Global DairyAlternatives Market is projected to reach USD 35.6 billion by 2024. The Dairy alternatives-based food and beverages are prepared from dairy-free milk, extracted from several plant-based sources such as soy, rice, almond, coconut, and others. Widely consumed dairy substitute-based products are ice-cream, milk, butter, energy drinks, soft drinks, cheese, and others. The dairy alternatives have a robust demand with respect to manufacturing medical food for their lactose-free nature, lactose intolerance ailments. The development of this market can be ascribed to the preference of customers toward a vegan diet, rising occurrences of lactose intolerance between the populace, and the increasing demand for several refresh dairy food & beverage applications.
In
addition, the low-fat content and low cholesterol concentration in dairy
alternative beverages, and their increasing demand will initiate the growth of
the market. Moreover, the dairy alternatives offer several benefits such as
increasing awareness among people, and as the dairy alternatives products
contain vitamin, high calcium, the market will upsurge in the forecast period.
On the other hand, factors such as High price of dairy alternative beverages,
cross contamination of raw materials may hamper the growth of dairy
alternatives industry in the forthcoming period and anticipated to grow at a
CAGR of 16.6% in the upcoming period as the scope, product types, and its
applications are growing across the globe.
Dairy
alternatives market may be explored by type, applications, formulations,
distribution channel and geography. The market may be explored by type as Soy, Coconut,
Almond, Oat, Hemp, and Rice. Soy milk accounted for 40.5% of the major share of
the global market size analysis in 2016. The factors that attribute to the
growth of this sector is the prevention of breast cancer, and heart diseases,
will upsurge the market growth in the upcoming period.
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Dairy
alternatives industry may be explored by application as Food, and Beverages.
Amongst the applications segment, Beverages are estimated to account for the
highest growing segment in the forecast period. Increasing demand for flavored
milk products, and its growing health benefits will upsurge the market. The
market may be explored by Formulations as Plain & unsweetened, Flavored
& sweetened, Plain & sweetened, and Flavored & unsweetened. Dairy
alternatives market may be explored by distribution channel as Supermarket,
Convenience Retailers, Pharmacy
Asia-Pacific
has been at the forefront with regards to dairy alternatives industry and will
continue to rule the roost in the years to come. The Asia Pacific accounted for
the major share of 49.7% of the global volume in 2016. The region is estimated
to continue to be a foremost user over the forthcoming period due to increasing
demand of consumer for plant-based food along with the increasing occurrence of
lactose intolerance. In Asia-Pacific region, the food and beverage market is
undergoing transformation in response to the diet diversification, the
liberalization of foreign direct investment in food segment, and rapid
urbanization. Asia-Pacific is followed by North America and anticipated to be
the highest growing economies for dairy alternatives market from 2013-2024.
Some
of the key players that fuel the development of the dairy alternatives industry
include Panos Brands LLC, Organic Valley Family of Farms, Earth’s Own Food
Company Inc., Eden Foods Inc., The White wave Foods Company, Living Harvest
Foods Inc., Blue Diamond Growers Inc., Grupo Le Pascual Sa, The Hein Celestial
Group Inc., The Bridge S.R.L., OATLY A.B., and Sunopta Inc. The leading
companies are taking up partnerships, mergers and acquisitions, and joint
ventures in order to boost the inorganic growth of the industry.
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Dairy Alternatives Product Outlook
(Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
• Soy Milk
• Almond Milk
• Rice Milk
• Others
Dairy
Alternatives Formulation Outlook (Volume, Kilotons; Revenue, USD Million; 2013
- 2024)
• Plain
• Sweetened
• Unsweetened
• Flavored
• Sweetened
• Unsweetened
Dairy
Alternatives Application Outlook (Volume, Kilotons; Revenue, USD Million; 2013
- 2024)
• Food
• Cheese
• Desserts
• Snacks
• Beverages
Dairy
Alternatives Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2013 -
2024)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• UK
• Italy
• France
• Spain
• Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Latin America
• The Middle East & Africa
• South Africa
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