According to a forecast report by Future Market Insights, the market will experience a significant growth for plant-based alternatives. The report forecasting the dairy alternatives market to reach a value of nearly US$ 9,570 million in the year 2022 and grow at a robust CAGR during the forecast period.
According to the report, the reasons behind the growing popularity of dairy alternatives are increased customer awareness of health and wellbeing, along with the rising population and the growth of veganism amongst the masses. The higher price is one set-back which hurts the market growth, especially in developing countries.
The market in North America is set to dominate the global dairy alternatives market in terms of value and this trend is projected to sustain itself throughout the assessment period.
The report also profiles companies that are expected to remain active in the expansion of global dairy alternatives market through 2022, which include The Hain Celestial Group, Inc., SunOpta, Inc., Organic Valley Cropp Cooperative, OATLY A.B., Koninklijke Wessanen N.V., Eden Foods Inc., Earth’s Own Food Company Inc., Danone, Califia Farms LLC and Blue Diamond Growers, Inc.
More information about the report can be found here.
