Dublin, Dec. 31, 2021 (GLOBE NEWSWIRE) -- The "India Dairy Alternatives Market, By Type (Milk, Butter, Yogurt, Cheese, Others (Ice Cream, Cream, Tofu, Smoothies, etc.)), By Formulation (Unsweetened and Sweetened), By Source, By Distribution Channel, By Region, Competition, Forecast & Opportunities, FY2017-FY2027" report has been added to ResearchAndMarkets.com's offering.
The Indian Dairy Alternatives Market stood at USD94.92 million in FY2021, growing with a CAGR of 11.36% to reach a value of USD175.36 million by FY2027.
The increase in the expenditure capacity of the consumers and booming consumer base with lactose intolerance are driving the growth of the dairy alternative market through FY2027. The rise in awareness about the advantages of consuming plant-based products and the adverse effect of procuring animal products on animal health is expected to boost the demand of the Indian Dairy Alternatives Market.
The rise in the number of market players and the adoption of online sales channels by the market players to increase the consumer base and sales is expected to influence the demand of the Indian Dairy Alternatives Market for the next five years.
The market players are adopting attractive marketing strategies to raise awareness among the consumers about the consumption of plant-based food items and beverages and introducing products in attractive packaging, size, and color to boost the sales of their respective products in the country.
The Indian Dairy Alternatives Market is segmented based on type, formulation, source, distribution channel, region, and competitional landscape. Based on type, the market is divided into milk, butter, yogurt, cheese, and others. Others sub-segment is further fragmented into ice cream, cream, tofu, and smoothies. The milk segment is expected to hold the largest market share for the forecast period, FY2023-FY2027.
Increasing health consciousness among the consumers and the presence of many lactose-intolerant people are the key factors influencing the high demand for milk in the country. Companies are selling their products in a wide range of offerings such as soy milk, almond milk, coconut milk, and other non-dairy alternatives derived from oats or flax.
Major market players
Hershey India Private Ltd. (Sofit)
Dr. Oetker India Pvt Ltd.
Agro Tech Foods Limited (Sundrop)
Life Health Foods India Private Limited (So Good)
Rakyan Beverages Private Limited (RAW Pressery)
Dabur India Limited (Hommade)
Veganarke Enterprises Pvt Ltd (GoodMylk)
Naturise Consumer Products Pvt Ltd (Only Earth)
Drums Food International Private Limited (Epigamia)
Istore Direct Trading Pvt Ltd (Urban Platter)
Jus Amazin Food and Beverages Pvt. Ltd.
Years considered for this report:
Historical Years: FY2017-FY2020
Base Year: FY2021
Estimated Year: FY2022
Forecast Period: FY2023-FY2027
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For more information about this report visit https://www.researchandmarkets.com/r/8waod5
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