Global
Dairy Alternatives Market: Snapshot
The
global dairy alternatives market consists of a large number of
players, a lot of whom are finding excellent scope of growth through
the growing number of people diagnosed as lactose intolerant or
allergic to milk. With advancements in medical technology and a
growing rate of awareness about lactose and the human body among
consumers of milk, the market for dairy alternatives is finding a
much greater scope of sales than before. The global
dairy alternatives market is also being augmented by other
factors such as the growing variety of dairy alternatives across the
world, and the overall healthier nature of several types of dairy
alternatives. However, the global dairy alternatives market is
currently being stifled by factors such as the higher price of dairy
alternatives as compared to dairy products, and the confusion and
lack of clarity surrounding a lot of the currently available dairy
alternative products.
Overall,
the global dairy alternatives market had reached US$8.22 bn in 2015,
and is expected to reach US$26.31 bn by the end of 2024, expanding at
a CAGR of 13.8% within a CAGR from 2016 to 2024.
Asia
Pacific Continues High Consumption Rate of Dairy Alternatives
A
geographical segmentation of the global dairy alternatives market
reveals Asia Pacific as the leader, above other the key regions of
North America, Europe, The Middle East and Africa, and Latin America,
for 2015. At the time, Asia Pacific had held a share of close to 53%
of the global market’s value, and is highly likely to continue
leading the regional demand for dairy alternatives over the coming
years. Players are finding Asia Pacific to be highly attractive,
primarily due to the extensively established nature of the dairy
industry coupled with the surging numbers of people who are either
lactose intolerant or who want to switch to a completely plant-based
diet.
At
the same time, Latin America is emerging as a highly promising region
for players from the global dairy alternatives market for nearly
similar reasons. While all regions are experiencing a spike in demand
for dairy alternatives in beverages, North America and Europe
especially are experiencing a very high rate of increase in demand
for almond milk.
Dairy
Alternative Beverages Enter Core Demand Segments in Multiple Regions
The
global dairy alternatives market is segmented on the basis of
applications, into food and beverages. Beverages held the leading
share in the global dairy alternatives market for 2015 in terms of
both value as well as volume. Dairy alternative foods are expected to
witness a significant growth in demand over the coming years, due to
heavy rate of application of dairy alternatives in different
high-demand food products, such as spreads, cheeses, and desserts.
By
distribution, the global dairy alternatives market is divided into
large retail, small retail, specialty stores, and online or
ecommerce. Large retail chains accounted the leading share in the
global dairy alternatives market for 2015. Meanwhile, online sales
are expected to surge over the forecast period. The online sale of
dairy alternatives is expected to be the exceptionally fast, owing to
the ease with which manufacturers or distributors can provide a wider
variety of products in different flavors, tastes and formulations as
well as the consumer loyalty schemes and discounts.
For
2015, the leaders in the global dairy alternatives market included
Archer Daniels Midland Company, Blue Diamond Growers, E. I. du Pont
de Nemours and Company, Freedom Foods Group Limited, The Whitewave
Foods Company, SunOpta, Inc., Daiya Foods Inc., Earth’s Own Food
Company, Inc., The Hain Celestial Group, Inc., Sanitarium Health,
Eden Foods, Inc., and Wellbeing Company.
