, making flavored alternatives versatile for various culinary applications.

Almond Dominance in the Market:

Almond-based dairy alternatives are leading the market due to their nutritional profile, ready availability of raw materials, and increasing consumer preference. Almond milk, being naturally lactose-free, low in saturated fat and calories, aligns well with the preferences of health-conscious consumers. The pleasant flavor and versatility in cooking contribute to its popularity, making it a preferred choice in a variety of dishes.

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European Growth Dynamics:

Europe is estimated to grow at the fastest CAGR in the dairy alternatives market. Despite the dominance of traditional dairy in the region, there is a notable surge in the consumption of dairy alternatives. Factors such as consumer prioritization of health, awareness of animal welfare, and environmental sustainability contribute to this growth. Major players in the region are expanding and diversifying their dairy alternatives portfolios to meet the increasing demand for environmentally sustainable and healthy food options.

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