North America Region Set to Dominate the Global Dairy Alternatives Market and Register a CAGR of 8.5% During the Assessment Period

The market for dairy alternatives is expanding with considerable growth all over the world due to a variety of reasons. The main reason for this are an increased awareness amongst the consumers and a changing lifestyle and heightened awareness about health issues, mainly regarding weight and diabetes. The major factor contributing to the growth of the dairy alternatives market is the increase in the incidences of lactose intolerance and milk allergy along with increased cases of gastrointestinal diseases in the population. Due to such health factors, consumers are avoiding cow-based milk and are consuming dairy alternatives like plant based milk, which is increasing the market growth of dairy alternatives. In addition to this, augmented disposable incomes and a population explosion, especially in developing countries, present wide ranging opportunities for the dairy alternatives market. Moreover, some of the consumers choose plant based milk for its taste and some consume it because they are vegan. However, one of the main restraint hampering the growth of the dairy alternatives market is that it is costlier than cow milk, and this is a huge factor for consumers in developing countries, that are price sensitive.

The global Dairy alternatives market is slated to touch a value of nearly US$ 9,570 Mn in the year 2022 and grow at a robust CAGR during the assessment period.

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4 Forecast Highlights on Global Dairy Alternatives Market

• As per the forecast of Future Market Insights, the plain unsweetened product type segment is slated to touch a value of nearly US$ 1,930 Mn in the year 2022. This represents a robust CAGR growth during the assessment period of 2017-2022. The plain unsweetened product type segment is estimated to account for more than one-fifth of the revenue share of the product type segment by the year 2017 end and is expected to lose market share by the year 2022 end.
• As per the forecast of Future Market Insights, the creamers segment will reach a value of nearly US$ 1,290 Mn in the year 2017. This represents a robust CAGR growth during the forecast period. The creamers segment is estimated to account for nearly one-fifth of the revenue share of the application segment in the year 2017 end and is expected to gain market share by the end of the year 2022.
• As per the forecast of Future Market Insights, the protein segment is slated to reach a value of nearly US$ 4,400 Mn in 2022. The protein segment is expected to gain some market value by the end of the year 2022. The largest share is contributed by the North America region in the protein segment.
• Future Market Insights forecasts the US dairy alternatives market to grow from nearly US$ 2,100 Mn in 2017 to nearly US$ 3,180 Mn in 2022. This represents a compound annual growth rate (CAGR) of 8.7% from 2017 to 2022.

The report has also profiled leading players in the global market for Dairy alternatives, which will remain active through 2022. These include companies such as Blue Diamond Growers, Inc., Eden Foods Inc., SunOpta, Inc., Califia Farms LLC, The Hain Celestial Group, Inc., Koninklijke Wessanen N.V., OATLY A.B., Danone, Organic Valley Cropp Cooperative and Earth’s Own Food Company Inc.

Global Dairy Alternatives Market: Increasing Uptake of Dairy Alternatives in Food and Beverages to Create Attractive Growth Opportunities for Vendors, Says TMR

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

Dairy Alternatives Market: Consumption Upped by Increasing Number of Consumers Cautious of their Lactose Intake

Earth’s Own Food Company, Inc., The Hein Celestial Group, Inc., and Living Harvest Foods, Inc., have been some of the top names in the global dairy alternatives market for 2015. The market has already experienced a considerably positive reception from consumers over the recent past. Several factors are allowing the leaders in the global dairy alternatives market to embark on expansion strategies as well as consolidation tactics to gain a better share in the market over the coming years.

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As per a research report released by Transparency Market Research, the players from the global dairy alternatives market have found a considerable volume of success from the regions of North America and Europe. However, the regional leader of the market, Asia Pacific, is expected to continue dominating the overall demand volume for diary alternatives over the coming years. Dairy producers in this region have been enjoying a massive demand volume for milk and dairy products over many years. As consumer awareness towards healthier alternatives increases, a part of this huge demand is expected to be replaced by the demand for dairy alternatives. The global dairy alternatives market is expected to reach US$9.32 bn by the end of 2016. After being projected at a CAGR of 13.8% within a forecast period from 2016 to 2024, this market’s revenue is expected to reach US$26.31 bn by the end of 2024.

Lactose Intolerant Count on the Rise

“One of the key factors that work in favor of any market that caters to alternatives to an established one is an increase in the number of consumers or end users that are seeing it as a better option than the original. In the case of the dairy and dairy products markets, it is a growing number of consumers that are finding themselves to be lactose intolerant or feel that they are better off not consuming lactose. The count of both consumers is increasing at a fairly high rate across the world and is thus the prime factor augmenting the global dairy alternatives market,” states a TMR analyst. The same can be said with people who are allergic to milk. With the current rate of growth in their numbers, the global dairy alternatives market is expected to shine in the immediate future. At the same time, dieticians and doctors have been increasingly advising their patients in many cases to adhere to a plant-based diet, a large part of which includes plant-based milks and other dairy alternatives.

Another factor driving the global dairy alternatives market is the growing array of options made available by market players. The presence of milks made from soy, almond, rice, hemp, oats, and hazelnut is seen to be increasing in store shelves thanks to the ramped up production rates and better marketing strategies.

High Cost of Dairy Alternatives Continues to Deter Consumers

Despite the success stories of several players in the global dairy alternatives market, one problem that still all have to tackle is the high costs of producing and marketing dairy alternatives. Several players add value to their products by adding several supplementary nutrients, further increasing the cost of their products. Products such as almond milk and coconut milk – even without the addition of nutritional supplements – is found to be exceptionally high for a large part of the working class consumer pool, thereby severely reducing their overall market penetration rates.

“One factor that still continues to work in the favor of the producers of dairy alternatives, is the claims of massive health benefits and dietary supplementation that their products can offer over conventional dairy products. Complementing this is the surging demand for plant-based proteins across the world which is a response to the high level of fats and cholesterol consumed through meats and conventional milk and dairy products. This food segment also find favor among the growing number of people suffering from cancer, diabetes, and a list of other chronic and/or age-related health issues,” adds the analyst.

The information presented in this review is based on a Transparency Market Research report, titled, “Dairy Alternatives Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024.”

Key segments of the Global Dairy Alternatives Market

Global Dairy Alternatives Market: By Product Type

• Soy Milk
• Almond Milk
• Rice Milk
• Coconut Milk
• Others

Global Dairy Alternatives Market: By Formulation

Plain Formulation

• Plain Sweetened Formulation
• Plain Unsweetened Formulation

Flavored Formulation

• Flavored Sweetened Formulation
• Flavored Unsweetened Formulation

Global Dairy Alternatives Market: By Application

Food

• Dessert
• Cheese
• Snacks
• Spreads
• Others

Beverages

Global Dairy Alternatives Market: By Distribution

• Large Retail
• Small Retail
• Specialty Stores
• Online