The
global market for dairy alternatives has been witnessing an
escalating graph for competition over the past years. The neck and
neck competition amongst market players owes to the tremendous scope
for growth in the global market for dairy alternatives. The
propensities of the masses with regards to the usage of dairy
products have changed as a large chunk of the global population has
started following vegan diets. Hence, there is an expansive consumer
base for the manufacturers of alternative dairy products, and each
market player is on a quest to capture a substantial market share.
Despite the intense competition in the market, some of the market
players have succeeded in establishing their supremacy in the market
through rational business strategies. Living Harvest Foods Inc., The
Hein Celestial Group Inc., and Earth’s Own Food Co. Inc. are some
of the market players with strongholds in the global market for dairy
alternatives. These vendors have resorted to a range of strategies
including manufacture of better tasting products, attractive
packaging, and enhancing nutritional value of the products. It is
anticipated that these businesses would keep expanding over the
forthcoming years at the back of their effective plans and
strategies. Blue Diamond Growers, Freedom Foods Group Limited, Archer
Daniels Midland Company, and E. I. du Pont de Nemours and Company are
amongst other key players in the global market for dairy alternative
market.
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Transparency
Market Research (TMR) published a report that foresees a growth
trajectory for the global alternative dairy products market over the
period between 2016 and 2024. The report reveals that that the global
market was valued at US$9.32 bn in 2016 and is expected to elevate to
a value of US$26.31 bn by the end of 2024.
For
a long period of time, people have used dairy products as an
indispensable part of their food habits. Furthermore, fresh dairy
products were considered to be one of the healthiest forms of food
until some time ago. However, over the past decade, people have been
made aware of the advantages served by dairy alternatives over dairy
products. Hence, the demand within the global market for dairy
alternatives has soared to new heights in recent times.
Almond milk, soy milk, oat milk, rice milk, and hazelnut milk are now
readily available across groceries and retail shops which has further
escalated demand within the global market for dairy alternatives.
Despite the seemingly affluent growth of the market, the high costs
of dairy alternatives could hamper demand within the market.
Asia
Pacific emerged as the leading regional segment in the global market
for dairy alternatives 2015. The high adoption rate of healthy food
options across the region coupled with the presence of several
manufacturers of dairy alternatives is expected to expand the
regional market over the coming years. The market players are
expected to target the audience in the Asia Pacific region because of
the increasing spending capacity and high population of countries
such as India and China.
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