India Dairy Alternative Market to Grow at over 20% CAGR till 2024

Rising awareness towards healthy lifestyle products coupled with increasing health consciousness to drive India dairy alternative market through 2024

According to TechSci Research report, “India Dairy Alternative Market By Type, By Formulation Type, By Distribution Channel, Competition, Forecast & Opportunities, 2024”, India dairy alternative market is projected to grow at a CAGR of over 20% during 2019-2024, on the back of increasing participation of the young population in sports and fitness activities and rising inclination towards low fat milk beverages. Moreover, increasing demand for alternatives to carbonated beverages is further expected to have a positive impact on India dairy alternative market during the forecast period. Some of the leading players in India dairy alternative market are Hershey India Private Limited, Life Health Foods (India) Private Limited, Rakyan Beverages Private Limited, Dabur India Ltd., Tilda Hain Celestial, etc.

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By distribution channel, India dairy alternative market has been categorized into supermarket/hypermarket, grocery/convenience store, online and others. The grocery/convenience store accounted for majority share of around 64% in India dairy alternatives market in 2018. Online sales channel is witnessing a healthy growth, owing to growing popularity of the e-commerce market. Among regions, North India dominates India dairy alternative market and is expected to maintain its position during forecast period as well. The demand for dairy alternatives in the North region is being driven by the availability of several options in the category as well as robust distribution channel of the major players in the market.

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“Grocery/Convenience Store is the most popular sales channel in India dairy alternative market and is anticipated to maintain its position in the coming years as well. However, Supermarket/Hypermarket is expected to exhibit the fastest growth during forecast period on account of rising preference for the sales channel among urban population and availability of a variety of options under one roof.” said Mr. Karan Chechi Research Director with TechSci Research, a research based global management consulting firm.

“India Dairy Alternative Market By Type, By Formulation Type, By Distribution Channel, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of India dairy alternative market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India dairy alternative market.

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