Asia Pacific is projected to witness the fastest growth at over 10% from 2019 to 2025, led by countries such as China, India, Japan, and Indonesia. Lifestyle changes towards healthy living coupled with growing consumer spending are driving the product demand. Soy-based dairy alternatives market account for around 65% share in the region owing to high protein content, and growing soybean production in China and India. India’s soybean production increased from over 8.5 MMT in 2014 to around 11.0 MMT in 2018, thus providing a positive business outlook for manufacturers.
North America dairy alternatives market accounts for over 25% share and expected to witness significant gains over the forecast timeline. The escalating number of patients with allergies and nutritional deficiency will result in dairy alternative products demand across the region. Changing eating habits and lifestyle owing to rising adult population suffering from obesity and diabetes in the U.S. and Canada will further drive the plant-based rice and almond milk products demand.
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Beverages hold a substantial share in the global dairy alternatives market. The ratio of plant-based beverages to other alternatives is higher with increasing demand for milk. Products such as cheese, ice cream, and yogurt are difficult to produce from rice, hemp, and oats, and do not match the taste and texture of its dairy counterparts, hence supporting higher penetration rate of plant-based milk. Factors such as ready availability, flavor innovations, varied taste preferences, and growth in imports & exports are driving the product demand.
Manufacturers are focusing on the adoption of sustainable practices such as optimizing their network with farmers, energy & waste management, and the utilization of industry by-products as raw materials. They are also developing products in line with stringent regulations of governing bodies, thereby aiding product growth over the forecast timeline.
Stringent regulations imposed on the manufacturing process such as functional requirements, the need of mentioning animal-based products in food labels, higher cost of nuts & legumes, and increasing energy costs may increase the overall production cost which in turn will hinder the market share. In addition, the inflated and time-consuming product testing, processing, and approvals can inhibit business growth.
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Coconut is expected to witness a significant growth at over 10% up to 2025. Coconut milk is commonly used dairy milk substitute having a creamy texture with a relatively high amount of fat content. It offers benefits such as increased levels of HDL cholesterol in the body, efficient weight management, and protection from cardiovascular diseases. These factors are expected to fuel the segment demand over the forthcoming years.
Almond-based dairy alternatives market will observe the fastest CAGR at around 8.5% from 2019 to 2025. Increasing almond production to cater the growing demand along with rising consumer awareness regarding health benefits are positively influencing the industry development. Further, almond milk provides benefits such as higher daily recommended value for vitamin D and vitamin E, low-calorie content, and reduced cholesterol levels.
Unsweetened dairy alternatives market is projected to grow at a substantial rate up to 2025. Increasing health consciousness consumer base supported by growing knowledge on the use of sweeteners particularly in North America and Europe will shift the preference towards unsweetened products. Unsweetened dairy alternatives have a creamy texture and reduce calorie intake.
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Dairy alternatives market from mainstream stores holds a major share in 2018. Development of supermarkets and hypermarkets in emerging economies along with a preference for take-home options in developed countries are fueling business growth for manufacturers in this segment. Further, mainstream stores offer high discounts along with convenience to buy multiple products.
The global dairy alternatives market is highly competitive owing to the presence of a few dominating companies including Whitewave Foods, Hain Celestial Group, Inc., Blue Diamond Growers, SunOpta Inc., New Barn. Other prominent players in the industry include Triballat Noyal, Califia Farms, Valsoia S.p.A, Freedom Foods, and Pacific Foods. Strategic initiatives such as new product launches, geographical expansions, R&D investments, and mergers & acquisitions help the industry participants explore the untapped business potential. Industry players resort to supply chain agreements with dealers and distributors to ensure efficient flow of products.
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