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.
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.
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