Dairy Alternative Market Information- by Source (Soy milk and others), Application (Food, Beverages), Formulations (Plain, Flavored), Distribution Channel (Store based and Non store based) and Region (North America and Rest of the world) Forecast to 2022
pune, India -- (SBWIRE) -- 05/16/2018 -- Market Overview:
Demand for dairy alternative has increased substantially in recent years. Most dairy alternative products are produced using plant based milk, which is casein and lactose free. Ingredients such as almond, soy, rice, coconut, and hazelnut are amongst the primary sources of dairy alternative products. Growing food awareness and innovation in food has created tremendous opportunities for dairy alternative food. The latest study conducted by Market Research Future (MRFR) reveals that the global market for dairy alternative is set to rake in over USD 19 Bn by 2022-end. Between 2017 and 2022, the market is projected to witness a robust CAGR of 14.55%.
Dairy products are often found to be the root cause for various types of food allergies and has become a major worry amongst modern consumers, especially the ones who are extremely health conscious. Since dairy alternatives are lactose-free, they pose minimum allergy risks. In addition, dairy alternatives made from plant-based ingredients have high nutritional content and tremendous food value. Evolving consumer preference and expansion of the foodservice industry are factors partly influencing the global market for dairy alternative. There is a shift in social habits with growing trend of ready-to-eat and fast-food, which has bolstered take-away food shop, in-store restaurants and pub- restaurants business. Commercial production of dairy alternative has increased to substantial extent and now starting to compete with conventional food categories. Changing dietary habits and demographic trends will play an important role in shaping the growth dynamics for the market in the near future. Concurrently, manufacturers are also realising the importance of marketing and building an image of their products.
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MRFR in its report has profiled some of the leading companies functioning in the global market for dairy alternative, which include Hain Celestial Group (U.S.), Sunopta Inc.(Canada), Galaxy Nutritional Foods, Inc. (U.S.), Blue Diamond Growers (U.S.), Whitewave Foods (France), Daiya Foods Inc. (Canada), and Tofutti Brands Inc. (U.S.).
Lifeway Foods, Inc. has recently revealed the company will display a new rang products, which will include dairy alternatives in this year's Natural Products Expo West event. The company is aiming to tap into the opportunities arising from rowing demands for vegan and dairy-free products.
Innocent, a subsidiary of drinks giant Coca Cola is reportedly entering the fray of dairy alternative drinks business to challenge Alpro's dominance. The company is gearing up launch tree different non-dairy alternative drinks.
Based on source, the global market for dairy alternative has been segmented in coconut milk, almond milk, rice milk, soy milk and others. Among these, the soy milk segment currently commands for more than 54% market share and is likely to retain its dominance over 2022. Based on application, the market is segmented into food and beverages. By formulations, the market is segmented into flavoured and plain. Based on distribution channel, the market is segmented into non-store based and store based. The later is further sub-segmented into pharmacy, health & wellness, convenience stores, supermarkets & hypermarkets and others.
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On the basis of region, the market is segmented into Asia Pacific (APAC), Europe, North America, and Rest of the world. APAC is expected to remain the most lucrative market for dairy alternative throughout the assessment period. Presence of a wide pool of consumer coupled with increasing food awareness is playing an important role propelling the market in the region. During the forecast, Europe and North America are also likely to remain important markets for dairy alternative. Increasing trend of vegan diet in various European countries is fuelling the demand for dairy alternative in the region.