Dairy Alternative Market
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Dairy Alternative Market (By Source: Soy Milk, Almond Milk, Rice Milk, and Other Sources; By Application: Food, and Beverages; By Distribution Channel: Large Retail, Small Retail, Specialty Store, and Online; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025"
Increasing lactose intolerance globally drives the dairy alternative market.
Increasing lactose intolerance worldwide, nutritional benefits offered by plant-based alternatives, rapidly growing beverage industry and increasing awareness towards a vegan diet are the factors fueling the market trend. Due to improper nutrients available through dairy alternatives and high pricing of the products the growth of the market may hamper. Nevertheless, innovative product launches and attractive marketing and promotional strategies planned by the companies is expected to provide profitable growth opportunities for the market in the upcoming years.
Source, application, distribution channel, and geography are the main classifications of alternative dairy products. The source segment is further characterized into soy milk, almond milk, rice milk, and other sources. On the basis of application, the segment is categorized into food (spread, creamer, yogurt, tofu, and other foods), and beverages. Moreover, the distribution channel segment comprises large retail, small retail, specialty store, and online. On the basis of geographical analysis, the global dairy alternative market is segmented in North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico, whereas Europe segment consists of UK, Germany, France, and Rest of Europe. Asia-Pacific is segmented into China, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa. United Kingdom, Australia, Canada, United States are among the regions witnesing an accelerating growth in the dairy alternative market.
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Soy milk, by source dominated the market with largest share in 2017
Soy milk accounted for more than half of the total market share in 2017, in the source segment, and is expected to continue its dominance during the forecast period. The increasing popularity of soy milk among consumers can be attributed to the excess of varieties, in terms of flavors, fat content, sugar content, and number of nutritional advantages offered by dairy alternative manufacturers.
Beverages contributed for the majority of the market share in the application segment
Beverages, in application segment occupied the largest market share, accounted for more than two third of the total market share, and is predicted to attain the fastest CAGR throughout the forecast period 2017 – 2025. Beverages such as milk shake, energy drink, and others, prepared from nut based flavored milk products such as almond, walnut, and cashew which are expected to accelerate the market trend over the upcoming years.
Large retail holds the largest share in terms of distribution channel segment in 2017
Large retail experienced the largest market share with 55.2%, and is estimated to continue the market trend in the forecast years. Online channel accounted the fastest CAGR owing to high penetration of smartphones, and increased use of E-commerce over the period of time.
Asia-Pacific region dominated the global dairy alternative market share in 2017
Asia-Pacific accounted for 43.6% of the global market share in 2017 and is predicted to be the fastest growing region throughout the forecast period, owing to increasing demand for lactose frees food products and highly nutritious dairy free products. China, being dominant in the Asia-Pacific especially contributes to the soy milk market share.
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Scope of the Global Dairy Alternative Market
• Soy Milk
• Almond Milk
• Rice Milk
• Other Sources
o Other Foods
Distribution Channel Segments
• Large Retail
• Small Retail
• Specialty Store
• North America
o Rest of Europe
o Rest of Asia-Pacific
o South America
o Middle East
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