Pune, India -- (SBWIRE) -- 10/02/2017 -- Market Forecast
Dairy alternative has been created owing to the consumer demand. Today, food intolerances and food allergies have become a major concern for today's health conscious consumers. Dairy alternative is lactose-free food, which means that the product is free from animal (usually cow's) milk which contains milk sugar lactose. Plant-based ingredients, such as soy, almond, coconut and rice are majorly used as main source to prepare dairy substitute. In the era of globalization, changing consumption pattern, increasing awareness about lactose intolerance, rising number of vegan consumers and other factors such as rising working class population and growing demand for on-the-go products support the growth of dairy alternative market. Increasing consumer interest in healthy lifestyle, various weight loss diet trends and rising concern on animal welfare & environment will fuel the sales of dairy alternative across the world. Also, the strong performance of retail sector & foodservice industry has led to the easy availability of branded dairy alternative in semi-urban areas, and the increasing availability of brands in stores which are safe to consume.
These factors will play a key role in the growth of dairy alternative market at the CAGR of 14.55% during 2017-2022.
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This report includes a study of strategies used in the market, mergers and acquisitions in dairy alternative, multiple product launch by dairy alternative market players. It further includes product portfolios and developments of leading major players which includes
Blue Diamond Growers (U.S.)
Hain Celestial Group (U.S.)
Whitewave Foods (France)
Daiya Foods Inc.(Canada)
Galaxy Nutritional Foods, Inc. (U.S.)
Tofutti Brands Inc. (U.S.)
The market players have increased their level of investment in research to identify right formulation and to improve product functionality in order to capture lion's share and create brand recognition in dairy alternative market. Most of the companies operating in this market are focusing on expanding its operations across the geographies, augmenting its capabilities and investing in research and development to offer products with better functionality.
The foodservice industry plays a key intermediary role between producers and processors at one end and consumers at the other end. The consolidation and market concentration of foodservice industry creates multitude of opportunities for the market growth of dairy alternative market. Evolving economic standards and social habits coupled with trend of fast-food consumption has considerably impacted the growth of in-store restaurants, take-away shops, or pub- restaurants. Today, dairy alternative is commercially available in great abundance and is far beyond the concept of convenience. Socio-economic factors, demographic trends, changing dietary pattern, industrial players focusing on youth marketing considering the food habits of youth are certain factors supporting the sales of dairy alternative at the global level. There has been increasing incidence of lactose intolerance across the globe. People who are lactose intolerant lack enzyme (lactase) in their small intestine to break down all of the lactose consumed. Lactose intolerance encompass dairy products allergy, disaccharide deficiency, lactase deficiency or milk intolerance and the partially digested or undigested lactose leads to pain, abdominal bloating, diarrhoea, skin problems, sleep disturbances, tiredness and other health problems.
Asia Pacific is estimated to retain its dominance throughout the forecast period and to grow at a substantial CAGR of 14.80%. Among the Asia pacific country, China is accounting maximum market proportion of 25.80% in the Europe dairy alternative market by the end of 2017. This is attributed by the rising lactose intolerance and various allergy.
Rising vegan diet trend & urbanization has spurred the growth of dairy alternative market
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The global dairy alternative market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, Asia Pacific region is expected to retain its dominance throughout the forecast period. The market is projected to grow at a steady pace in the review period. Asia-pacific will be the fastest growing region in the dairy alternative market and high growth in emerging economies such as China, India, Japan and ASEAN countries. Europe is also estimated to account market proportion of 20.09% in the year of 2017. Mainly the rising consumer demand for plant based coupled with the lactose intolerance is anticipated to be the significant reason for the rising growth of dairy alternative in the Europe region.
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