The dairy-free milk alternative market has been forecast to grow at a double digit compound annual growth rate (CAGR) to reach $34 billion by 2024, according to a study by Renub research.

According to Renub the increase in the market is fuelled by rising demand for dairy-free alternatives. This is due in part to growing consumer awareness of dairy-free alternatives, an increasing focus on healthier diets and new manufacturers entering the market with innovative products. Consumers’ increasing knowledge of environmental issues has also triggered a search for ‘animal friendly’ alternatives to staple products.

Of the four types of dairy-free alternatives–almond milk, soy milk, rice milk and others–soy milk has the largest global market share. In 2015 it accounted for 40% of the global market and its dominance is expected to continue; the forecasted growth of soy milk’s CAGR is 14.76%. Almond milk is also expected to grow quickly at a CAGR of 15.19% before 2022, the end of the study’s review period.

The study revealed that Asia Pacific is currently the leading market for dairy-free milk alternatives, with a 45.4% market share, due to the region having such a high and growing proportion of lactose-intolerant adults. Two thirds of the global adult population are lactose-intolerant adults, while the average proportion in Asia and Africa is 90%. The dairy-free alternative market in Asia Pacific is estimated to have been worth $4.48 billion in 2017 and is expected to grow by 14.8% over the next four years.

Second to Asia Pacific is North America. The region was estimated to have accounted for 30% of the global market in 2017 and it is projected to witness a CAGR of more than 14.63% by 2022.

The report also includes a comprehensive competitive outlook for the major players in the global dairy-free alternatives market, including SunOpta, Organic Valley, VitaSoy International Holdings, Eden Foods and The Hain Celestial Group. This study into  organisations producing dairy-free alternatives involves a survey of their individual objectives, product outlines, quantity of production and financial health.

The research was undertaken using strength, weakness, opportunities and threat to the organisation (SWOT) analysis techniques.

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