Thanks
to the wide ranging product offerings by The Hein Celestial Group
Inc., Earth’s Own Food Co. Inc., and Living Harvest Foods Inc., the
global dairy alternatives market has opened to a positive reception
from consumers, finds a new study by Transparency Market Research
(TMR). With several impactful strategies, such as advancements in
products in terms of taste and nutrition and introduction of
innovative products in the market, these players have gained the kind
of opportunities they need for expansion of their businesses.
As
per the TMR’s estimation, the worldwide dairy
alternatives market stood at US$9.32 bn in 2016. Rising at a
CAGR of 13.80% during the period from 2016 to 2024, the market is
anticipated to attain a value of US$26.31 by the end of the forecast
period. Offline retail distribution channels, including small retail,
large retail, and specialty stores, are proving to be more productive
than their online counterparts, reports the market study.
Beverages
to Continue with High Demand of Dairy Alternatives
Dairy
alternatives find extensive application in food products and
beverages. Among the two, the demand for these alternatives has been
much higher in the beverages segment. Although the trend is expected
to continue, the application rate of these alternatives in various
food products, such as cheese, spreads, and desserts, is also
escalating across the world.
Among
the geographies, Asia Pacific has emerged as the leading contributor
to the global market for dairy alternatives. In 2015, it had acquired
a share of nearly 53% in the overall market. This regional market is
anticipated to remain attractive to players in the years to come,
notes the research study.
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Increasing
Awareness Pertaining to Health Benefits of Dairy Alternatives to
Boost Growth
“The
increasing awareness among consumers regarding the health benefits
that dairy alternative provide in comparison with conventional dairy
products is the main factor behind the growth of the global dairy
alternatives market,” says a TMR analyst. The rising number of
lactose intolerant consumers is another important factor that is
influencing this market’s progress.
Going
forward, the easy availably of soy milk, almond milk, rice milk, hemp
milk, oat milk, and hazelnut milk is likely to support the worldwide
market for dairy alternatives over the forthcoming years. However,
the high cost associate with these products may deter consumers from
adopting them in the near future, reposts the research study.
The
review is based on a report by Transparency Market Research, titled
“Dairy Alternatives Market (Products - Soy Milk, Almond Milk, Rice
Milk, and Coconut Milk; Formulation - Plain Formulation and Flavored
Formulation; Applications - Food and Beverages; Distribution - Large
Retail, Small Retail, Specialty Stores, and Online) - Global Industry
Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
The
global dairy alternatives market has been segmented as follows:
By
Product Type
- Soy Milk
- Almond Milk
- Rice Milk
- Coconut Milk
- Others
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