The rising vegan population is a significant factor driving the growth of the dairy alternatives market in the coming years. With the current rise in veganism globally, the use of milk substitutes has been on the rise because of the move to a vegan diet. This rise can be attributed to awareness of animal rights, health, and climate change.

According to the UnivDatos Market Insights analysis, the increasing lactose intolerant population and rising trend of vegan diets will drive the global scenario of the dairy alternatives market. As per their “Dairy Alternatives Market” report, the global market was valued at ~USD 28 billion in 2023, growing at a CAGR of about 10% during the forecast period from 2024 - 2032 to reach USD billion by 2032.

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Some other factors that spur the development of this sector include ethical issues, health benefits associated with genetically modified products, portfolio expansion, enhanced customer accessibility, and industry-driven activities. The market for such products will also increase due to the increasing trend towards consuming plant products in their daily food consumption. For instance, according to a survey by Finder in January 2024, there are an estimated 2.5 million vegans in the UK, making up 4.7% of the adult population. The number of vegans in the UK has risen by an estimated 1.1 million between 2023 and 2024. Here's a detailed look at how veganism has contributed to the growth of dairy alternatives:

·       Growing number of vegans: Ethical reasons can also be observed when consumers change their diets to embrace veganism as a form of combating animal cruelty. Veganism aims at minimal or completely refraining from consuming animal dairy products. People also select vegan diets as a lifestyle to mitigate the adverse impacts on the environment. Sources such as animal husbandry for milk production escalate greenhouse emissions, water consumption, and deforestation. In their fight against deforestation, vegans are particular about the dairy products they consume.

·       Expand product range: Many milk alternatives are available in the market, fueled by the growing demand for vegans. Some popular substitutes include almonds, soy, oats, coconut, and rice milk. There are many types of vegan cheese available, including the ones made from nuts like cashew nuts, soy, or coconut, which enhances the taste of the dishes and the texture of the food. Contemporary trends show that novelty items such as dairy-free ice creams made from almond, coconut, or soy are becoming increasingly popular.

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Recent developments in the market are:

·       In May 2024, Lactalis Canada, a subsidiary of the French dairy giant, introduced a new plant-based milk brand to the market just after converting one of its facilities into a fully vegan hub.

·       In April 2024, Singapore-based Yeo Hiap Seng unveiled Yeo’s Immuno Soy Milk, fortified with vitamin B6 and zinc to support the body’s immune system. The new beverage is endorsed as Healthier Choice in Singapore and Malaysia, offering a lactose-free and healthy alternative to conventional breakfast drinks.

·       In December 2023, Blue Diamond, the world’s leading producer and marketer of almonds, announced a new addition to its selection of Almond Breeze products with the launch of Almond Breeze Original Almond & Oat Blend.

With dignified applications, these approaches will hopefully burgeon the global dairy alternatives market in the upcoming years. However, the journey towards universal adoption of new approaches comes with challenges. Primary concerns include the safety implications associated with the consumer goods sector, which limit their accessibility. The consumer goods industry's evolution through innovative products undeniably transforms how the market is approached. The current trajectory is anticipated to continue to elevate, bringing hope to people worldwide.

Conclusion

Despite the hurdles, the future of dairy alternatives is undeniably bright. A new dawn is breaking in the development of the innovative consumer goods industry. There's no denying that these products are transforming the way of operating the industry, bringing enormous varieties to the population worldwide.

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