Latin America Dairy Alternatives Market was worth USD 1.77 billion in 2022 and is estimated to be growing at a CAGR of 12.90%, to reach USD 3.24 billion by 2028. The market is showing great potential in the mentioned forecasting period. Food and beverages which are based on Dairy alternatives, are prepared from dairy-free milk, extracted from numerous plant based sources. They are gradually being consumed by lactose intolerant and vegan consumers. There is a wide range of food and beverages available in the market, prepared from milk, which in turn is derived from sources such as almond, rice, soy, coconut and others. Commonly consumed dairy alternative based products are milk, butter, ice-cream, cheese, soft drinks, energy drinks and others.
Dairy alternative has become a growing need for consumers who are allergic to conventional milk and milk products. Most of the customers select dairy alternatives because of intolerances or allergies to cow’s milk while others choose them for taste. Consumers allergic to dairy products are keenly looking for plant based milk with huge amount of nutrients, vitamins and calcium with same contentment as the cow’s milk. Dairy milk was the healthiest food in the past but increasing allergic consumers would decrease the demand for dairy products in future.
The overall growth of dairy alternatives is driven by innovative product launches, online selling channel, rising number of dairy allergic customers, attractive marketing and promotional strategies. In the recent times, Brazil, Mexico and Argentina are observing high demand of dairy alternatives, mainly due to the changes in lifestyle and eating pattern. Also, the number of lactose intolerant people is growing. This is powering the growth of the dairy alternatives market in this region. The major factor restraining the growth of the dairy alternatives market in the region is the high cost of dairy alternative products.
The Latin America market for dairy alternatives is broadly categorized into Soy Milk, Almond Milk, Rice Milk and others. Based on formulation, the market is segmented as Plain Sweetened, Plain Unsweetened, Flavoured Sweetened and Flavoured Unsweetened. Based on Application, the market is further segmented into Food & Beverages.
Geographically the Latin America Dairy Alternatives Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America.
Key Players in the Market:
Major Key Players in the Latin America Dairy Alternatives Market are
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