Asia Pacific Dairy Alternatives Market is estimated at USD 5.87 Billion in 2021 and is expected to expand at a CAGR of 16.3% to reach USD 12.44 Billion by 2026.
Dairy alternatives are substitutes for the products that are produced by using mammalian milk (cow milk/buffalo milk/sheep milk). Mammalian milk consists of a sugar called lactose, which might cause an allergic reaction to a few people, so there has to be an alternative source of the milk in order to get the required proteins and advantages.
By 2018, 38 cities across India join the vegan moment with a motive to advance veganism across India. On 21st of every month, there will be substantial vegan food-fests going on to prove that these food products taste no less than the carnivore diet. Moments such as these act a significant driver to the Asia-Pacific Dairy Alternatives market.
Based on the Region, the Asia-Pacific Dairy Alternatives market is segmented into India, China, Japan, South Korea and Australia. Of these, India is both the largest and the fastest-growing nation in 2019, contributing over 25% share. The segment is expected to expand at CAGR of 17.2% during the forecast period of 2019 - 2024 due to the vast vegetarian population in the region. India is second most populated countries in the world, combining this with the cultural veganism practiced by the people of the country led to the extensive usage of dairy alternatives.
The primary drivers of Asia-Pacific Dairy Alternatives market are the increase in lactose intolerance population in the region, along with the growth of the veganism moments in the area.
The Asia-Pacific Dairy Alternatives market is also driven by the urbanization and emerging economies of the region.
The considerable popularity of the dairy products in the region is a significant restraint to the Asia-Pacific Dairy Alternatives market.
Out of these, Soy segment holds the majority of the market share in 2019, with over 35%, which can be attributed to the full acceptance of soy as a perfect alternative for mammalian milk. Soy milk is one of the first of the milk alternatives, and so it has developed an enormous market over the years.
Also, Almond Milk is expected to be the fastest-growing segment with a CAGR of 18.4% as the flavor that almond milk provides is unparalleled to other dairy milk products. Apart from the taste, the low-calorie and high protein content of the Almond milk serves as a driver to this segment of Asia-Pacific Dairy Alternatives Market.
Out of these, Supermarket/Hypermarket segment holds the majority of the market share in 2019, with over 45% due to the full range of products that these stores offer. Availability of hundreds of products under one roof so that customers can compare and contrast between before taking the final decision is a significant factor that drives the Supermarket/Hypermarket Segment. The overall increase in the number of Supermarkets and Hypermarkets in the region and the discounts that they offer are also contributing to such huge market share of the segment.
Also, online segment is expected to be the fastest-growing segment with a CAGR of 15.8% based on the flexibility offered by this channel. With the penetration of smartphones, many customers are now tending to shop on their phones rather than to go to the stores physically. This flexibility, combined with the discounts, offers enormous growth potential for online business.
Key Players in the Market:
Major key players in the Asia Pacific Dairy Alternatives Market are
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