London, UK -- (SBWIRE) -- 11/10/2018 -- Analyst Speak:
"The Global Dairy Alternatives Market was valued around US$ 8.2 Bn in 2017 and growing at a significant CAGR over seven years forecast period 2018-2024 owing to growing milk allergy and lactose intolerance"
Precision Business Insights (PBI) in its report titled "Global Dairy Alternatives Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2013-2017 and Forecast 2018-2024" assesses the market performance over seven years forecast period. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
The global dairy alternatives market was valued at US$ 8.2 Bn in 2017 and growing at a significant CAGR over the forecast period owing to increase in the lactose intolerance and milk allergy. In addition, increase in preference for vegan food, growing demand for diary free alternative foods and additional nutritional benefits are anticipated to propel the global dairy alternatives market. However, stringent regulations for the product introduction, higher pricing in comparison with air products and instances of contamination, are expected to hamper the growth of global dairy alternatives market over the forecast years.
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Global dairy alternatives market segmented on the basis of formulation, product type, application, Nutritive Component and region
Soymilk Product Type Sub Segment Accounted for Higher Revenue Share
Based on product type, global dairy alternatives market segmented into almond milk, soymilk, oat milk, hemp milk, coconut milk, rice milk and others. Soymilk segment accounted for larger revenue share in 2017 and projected to dominate over the forecast period owing to its beneficial effects on heart diseases and breast cancer. The presence of isoflavones in the soymilk helps in imparting health benefits. However, almond milk segment projected exhibit lucrative growth, which is mainly attributed to its contents such as proteins, fiber and fats.
Asia-Pacific Leads the Global Dairy Alternatives market
PBI's global dairy alternatives market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. According to regional analysis, Asia-Pacific accounted for larger revenue share through 2013-2017 and the trend is projected to follow over 2018-2024 owing to growing awareness among consumers regarding beneficial effects of diary alternative, availability large consumer base and growing disposable income expected to keep the market on growth traction. Europe market projected to exhibit significant growth owing to growing demand for lactose free and cholesterol products.
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Launch of newer products with added value is the key strategy adopted by market players
Global dairy alternatives market report further reveals that the market is highly competitive with presence of several local and international players. Market players are frequently reinventing the product offerings to cater the larger consumer base. Market players largely investing in R&D to come up with improved products with taste and texture. Moreover, players are focusing on production economies in response to growing competition from local and multination players to provide products at competitive pricing.
Key player's profiles in the report The Hain Celestial Group, Inc. (U.S.), Whitewave Foods (U.S.), SunOpta Inc. (Canada). Blue Diamond Growers (U.S.), Freedom Foods (Australia), Nutriops SL. (Spain), Eden Foods (U.S.), Earths Own Food Company Inc. (Canada), Valsoia S.p.A (Italy), Triballat Noyal (France) and Döhler GmbH (Germany) among others
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o Plain & Sweetened
o Plain & Unsweetened
o Flavored & Sweetened
o Flavored & Unsweetened
Dairy Alternatives Market, By Product Type
o Almond Milk
o Oat Milk
o Hemp Milk
o Coconut Milk
o Rice Milk
Dairy Alternatives Market, By Application
- Ice Cream
- Sauces & Dressings
Dairy Alternatives Market, By Nutritive Component
o North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
o Latin America
- Rest of Latin America
o Middle East and Africa (MEA)
- Rest of MEA
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