Dairy Alternative Market Analysis
Global Dairy Alternatives Products Market is expected to garner a revenue of USD 2.1 billion by 2024 with a CAGR of 6.3% during the Forecast Period of 2019–2024. Changing consumer preferences have always influenced the food industry in significant ways resulting in the development of remarkable innovation in the food & beverage industry. Consumers across the globe have increased their demand for dairy alternatives due to various factors including an increased diagnosis of lactose allergies and the growing preference for vegan diets among others.
Global urbanization has led to a significant change in diets with veganism being adopted rapidly across the world, with millennials making up the key demographic for dairy alternatives. The growing incidences of chronic diseases have resulted in a widespread focus on health consciousness with the food industry responding with healthy alternatives. Dairy alternatives are plant-based and are lactose-free, thus carrying various health benefits of the source the dairy alternative is extracted from and offering various flavor and texture profiles which may be preferable to some consumers as compared to dairy options. Another key factor is the increased diagnoses of lactose intolerance and allergies. Initially, dairy alternatives were limited to milk extracted from sources such as soy, almond, cashew, and coconut. This range has expanded significantly to include milk extracted from other nuts and seeds. Moreover, product innovation by market players in an effort to extensively cater to the high demand for dairy alternatives has led to dairy-free cheeses, yogurt, and other products which are conventially made using dairy.
The prices of these alternatives are higher than dairy-based options, which is expected to restrain the market. However, ongoing innovation in the market is expected to lead to the launch of various dairy alternative products during the forecast period. With major market players in the food business branching out to offer their popular products in a dairy-free version.
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Dairy Alternative Market Key Players Analysis
Notable leading market players that are advancing growth with their Market strategies include Daiya Foods Inc., Tofutti Brands Inc., Galaxy Nutritional Foods Inc., Sunopta Inc., Whitewave Foods, Blue Diamond Growers, and Hain Celestial Group.
Dairy Alternative Market News
So Delicious, a frozen dessert brand is set to launch a low-calorie dairy-free ice-cream mousse range in 7 different flavors with each container of ice-cream having 330 calories or less.
Nestle has developed a dairy-free, vegan baby formula for infants suffering from lactose allergies. The product patent has been filed, and the product will enter the market later this year.
Following declining dairy sales, Danone is developing a line of dairy-free yogurt options.
Dairy Alternative Market Segmentation
Global Dairy Alternative Industry is segmented on the basis of source, application, formulations, distribution channel, and region. By source, the market is segmented into soymilk, almond milk, coconut milk, rice milk, and others. Soymilk dominates the market with over 50% of the total market share due to it being one of the first alternatives to dairy milk and its various health benefits.
By application, the market is segmented into food and beverages.
By formulations, the market is segmented into plain and flavored.
By distribution channel, the market is segmented into store-based and non-store based. The store-based segment is further sub-segmented into supermarkets & hypermarkets, health & wellness, pharmacy, convenience stores, and others.
Dairy Alternative Market Regional Analysis
The Asia-Pacific leads the global market with the most significant share and is projected to maintain it’s leading position throughout the review period. The presence of emerging economies with a longstanding consumption of dairy alternatives. For instance, soybeans originated in China and have been used in beverages and as soymilk for many years. The product has branched out across the globe, has made a notable impact on the consumptions of dairy alternatives in the surrounding countries. Some countries of the Asia-Pacific are not dairy reliant as compared to other countries thus increasing the consumption of dairy alternatives in the region. Moreover, with rapid urbanization, there has been a shift in consumptions pattern, aided by rising disposable incomes, the demand for dairy-free alternative products has increased considerably. The Asia Pacific is expected to grow at a CAGR of 14.80% during the forecast period.
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