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.
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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.
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.
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Further key findings from the report 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.
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