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Dairy Alternatives Market is expected to exceed USD 34 Billion by 2024, growing with double digit CAGR. Dairy Alternatives are also called plant-based milk. People who wish to stop using convention milk can now choose from a range of plant-based milk options. Milk alternatives include Soy Milk, Rice Milk, Almond Milk, Coconut Milk and Hemp Milk. Most of the stores today store both types of milk (Animal & Plant based) both in non-refrigerated boxed products as well as refrigerated varieties.

Global Dairy Alternatives market (plant-based milk) is growing due to increasing consumer awareness for lactose-free food products including cheese, desserts, and snacks are expected to drive the demand. In addition, increasing consumer focus on the healthy diet and nutritional values offered by the non-dairy product such as low calories and high proteins and vitamins is likely to have a positive impact on the industry.

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Soy Milk holds the highest Market Share
On the basis of source, the market for dairy alternatives (plant-based milk) has 4 segments: Soy Milk, Almond Milk, Rice Milk and Others. Out of all the 4 segments Soy Milk has highest market share globally. Report has also studied Dairy Alternatives market on the basis of its applications as Food & Beverages.

Roughly two thirds of the world's adult populations are lactose-intolerant. In Asia and Africa the figure is around 90%. Thus, an increasing number of consumers are choosing non-dairy milk and products which are lactose-free because of its benefits over conventional milk.