Dairy Alternatives Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 05/04/2017 -- Global Dairy Alternatives Market: Snapshot
Dairy alternatives consist of plant-based milk processed using nuts, seeds, and cereals. Dairy alternatives such as coconut milk, soy milk, almond milk, and rice milk have been witnessing considerable demand as the number of people with lactose intolerance and related allergies keeps augmenting. As more people become aware about the consumption of lactose in milk, the global market for dairy alternatives will grow steadily, garnering much demand.
On the other hand, higher prices of these products and lack of familiarity with the notion of dairy alternatives might shackle the growth of the market. Notwithstanding these market deterrents, the market will continue to prosper owing to the untapped opportunities found in emerging economies.
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The growth in vegan consumers is also driving the demand for dairy alternatives. High nutritious content of these products might rope in health-conscious consumers as well. For instance, soy milk is low in saturated fat, high in protein, and is least processed of all. Almond milk, too, possesses considerable health benefits. It is high in magnesium, zinc, fiber, potassium, vitamin E, iron, and selenium. The creamy texture of coconut milk is preferred by several consumers, aiding the expansion of the market. Moreover, several companies have been enticing customers via new flavors such as chocolate, vanilla, and strawberry.
According to the findings of Transparency Market Research (TMR), the global dairy alternatives market was pegged at US$8.22 bn during 2015. Expanding at a profitable CAGR of 13.8% between 2016 and 2024, the global market for dairy alternatives is expected to gather a revenue worth US$26.31 bn by 2024.
Greater Health Benefits, Lactose Intolerance to Urge Demand in Asia Pacific and Europe
Presently, Asia Pacific appears to dominate the regional scenario in terms of revenue generation. It is expected that this region will continue to occupy the headmost position during the forecast years as well. The growing consciousness about the benefits of soy products and the higher production rates in countries such as India and China have been responsible for the expansion of the dairy alternatives market in Asia Pacific.
North America is expected to account for a significant share in the global market for dairy alternatives as well. Higher prevalence of lactose intolerance, alarming rise in the number of patients suffering from gastrointestinal disorders, and growing availability of these products have been propelling the market towards expansion. Europe, being one of the leading consumers of dairy alternatives, is likely to represent a major portion of the market. Hemp drinks and fresh soy drinks are found to be in great demand in Europe. The high growth of this regional market can also be attributed to significant consumer demand for healthy beverages and product innovations. Germany appears to be the leading contributor in the region, followed by the U.K.
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Food Segment to Lead as Demand for Innovative Products Rises
The global market for dairy alternatives has been segmented on the basis of distribution, formulation, geography, application, and product type. By type of product, coconut milk, almond milk, soy milk, rice milk, and others are the key segments of the market. Plain formulation and flavored formulation are the two broad segments based on formulation. Both flavored and plain formulation segments have further been segmented into sweetened formulation and unsweetened formulation. By application, beverage and food are the two major categories. The food segment includes cheese, spreads, desserts, and snacks. This segment is likely to emerge at the fore due to the rising preference for innovative products. Specialty stores, small retail, large retail, and online are the key markets by distribution.
Some of the major companies operating in the global market for dairy alternatives are E. I. du Pont de Nemours and Company, Eden Foods, Inc., Archer Daniels Midland Company, Cargill, Incorporated, Associated British Foods, Daiya Foods Inc., Sanitarium Health, Freedom Foods Group Limited, SunOpta, Inc., Koninklijke DSM N.V., The Hain Celestial Group, Inc., Blue Diamond Growers, Earth's Own Food Company, Inc., and THE WHITEWAVE FOODS COMPANY.