India’s dairy alternative market is projected to grow at a compound annual growth rate (CAGR) of over 20 per cent during 2019-2024, according to a report by TechSci Research.

The growth is being mainly driven by the increasing participation of the young population in sports and fitness activities and rising inclination towards low fat milk beverages, stated the global management consulting firm in its latest report on India's Dairy Alternative Market.

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, added the report.

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, Tilda Hain Celestial, etc.

By distribution channel, India dairy alternative market has been categorised into supermarket/hypermarket, grocery/convenience store, online and others.

The grocery/convenience store accounted for majority share of around 64 per cent 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, said the report.

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.

Karan Chechi, research director with TechSci Research, said: “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,” he added. – TradeArabia News Service