Albany, NY -- (SBWIRE) -- 02/18/2019 -- Health Benefits of Dairy Alternatives to Propel Demand

For a long period of time, people have used dairy products as an indispensable part of their food habits. Furthermore, fresh dairy products were considered to be one of the healthiest forms of food until some time ago. However, over the past decade, people have been made aware of the advantages served by dairy alternatives over dairy products. Hence, the demand within the global dairy alternatives market has soared to new heights in recent times. Almond milk, soy milk, oat milk, rice milk, and hazelnut milk are now readily available across groceries and retail shops which has further escalated demand within the global market for dairy alternatives. Despite the seemingly affluent growth of the market, the high costs of dairy alternatives could hamper demand within the market.

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Transparency Market Research (TMR) published a report that foresees a growth trajectory for the global dairy alternatives market over the period between 2016 and 2024. The report reveals that that the global dairy alternatives market was valued at US$9.32 bn in 2016 and is expected to elevate to a value of US$26.31 bn by the end of 2024.

Global Dairy Alternatives Market: Overview

The report covers the analysis and forecast of the diary alternatives market on a global and regional level. The study provides historic data of 2015 along with the forecast for the period between 2016 and 2024 based on revenue (US$ Mn) and Volume (Kilo Tons).

The study provides a detailed view of the diary alternatives market by segmenting it based on product type, formulation, application and distribution. On the basis of product type, the diary alternatives market has been further segmented into soy milk, almond milk, rice milk, coconut milk and other type of products. The diary alternatives market has been segregated on the basis of formulation into plain formulation and flavored formulation. Plain formulation is sub segmented into plain sweetened formulation and plain unsweetened formulation. Flavored formulation is sub-segmented into flavored sweetened formulation and flavored unsweetened formulation. On the basis of application, the diary alternatives market is segregated into food and beverages. On the basis of distribution, the diary alternatives market is segmented into large retail, small retail, specialty stores and online distribution channel.

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Asia Pacific to Retain its Dominance

Asia Pacific emerged as the leading regional segment in the global dairy alternatives market 2015. The high adoption rate of healthy food options across the region coupled with the presence of several manufacturers of dairy alternatives is expected to expand the regional market over the coming years. The market players are expected to target the audience in the Asia Pacific region because of the increasing spending capacity and high population of countries such as India and China.

Dairy Alternatives Market: By Product Type

Soy Milk
Almond Milk
Rice Milk
Coconut Milk
Others