The
global dairy alternatives market is expected to reach USD
35.06 billion by 2024, according to a new report by Grand View Research, Inc.
Rising number of lactose intolerance cases and increasing consumer awareness
towards health, is expected to drive the market growth over the forecast period.
The
global dairy alternatives market has numerous manufacturers, however is
dominated by a few players including Blue Diamond Growers, Earth’s Own Food,
SunOpta, Vitasoy International, and Whitewave Foods Company. New product launch
with improved product texture, taste and flavors is the key strategy adopted by
these players to maintain their market share.
The
U.S. Food and Drug Administration, and Food Canning Establishment Registration,
and Scheduled Process Regulations, have laid down guidelines which are to be
adhered by dairy alternative product manufacturers. The stringent regulations
imposed on the manufacturing of dairy alternatives as they are directly
consumed by consumers are expected to be a key threat to the industry
participants.
Companies
in the industry, have integrated their operations across the value chain by
indulging in raw material procurement, manufacturing, as well as distribution
sectors in order to gain a competitive edge in the industry. The competitive
rivalry among the existing players is high which has thus compelled them to
invest in R&D activities in order to come with improvised products.
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 product segment is expected to ascend
at a CAGR of 15.7% over the forecast period, on account high demand for
soy milk, especially by the Asian consumers
- Plain formulation segment accounted for over
52.7% of the market share in 2016, owing to its increasing preference
especially by geriatric population as they are cholesterol free
- Food is expected to be the fastest growing
application segment on account of rising health awareness among consumers,
lactose intolerance cases and the subsequent high demand for non-dairy
cheese and yogurt
- Asia Pacific held the largest market share of
49.7% in 2016 and is expected to dominate the market over the forecast
period on account of the presence of high lactose intolerant population,
especially in the Southeast Asia
- Major players in the industry have adopted
production capacity expansion and new product development with additional
nutritional values to gain competitive edge and cater to the emerging
markets
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 global dairy alternatives market on
the basis of product, formulation, application, and region:
- Dairy Alternatives Product Outlook
(Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
- Soy
Milk
- Almond
Milk
- Rice
Milk
- Others
- Dairy Alternatives Formulation
Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
- Plain
- Sweetened
- Unsweetened
- Flavored
- Sweetened
- Unsweetened
- Dairy Alternatives Application
Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
- Food
- Cheese
- Desserts
- Snacks
- Beverages
- Dairy Alternatives Regional
Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Asia
Pacific
- China
- Japan
- India
- Australia
- New
Zealand
- Latin
America
- The
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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