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.
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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.
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.
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