The global Dairy Alternatives Market is expected to grow at a CAGR of 13.6% during the forecast period 2019-2026. The market is expected to garner a size of $35804.6 million by 2026.
Dairy alternative are those food and beverages that are extracted from various plant-based sources such as pea, almond, cashew, soy and others, and manufactured from dairy-free milk. Dairy alternative products come with various advantages such as these products are sugar free, gluten-free, lactose-free, cholesterol free and GMO-free. Increasing adoption of dairy alternatives is due to benefits of plant-based products that reduce the risk of obesity, diabetes, risk of heart disease and other health advantages. Manufacturers in the dairy alternatives market are coming with innovative ideas of dairy alternatives in the food and beverage industry. As per the National Institutes of Health (NIH), ~65% of the world population are lactose intolerant.
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Segment Overview of the Global Dairy Alternatives Market
The global dairy alternative market is segmented on the basis of application, source and distribution channel.
Application segment is further sub-segmented as:
The segment is further sub-segmented into:
- Food includes Creamer, spread, yogurt, tofu and others;
- Beverages includes dairy-free probiotic drinks, dairy alternative milk and others.
The food and beverage industry is highly witnessing increasing demand for snack products such as margarine, coconut, soy, spreads, smoothies, dairy-free butter and nut-based yogurts. The rising demand of these products is positively influencing the dairy alternatives industry over the forecast period.
Source segment is further segmented as:
- Other sources
Soy-based and almond-based food & beverage segment holds 80% market share in 2018. Almond-based products consist of antioxidants that cure aging, tumours, inflammation, cancer, etc., as almond-based products act as protection shield against oxidative stress that are responsible for damaging of cells in the human body. According to FAOSTAT, in 2017, the U.S. registered 1,029,655 tons of almond production that accounts to ~45% of overall almonds production.
Distribution channel segment is further sub-segmented into:
- Large Retail
- Small Retail
- Specialty Store
- Online Channel
Large retail stores dominate the distribution channel segment in the global dairy alternatives market.
Companies present in the retail store segment of the dairy alternatives are highly involved in maintaining a strong supply chain of the food products owing to perishable properties of the food products under this segment.
Geographical Overview of the Global Dairy Alternatives Market
Regionally, the market is classified into North America, Europe, Asia-Pacific, and LAMEA.
Asia Pacific accounted for the largest share in the regional segmentation of the global dairy alternatives market in 2017. The regional dominance is due to rapidly increasing population in region along with increase in disposable income in countries such as China and India, which influence the demand of products in the region. Almond milk, rice and soy are major products that are significantly consumed in Asia Pacific. The regional market witness various customer-class in the market in the form of lactating mothers, pregnant women and lactose-free milk consuming children. The wide range of applications of dairy alternatives is boosting the prospects of Asia-Pacific market during the forecast period.
On the other hand, North America accounted as second largest dairy alternatives market and expected to capture a significant market share over the forecast period. The regional market growth is due to increasing demand of plant-based food and beverages.
Market Players of the Global Dairy Alternatives Market
The companies profiled in the report are Blue Diamond Growers, WhiteWave Foods Company, Rebel Kitchen, SunOpta Inc., Living Harvest Foods Inc., Earth’s Own Food Inc., Organic Valley, Kikkoman Corporation, The Hain Celestial Group Inc., Eden Foods Inc. and Panos Brands LLC.
Some of the key topics covered in the report include:
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Dairy Alternative Market, By Source
Chapter 5: Dairy Alternative Market, By Application
Chapter 6: Dairy Alternative Market, By Distribution Channel
Chapter 7: Dairy Alternative Market, By Region
Chapter 8: Company Profiles
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