Global Dairy Alternative Market Information- by Source (Soy milk, almond milk, coconut milk, rice milk and others), by Application (Food, Beverages) by Formulations (Plain, Flavored), by Distribution Channel (Store based and Non store based) and by Region (North America, Europe, Asia Pacific and Rest of the world) Dairy Alternative Forecast to 2022
Dairy Alternative is a substitute of the animal based traditional milk products. Dairy alternative is derived from the plant based milk sources and is lactose and casein free. Dairy alternative is manufactured by using various plant based sources like soy, almond, coconut, rice, hazelnut and many more.
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Dairy alternative has been created owing to the consumer demand. Today, food intolerances and food allergies have become a major concern for today’s health conscious consumers. Dairy alternative is lactose-free food, which means that the product is free from animal (usually cow’s) milk which contains milk sugar lactose. Plant-based ingredients, such as soy, almond, coconut and rice are majorly used as main source to prepare dairy substitute. In the era of globalization, changing consumption pattern, increasing awareness about lactose intolerance, rising number of vegan consumers and other factors such as rising working class population and growing demand for on-the-go products support the growth of dairy alternative market. Increasing consumer interest in healthy lifestyle, various weight loss diet trends and rising concern on animal welfare & environment will fuel the sales of dairy alternative across the world. Also, the strong performance of retail sector & foodservice industry has led to the easy availability of branded dairy alternative in semi-urban areas, and the increasing availability of brands in stores which are safe to consume.
These factors will play a key role in the growth of dairy alternative market at the CAGR of 14.55% during 2017-2022.
Among the source type, soy milk segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register the healthy CAGR of 14.76% during the forecast period. Among the application, beverages segment is estimated to account maximum market proportion during the forecast period of 2017-2022. Food segment is estimated to observe a substantial growth of 14.75% during the review period. Store based segment is projected to hold maximum market proportion of more than 65% by the end of 2017 and it is estimated to retain its dominance throughout the forecast period.
This report includes a study of strategies used in the market, mergers and acquisitions in dairy alternative, multiple product launch by dairy alternative market players. It further includes product portfolios and developments of leading major players which includes
- Blue Diamond Growers (U.S.)
- Hain Celestial Group (U.S.)
- Whitewave Foods (France)
- Sunopta Inc.(Canada)
- Daiya Foods Inc.(Canada)
- Galaxy Nutritional Foods, Inc. (U.S.)
- Tofutti Brands Inc. (U.S.)
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The market players have increased their level of investment in research to identify right formulation and to improve product functionality in order to capture lion’s share and create brand recognition in dairy alternative market. Most of the companies operating in this market are focusing on expanding its operations across the geographies, augmenting its capabilities and investing in research and development to offer products with better functionality.
The global dairy alternative market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, Asia Pacific region is expected to retain its dominance throughout the forecast period. The market is projected to grow at a steady pace in the review period. Asia-pacific will be the fastest growing region in the dairy alternative market and high growth in emerging economies such as China, India, Japan and ASEAN countries. Europe is also estimated to account market proportion of 20.09% in the year of 2017. Mainly the rising consumer demand for plant based coupled with the lactose intolerance is anticipated to be the significant reason for the rising growth of dairy alternative in the Europe region.
The global dairy alternative market is segmented into North America, Europe, Asia Pacific and Rest of the world. Among these, Asia Pacific is projected to retain its dominance throughout the forecast period. Robust economic growth, rising urbanization, explosion of in the middle class population are the significant factors of the growth of dairy alternative in Europe region. Also, vegan diet is gaining acceptance in the European countries which is anticipated to fuel the growth of dairy alternative during the forecast period. North America region is also projected to register a healthy growth of 14.63% during the forecast period of 2017-2022.
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- Asia Pacific is estimated to retain its dominance throughout the forecast period and to grow at a substantial CAGR of 14.80%. Among the Asia pacific country, China is accounting maximum market proportion of 25.80% in the Europe dairy alternative market by the end of 2017. This is attributed by the rising lactose intolerance and various allergy.
- Rising vegan diet trend & urbanization has spurred the growth of dairy alternative market
Regional and Country Analysis of dairy alternative Market Development and Demand Forecast to 2022 Market
As per the MRFR analysis, the global dairy alternative market is poised to reach USD 19.58 Bn in 2022, to grow at a CAGR of 14.55% during the forecasted period.
The reports also cover country level analysis:
- Rest of Europe
- Australia & New Zealand
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East
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