The dairy-free evaporated milk market is to increase its market space in the global market as it thrives on a CAGR of 12.3%. The market is valued at US$ 25.85 Bn in 2022 and will reach the value of US$ 73.43 Bn through 2032.
The Dairy-free Evaporated Milk market has experienced remarkable growth in recent years, fueled by the rising demand for plant-based alternatives and dietary preferences. This innovative product provides a convenient dairy-free solution for various culinary applications, including baking, cooking, and coffee. Health-conscious consumers seeking lactose-free, vegan, and allergen-friendly options have embraced this alternative enthusiastically.
Dairy-free evaporated milk is used mainly in the preparation of sweets and festivities at homes such as pie, cake, and cookies. Due to the evaporation process, dairy-free evaporated milk has a taste profile of caramel. The dairy-free evaporated milk is available in dry and liquid form in the market.
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Dairy-free evaporated milk is the condensed form of the dairy-free milk after heating away the 60% of the water present in the milk. The dairy-free milk can be sourced from seeds, nuts, and cereals, etc., such as almond, soy, coconut, and hemp. The dairy-free evaporated milk derived from the plant materials have various healthy ingredients in it as compared to the dairy evaporated milk and is also available in a fortified form, for example; Vitamin D.
New and Innovative Plant-based Products and Increasing Consumer Awareness is Driving the Global Market of Dairy-free Evaporated Milk
The global market for dairy-free evaporated milk is driven by the increasing percentage of lactose intolerance in the world. The lactose intolerant population is concentrated in Latin American, African, and Asian region. And with the increasing prevalence of the lactose intolerance around the world the plant-based products have increased demand. Also, due to the increasing percentage of vegetarians, as well as flexitarians in the developed nations and similar trend rising in the developing nations, the overall demand for the dairy-free evaporated milk is increasing in the global market.
Dairy-free Evaporated Milk Market: Key Participants
Some of the market participants in the dairy-free evaporated milk market are:
- Nestlé S.A.
- DariFree
- Nature’s Charm
- Thai Coconut Public Company Limited
- Vega Foods Corporation Pvt. Ltd.
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Dairy-free Evaporated Milk Market Segmentation
The dairy-free evaporated milk market can be segmented on the basis of form, nature, source, end use, and distribution channel.
On the basis of form, the dairy-free evaporated milk market can be segmented as:
- Dry
- Liquid
On the basis of nature, the dairy-free evaporated milk market can be segmented as:
- Organic
- Conventional
On the basis of type, the dairy-free evaporated milk market can be segmented as:
- Sweetened
- Unsweetened
On the basis of source, the dairy-free evaporated milk market can be segmented as:
- Coconut Milk
- Soy Milk
- Oat Milk
- Other
On the basis of end use, the dairy-free evaporated milk market can be segmented as:
- Bakery and Confectionery
- Dairy Products
- Sauces, Soups, and Dressings
On the basis of distribution channel, the dairy-free evaporated milk market can be segmented as:
- Direct Sales Channel/ B2B
- Indirect Sales Channel/B2C
- Hypermarket/Supermarket
- Specialty Stores
- Online Retail
- Other Retail Format
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