According to a report published by Grand View Research, Inc.; the dairy alternative market is likely to reach a valuation of around USD 35.06 billion by 2024.
Increasing number of lactose intolerance cases and rising healthcare concerns among the consumers can drive the market during the forecast period (2013 to 2024).
Several nutritional benefits offered by these products including high protein content and low cholesterol content and use of these products in the manufacturing of daily food products is expected to boost the demand for these products in the coming years. Chaining dietary preferences of consumers due to increasing number of allegories accompanying with the consumption of non-vegan foods is expected to support the market growth over the forecast period.
Worldwide dairy alternatives market can be segmented on the basis of product, formulation, application, and region.
As per product, the market can be categorized into rice milk, soy milk, almond milk, and others.
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In 2016, the soy milk segment estimated for 40.5% share of the overall market. This segment is anticipated to grow at a CAGR of 15.7% during the forecast period due to increasing demand from Asian countries. Soya milk contains isoflavones and prevents breast cancer and heart diseases. This has increased the consumption of the product among female consumers. The U.S is the major producer of the soymilk
Almond milk is anticipated to grow rapidly with CAGR of 17.8% during the forecast period. This growth can be associated with its high content of energy, protein, fiber, and lipids. In addition, with compare to other products, it has a better taste and texture.
Based on formulation, the market can be bifurcated into plain and flavored. In 2016, the plain formulation segment reported for over 52.7% due to high demand from elderly population as these formulations are cholesterol free. The segment is projected to grow at CAGR of 15.4% during the forecast period. Increasing demand from food and beverages for plain unsweetened desserts and snacks is likely to boost the segment growth over the forecast period. The flavored formulation segment is predicted to be the fastest growing segment. It is expected to expand at a CAGR of over 17.9%. Introduction of new flavors and increasing demand in the making of lactose-free yoghurts and desserts can boost the segment during the forecast period.
On the basis of application, the market can be split into food and beverages.
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The beverage segment is expected to grow at CAGR of 16.3%. Increasing demand in several nut based flavored milk products including almond, cashew, walnut is likely to drive segment growth.
The food segment is expected to grow steadily due to increasing demand for non-dairy chees and yoghurts. Changing dietary habits among the consumers in Brazil, India, and China are mainly driving demand for lactose-free cheese.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and The Middle East & Africa.
In 2016, Asia Pacific dominated the market and estimated for over 49.7% of the total market share. Factors such as changing consumer dietary habits, increasing disposable income, increasing awareness among the consumers is anticipated to create positive impact on the market. The market is also expected to dominate over the forecast period due to presence of high lactose intolerant population base in the South East Asian countries.
Europe is expected to expand with CAGR of 13.7% during the projected period. This growth can be attributed to high consumer demand for cholesterol free and plant-derived food products and lactose-free yogurt and ice-creams in this region.
The U.S. Food and Drug Administration, Food Canning Establishment Registration, and Scheduled Process Regulations implemented regulations, which are mandatory for the manufacturers as these products are directly consumed by the consumers. This is likely to act as a major threat for the manufacturers.
Key companies operating in the market include Eden Foods, Inc.; SunOpta Inc.; Living Harvest Foods Inc.; The Hain Celestial Group, Inc.; and Archer Daniels Midland Company. The market participants are mainly focusing on research and development (R&D) activities and innovative product development.
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