• Stacy Lawlor

Global Electric Ships Market size to grow USD 10.82 billion by 2028

The Global Electric Ships Market size was valued at USD 5.50 billion in 2019 and is projected to grow USD 10.82 billion by 2028, exhibiting a CAGR of 11.2% during the forecast period.

Electric Ships Market


Despite the growing popularity of dairy-free products, the market is expected to impact slightly in 2020. This is due to the worldwide spread of the new coronavirus. The outbreak of Covid-19 has forced governments around the world to deploy severe rules such as lockdown, temporary shutdown, social distancing, caused disruption in production of raw materials and in turn increased costing of raw materials. Decreased labor availability, worker capacity constraints, and a disrupted supply chain are the main factors for the market's lower growth in 2020. The global trade scenario was affected by 20% to 30% owing to the pandemic, according to the World Trade Association (WTA) 2020. Furthermore, growing consumer concern related to health is driving the demand of plant-based ingredients owing to their immunity-boosting abilities is likely to forecast the global dairy alternatives market

Electric Ships Market

Request Free Sample To Learn More About This Report

Growing preference for the demand of vegan products has taken a place during Covid-19 epidemic to get healthier and rich in immunity. The paradigm shift is witnessing towards the consumers buying the dietary foods rather than conventional foods. The increasing demand for plant-based foods is driving the dairy alternatives market. Globalization and urbanization around the world is projected to break down this demographics constraint in the upcoming years owing to the rise in overall demand for dairy alternatives. Industrialized countries dominate the production and sale of processes dairy products whereas emerging countries have begun to manufacture and export organic foods and products. Furthermore, customers have changed their inclinations toward vegan and plant-based foods because to the health benefits, especially in the wake of the Covid-19 outbreak.

Growing demand for organic and healthful foods around the world, with the appeal of natural ingredients with long-lasting fragrant features, favor and garnishing benefits among humans. In addition, there is a growing need for a variety of vegan and convenience foods around the world. These are the elements that are projected to drive global dairy alternatives market growth over the forecast period. Furthermore, increased promotional operations by key dietary and vegan-based manufacturers throughout the world on social media, television, newspapers, and other platforms are likely to propel the worldwide market forward in the upcoming years.

The soy segment is likely to dominate the market share in 2020 due to it contains phytoestrogen, a hormone that works similarly to estrogen in women. Drinking soy milk is popular among women as an alternative therapy for raising estrogen levels, which is projected to fuel the market. The milk segment held the largest market share of the global dairy alternatives market attributing to the due to favorable demand dynamics, growing interest among major corporations and private-label companies in developing plant-based milk, and great growth potential for vegan beverages. The supermarkets/hypermarkets segment is dominated the market share in 2020 owing to the easy availability and consumer preference as they believe to touch and check before buying. The supermarkets/hypermarkets are large sized retail stores and are easily accessible by the consumers.

Electric Ships Market

Request Free Sample To Learn More About This Report

A growing number of cases of lactose intolerance among Asians has spurred the need for dairy alternatives. The antioxidant characteristics of dairy alternatives such as almond milk, which may have a preventative effect against cancer and heart disease, have raised demand for dairy alternatives. The rising number of health-conscious customers, as well as consumer awareness of the health benefits of dairy alternatives are expected to drive demand growth during the projection period. Various improvements, such as more manufacturers offering gluten-free and lactose-free ranges, are also projected to drive market expansion during the forecast period.

Read More Details On This Report: