Global Milk Substitutes (Non-Dairy Milk) Market Trends And Strategies Of Major Players In The Milk Substitutes (Non Dairy Milk) Market 2020
The global milk substitutes market is expected to grow from $19.8 billion in 2019 to $20.4 billion in 2020 at a compound annual growth rate (CAGR) of 3.5%. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 11% from 2021 and reach $27.9 billion in 2023. Increasing consumers’ preference for vegan food is driving the milk substitutes market. Consumers are increasingly becoming aware about animal abuse at dairy farms and are avoiding animal-based products. Vegan milk is cholesterol-free, rich in vitamin D and proteins and provides more calcium than animal milk.
The milk substitutes (non-dairy milk) market consists of sales of milk substitutes such as soy milk, almond milk and rice milk.
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The global milk substitutes market is further segmented based on type and geography.
By Type: Soy Milk, Almond Milk, Rice Milk, Others
By Application: Food, Beverages
By Distribution channel: Supermarkets, Hypermarkets, Convenience stores, Specialty stores, Online retail stores, Others
By Formulation: Plain-Sweetened, Plain-Unsweetened, Flavored-Sweetened, Others.
By Geography: The global milk substitutes market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific milk substitutes market accounts for the largest share in the global milk substitutes market.
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Trends In The Milk Substitutes (Non Dairy Milk) Market
Non-dairy milk producing companies are increasingly focusing on improving the shelf life of their products. Companies are trying to decrease the rate of bacterial formation in non-dairy milk through bacterial clarification using separators intended to remove bacterial spores. Ultra-pasteurization involves heating milk to a temperature of more than 280°F for at least 2 seconds that will kill harmful bacteria and increases shelf life to up to 120 days.
Milk Substitutes (Non Dairy Milk) Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides milk substitutes market overviews, analyzes and forecasts market size and growth for the global milk substitutes market, milk substitutes market share, milk substitutes market players, milk substitutes market segments and geographies, milk substitutes market’s leading competitors’ revenues, profiles and market shares. The milk substitutes market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.