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.
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.
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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