Stringent food regulations by REACH and FDA coupled with rising dairy products demand is expected to augment the global dairy alternatives market over the forecast period. Alternative beverages include plant based milk which is processed from nuts. Other alternatives are plant based milk from seeds and cereals which includes rice milk, almond milk and soy milk. People who are lactose intolerance, vegans and milk allergic are expected to emerge as major consumers across the globe. More health related benefits including high energy levels as compared to normal dairy products are expected to be key factor owing to which people are shifting from regular products or beverages to its alternatives. Varieties in product choices, increasing vegan population, improved health benefits and government & associations supports are expected to further enhance global market demand over the forecast period. Higher costs as compared to normal dairy beverages are expected to hinder global market growth over the forecast period.
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Global dairy alternatives market is segmented on the basis of product, channel types and formulation. Product segment includes almond milk, rice milk, soy milk and others. Others product category is segmented into coconut milk and oats milk. Channel types segment is sub categorized as health food stores, convenience stores, supermarkets and pharmacy. Formulation segment comprises of plain formulation and flavored formulation. Plain formulation is further categorized as plain-unsweetened formulation and plain-sweetened formulation whereas flavored formulation is segmented into flavored-sweetened formulation and flavored-unsweetened formulation.
Asia Pacific was holding the largest market share and is expected to grow owing to increasing vegan population. North America is expected to witness healthy growth in dairy alternatives market owing to huge demand from U.S coupled with stringent food regulations by FDA. North America was followed by Europe on account of strict food safety regulations by REACH.
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Global dairy alternatives market player includes Eden Foods Inc., Living Harvest Foods Inc., Organic Valley Family Of Farms, Pureharvest, Sunopta Inc., The Whitewave Foods Company, Blue Diamond Growers Inc., Freedom Foods Group Ltd., Nutriops S.L., Vitasoy International Holdings Limited, Pacific Natural Foods, Sanitarium Health & Wellbeing Company, The Bridge S.R.L., Turtle Mountain Llc, Earth’s Own Food Company Inc., Grupo Leche Pascual Sa, Oatly AB, Panos Brands LLC, Stremicks Heritage Foods and The Hain Celestial Group Inc.
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