Kolkata, India (Globe NewsWire): The global dairy alternatives market size is expected to experience considerable growth by reaching USD 53.97 billion by 2028 while exhibiting a CAGR of 13.30% between 2021 and 2028, information published by Fortune Business Insights in its report, titled, “Dairy Alternatives Market, 2021-2028” said.
The report further mentions that the market stood at USD 19.66 billion in 2020.
The growth is owing to the emerging veganism trend and the rising inclination of consumers towards a plant-based diet along with other drivers and restraints.
According to an environmental view, the dairy and meat sectors are the major contributors to the emission of greenhouse gases.
The awareness regarding a sustainable environment has resulted in a major switch among people regarding their diet.
For example, according to a survey conducted by Food Standards Agency (FSA), there are about 720,000 vegans in the U.K, which is around 1.2% of the country’s total population.
Whereas in India, only 1% of Indians strictly follow veganism, therefore the total population of vegans in India is around 5 million.
England Adopted Veganism during COVID-19 Pandemic
The rising trend of switching to dairy alternatives was further accelerated during the outbreak of COVID-19.
People were forced to stay indoors as the government imposed stringent restrictions regarding social distancing and even announced lockdowns.
This resulted in people making healthy living and food choices. Many people switched to vegan and vegetarian diets during the COVID-19 outbreak.
For instance, according to an article published by IFT in June 2020, 25% of the British population aged between 21-30 years stated that the COVID-19 pandemic has turned vegan diets to be more tempting.
Around 37% of the British population responded that the COVID-19 outbreak has encouraged them to add more nutrients and supplements to their diet that support the immune system.
Therefore, this is anticipated to boost this market even during the pandemic.
North America nonetheless has the world’s second-largest market share.
The residents of this region are well-informed about the drawbacks of dairy consumption and are aware of environmental degradation.
Furthermore, individuals are sensitive to animal suffering and are fast transitioning to veganism.
However, just 1 million people in North America, or 0.5 per cent of the overall population, live a completely vegan diet.
What is driving the growth apart from compassion and apprehensions?
While the pandemic has spurred a growth in the number of people opting for clean, plant-based diets, there are other drivers of the vegan trend.
The global population of lactose-intolerant people is expanding, and the industry is booming as a result, the report says, which is one of the drivers of the global vegan trend.
Apart from intolerant persons, the belief that lactose-free products are better for human health is boosting demand for dairy substitutes, the report says.
According to the National Institutes of Health, around 68 per cent of the global population has inherited lactose malabsorption.
Furthermore, lactose intolerance affects 70 per cent to 100 per cent of East Asian adults, with the majority of cases occurring in adulthood.
Furthermore, the production of certain dairy products has significant environmental implications, resulting in adverse outcomes such as soil contamination, air pollution, water infiltration, and considerable biodiversity destruction.
This is expected to promote the growth of the dairy alternatives market in the near future, the report says.