According to the market research report “Dairy Alternatives (Beverage) Market: By Type (Almond, Soy, Coconut, Cashew, Oats); Formulation (Plain, Flavored, Sweetened, Non-Sweetened); Channel (Super Markets, Convenience Stores, Health Food Stores, Pharmacies) – Forecast (2016 – 2021)”, published by IndustryARC, the global market to reach $14.5bn by 2021
Browse 9 Market Tables, 44 Figures spread through 111 Pages and an in-depth TOC on “Dairy Alternative (Beverage) Market (2016 – 2021)”
Dairy alternative beverages are plant based milk extracted from grains, nuts and seeds. Unlike the regular dairy beverages they have low cholesterol and low fat content. The market for dairy alternative beverage is segmented into various types such as almond milk, soy milk, oat milk, cashewnut milk, coconut milk and others. Dairy alternative beverages are distributed through channels such as super markets, convenience stores, health food stores, pharmacies and others currently depending on the geographic region and countries. These are available in different formulations including plain, flavored, sweetened and non-sweetened.
Consumers who are allergic to milk or lactose intolerant are major consumers of dairy alternative beverages. Rice milk is generally preferred by the consumers suffering with intolerances such as lactose, nut, soy, and so on. Rice milk is estimated to grow at a CAGR of 8.9% during 2016-2021 according to IndustryARC. The market has witnessed products from new sources like quinoa, flaxseed, peas and so on also recently. Apart from this trend, as consumers are seeking for variety of flavors in one serving, manufacturers have been developing and launching mixed flavored products and dairy alternative blends.
Asia-Pacific is the dominant market for dairy alternative beverages and is estimated to reach $7,452m by 2021 at a CAGR of 8.3% during 2016-2021. With rising demand of organic and natural dairy alternatives this market is estimated to witness a brisk growth in coming five years.
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The major players in this market include:
- WhiteWave Foods Company (U.S.)
- Blue Diamond Growers (U.S.)
- Vitasoy International (Hong Kong)
- Sunopta (Canada)
- Earth’s Own Food (Canada)
Dairy alternatives (beverage) providers are investing in developing and launching product extensions to consolidate their market presence. The top five players account for approximately 39% of the total market currently. However, emerging companies have been offering products with enhanced functionalities which may impact the market position of these top companies.
The global dairy alternative (beverage) market report provides detailed analysis of the different types of alternatives, formulation, channel and shelf life segments.
Various types of alternatives included in the report are:
- Oat and Others
The overall market is also presented from the perspective of different geographic regions and the key countries in each region.
Key Takeaways from IndustryARC Study:
- Key players in the dairy alternative industry are coming up with newer flavors and additional varieties such as Hemp milk, quinoa milk and flax seed milk.
- APAC is the largest market for dairy alternatives with a share of close to 60% in the overall market in 2015.
- Almond Milk dominates the market, whereas coconut milk is estimated to be the fastest growing segment.
- Dairy alternatives are supplemented/fortified with essential nutrients such as calcium and vitamin D to enhance the nutritional profile of the offerings.
- Growing instances of intolerance and allergies coupled with rising health consciousness among consumers is driving the market for dairy alternatives.
- Plain non-sweetened and flavored sweetened formulations of dairy alternative beverages are estimated to witness fastest growth.
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