Dairy alternatives market is expected to reach USD 35.06 billion by 2024,
according to a new report by Grand View Research, Inc. Dairy alternatives
market is expected to witness significant growth over the projected period
owing to rising consumer awareness towards health coupled with increasing
number of lactose intolerance cases across various parts of the world.
Increasing penetration of plant-based milk such as almond milk, soy milk and,
coconut milk to replace cow milk is anticipated to propel demand.
Increasing
consumer preference for lactose-free food products including cheese, desserts,
and snacks are anticipated to drive demand. Rising consumer focus on the
nutritional values offered by the product such as low calories and high
proteins and vitamins is likely to have a positive impact on the industry.
Furthermore, the shift of consumer base towards vegan diet owing to factors
including animal rights and environment protection are anticipated to drive
demand for dairy alternatives over the forecast period. However, high cost
associated with these products as compared to dairy products is likely to
hamper industry growth.
U.S. Dairy Alternatives Market Revenue, By Product, 2013 - 2024 (USD Million) |
The
global dairy alternatives market has numerous players, however, is dominated by
a few including Danone, Vitasoy International, Sunopta, Earth’s Own Food, and
Blue Diamond Growers. These companies are engaged in developing and launching
innovative and new products to consolidate their presence in the industry.
However, growing consumer demand and rising consumer preference for
high-quality products with low costs are anticipated to open new avenues for
the new players over the next eight years. The industry players are likely to
establish and expand their business in the Asian Market in order to tap the
increasing consumer demand associated with the changing lifestyle, growing
population, rising disposable income and increasing number of lactose intolerance
cases in the countries such as China, Australia, New Zealand, India, Japan, and
Korea.
Browse full
research report on Dairy Alternatives Market: www.grandviewresearch.com/industry-analysis/dairy-alternatives-market
Further
Key Findings From the Study Suggest:
- Soy milk is the most common non-dairy item for
consumption and anticipated to be the largest product segment of the
market in 2015 accounting over 40% of the total market. Soy milk contains
isoflavones compounds, which reduces the risk of breast cancer and heart
diseases, which is likely to raise the popularity of the product,
especially among women and elderly consumers.
- Plain unsweetened formulation of the dairy milk
alternatives is anticipated to account for a major share in the industry
and is expected to grow at a CAGR of over 15% over the next eight years.
Growing demand for unsweetened soy and almond milk for manufacturing
various food items such as yogurt, desserts and cheese are anticipated to
have a positive impact on the industry growth.
- Beverage is expected to be a key application
segment for the market. Growing demand for various nut based flavored milk
products such as almond, cashew, and walnut is anticipated to open new
avenues for the industry growth over the projected period.
- U.S. is anticipated to be a key market for
dairy alternatives and is anticipated to grow at a CAGR of over 10% from
2016 to 2024. Almond milk is anticipated to witness the fastest growth in
the North American market owing to changing consumer preference from soy
milk to almond milk products. Rising consumer demand for tasty and
cholesterol free products in the region is anticipated to drive the almond
milk industry growth over the forecast period.
- Key players in the industry include CP Kelco,
Blue Diamond Growers, Danone, The Hain Celestial Group, Inc., Sanitarium
Health & Wellbeing Company, Freedom Foods Group Ltd., Nutriops S.L.,
Daiya Foods Inc., Archer Daniels Midland Company and The Whitewave Foods
Company.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/ready-to-eat-processed-and-frozen-foods
Grand View Research has segmented the dairy alternatives market on the
basis of product, formulation, application and region:
Dairy
Alternatives Market Product Outlook (Volume, Kilo Tons; Revenue, USD Million,
2013 - 2024)
- Soy Milk
- Almond
Milk
- Rice
Milk
- Others
Dairy
Alternatives Market Formulation Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2013 - 2024)
- Plain
- Sweetened
- Unsweetened
- Flavored
- Sweetened
- Unsweetened
Dairy
Alternatives Market Application Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2013 - 2024)
- Food
- Cheese
- Desserts
- Snacks
- Beverage
Dairy
Alternatives Market Regional Outlook (Volume, Kilo Tons; Revenue, USD Million,
2013 - 2024)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Asia
Pacific
- China
- Japan
- India
- New
Zealand
- Australia
- Latin
America
- Middle
East & Africa
- South
Africa
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-dairy-alternatives-market
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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