Earth’s
Own Food Company, Inc., The Hein Celestial Group, Inc., and Living
Harvest Foods, Inc., have been some of the top names in the global
dairy alternatives market for 2015. The market has already
experienced a considerably positive reception from consumers over the
recent past. Several factors are allowing the leaders in the global
dairy alternatives market to embark on expansion strategies as well
as consolidation tactics to gain a better share in the market over
the coming years.
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As
per a research report released by Transparency Market Research, the
players from the global dairy alternatives market have found a
considerable volume of success from the regions of North America and
Europe. However, the regional leader of the market, Asia Pacific, is
expected to continue dominating the overall demand volume for diary
alternatives over the coming years. Dairy producers in this region
have been enjoying a massive demand volume for milk and dairy
products over many years. As consumer awareness towards healthier
alternatives increases, a part of this huge demand is expected to be
replaced by the demand for dairy alternatives. The global dairy
alternatives market is expected to reach US$9.32 bn by the end of
2016. After being projected at a CAGR of 13.8% within a forecast
period from 2016 to 2024, this market’s revenue is expected to
reach US$26.31 bn by the end of 2024.
Lactose
Intolerant Count on the Rise
“One
of the key factors that work in favor of any market that caters to
alternatives to an established one is an increase in the number of
consumers or end users that are seeing it as a better option than the
original. In the case of the dairy and dairy products markets, it is
a growing number of consumers that are finding themselves to be
lactose intolerant or feel that they are better off not consuming
lactose. The count of both consumers is increasing at a fairly high
rate across the world and is thus the prime factor augmenting the
global dairy alternatives market,” states a TMR analyst. The same
can be said with people who are allergic to milk. With the current
rate of growth in their numbers, the global dairy alternatives market
is expected to shine in the immediate future. At the same time,
dieticians and doctors have been increasingly advising their patients
in many cases to adhere to a plant-based diet, a large part of which
includes plant-based milks and other dairy alternatives.
Another
factor driving the global
dairy alternatives market is the growing array of options made
available by market players. The presence of milks made from soy,
almond, rice, hemp, oats, and hazelnut is seen to be increasing in
store shelves thanks to the ramped up production rates and better
marketing strategies.
High
Cost of Dairy Alternatives Continues to Deter Consumers
Despite
the success stories of several players in the global dairy
alternatives market, one problem that still all have to tackle is the
high costs of producing and marketing dairy alternatives. Several
players add value to their products by adding several supplementary
nutrients, further increasing the cost of their products. Products
such as almond milk and coconut milk – even without the addition of
nutritional supplements – is found to be exceptionally high for a
large part of the working class consumer pool, thereby severely
reducing their overall market penetration rates.
“One
factor that still continues to work in the favor of the producers of
dairy alternatives, is the claims of massive health benefits and
dietary supplementation that their products can offer over
conventional dairy products. Complementing this is the surging demand
for plant-based proteins across the world which is a response to the
high level of fats and cholesterol consumed through meats and
conventional milk and dairy products. This food segment also find
favor among the growing number of people suffering from cancer,
diabetes, and a list of other chronic and/or age-related health
issues,” adds the analyst.
The
information presented in this review is based on a Transparency
Market Research report, titled, “Dairy Alternatives Market - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 -
2024.”
Key
segments of the Global Dairy Alternatives Market
Global
Dairy Alternatives Market: By Product Type
- Soy Milk
- Almond Milk
- Rice Milk
- Coconut Milk
- Others
Global
Dairy Alternatives Market: By Formulation
Plain
Formulation
- Plain Sweetened Formulation
- Plain Unsweetened Formulation
Flavored
Formulation
- Flavored Sweetened Formulation
- Flavored Unsweetened Formulation
Global
Dairy Alternatives Market: By Application
Food
- Dessert
- Cheese
- Snacks
- Spreads
- Others
Beverages
Global
Dairy Alternatives Market: By Distribution
- Large Retail
- Small Retail
- Specialty Stores
- Online
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