Albany, NY -- (SBWIRE) -- 03/30/2018 -- Market Introduction:
Owing to increasing veganism and high prevalence of lactose intolerance among individuals across the globe, individuals have started to opt for dairy free diets. This trend of consuming dairy-free products is increasing among millennial owing to ethical issues related with treatment of animals, increasing allergies to dairy products, lactose intolerance etc. Dairy-free products are increasingly penetrating the market, as individuals are getting inclined towards it either because of lifestyle choice or health issues such as lactose intolerance. Dairy-free products are assumed to be a rich source of fibers which helps in improving gut health of an individuals. Dairy-free diets simply refers to the balanced diet except for dairy products which are replaced with calcium fortified plant based alternatives such as coconut milk, almond milk, soy milk, etc.
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Dairy-free products market is expected to witness significant growth over the forecast period, owing to increasing demand for dairy alternatives among the population across the globe. Increasing veganism among the individuals across the globe is driving the sales of dairy-free products market.
Dairy-Free Products Market: Segmentation
Dairy-free products market is segmented on the basis of nature, product type, end-use, sales channel and region.
On the basis of nature, dairy-free products market is segmented into organic and conventional. Organic segment of dairy-free products market is expected to witness relatively high growth over the forecast period, as it is assumed that organic products are more healthful as compared to conventional food products.
Dairy-free products market is further segmented on the basis of product type into beverages, yogurts, ice-creams and desserts, bakery products, cheese and butter spreads, creamers, chocolates and others. Beverages segment is further sub-segmented into milk, dairy-free kefir and others.
On the basis of end-use, dairy-free products market is segmented into household and commercial. Commercial segment is sub-segmented into HoReCa, bakery, institutional sales and others.
Dairy-free products market is further segmented on the basis of sales channel into modern trade, convenience stores, specialty outlets, modern grocery stores, online retailing and other retailing formats. Modern trade segment is expected to exhibit relatively high value CAGR over the forecast period.
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Dairy-Free Products market: Drivers, Restraints, and Trends
In the past few years, veganism is increasing across the globe and is expected to increase over the forecast period, leading to growth of dairy-free products market over the forecast period. In many developed regions such as Europe, Canada, the U.S., dairy-free products market is booming, owing to couple of reasons such as increasing health consciousness among individuals, high lactose intolerance and increasing per capita disposable income. Millennial demographic of the world is increasingly inclined towards vegan diets, which is a factor driving growth of dairy-free products market. Changing lifestyles, influence of social media and Internet, increasing social awareness, is also expected to drive demand for dairy-free products. Because of all these factors, people are preferring to consume dairy-free products, which is driving growth of the dairy-free products market and this is expected to continue over the forecast period.
On the other side, cross contamination of raw materials could impede the market's trajectory over the forecast period and affect the sales of dairy-free products market. In addition, relatively high prices of dairy-free products also limits the scope for the sales and could possibly hamper the growth of dairy-free products market to an extent.
Shifting focus of individuals towards vegan diets and vegan lifestyle is trending, owing to ethical issues related to animal rights and environment protection campaigns. Also, increasing number of individuals in North America and Europe are preferring to buy organic food products irrespective of high prices.
Dairy-Free Products Market: Regional Outlook
On the basis of region, dairy-free products market is segmented into five different regions: North America, Latin America, Europe, Asia Pacific and MEA. Among these regions, Europe and the U.S. is expected to have the major value share of dairy-free products market globally, as both of these regions accounts for relatively high consumption of dairy-free products. The Latin America dairy-free products market is expected to grow significantly over the forecast period, but is anticipated to account for a lower growth rate than the APAC region, owing to a greater number of emerging economies in APAC. In Asia Pacific region the countries like China, Japan, India and Australia are generating the major revenue. The APAC dairy-free products market is estimated to account for relatively high value CAGR over the forecast period, owing to a larger consumer base, combined with a higher number of retail outlets than any other region.
Dairy-Free Products Market: Key Players
Some of the key players in dairy-free products market are Groupe Danone, The Hein Celestial Group, The Whitewave Foods Company, Good Karma Foods, GraceKennedy Group, Blue Diamond Growers, Inc., SunOpta, Inc., Oatly A.B., Vitasoy International Holdings Limited, and Good Karma Foods, among others.