Dairy Alternative Market Expected to Grow faster according to new research report (2018-2023)

GLOBAL DAIRY ALTERNATIVE MARKET was valued at USD 7.08 Billion for the year 2017. Dairy Alternative Market is further expected to grow at a CAGR of 11.16% from 2018 to reach USD 13.36 Billion by the year 2023. Asia Pacific region holds the major market share whereas North America region is considered as the fastest growing market in the forecasted period. Developed countries such as China, U.S. and other developing countries in the Asia Pacific region are further anticipated to grow at a steady pace in the next 5 years.

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Whitewave Foods (U.S.), The Hain Celestial Group, Inc. (U.S.), SunOpta Inc. (Canada), Blue Diamond Growers (U.S.), Valsoia S.p.A (Italy), Triballat Noyal (France) are some of the top manufacturers in the Dairy Alternative Market with highest market share was held by Whitewave Foods in 2016. Better global reach, both at production and at an operational level is the main reason for holding this highest market share. New product launches and growing research and development expenditures to address changing demand of end users in recent years are driving this market. Organic growth strategies such as merger and acquisition were adopted by these manufacturers in recent years has provided comprehensive market opportunities for the various stakeholder in the value chain.

Drivers:

• Growing cases of lactose intolerance amongst end user
• Rising health consciousness has increased demand for the vegan diet

Restraints:

• Comparatively high price for Alternative milk types
• Varying nutrient content compared to dairy milk

Opportunities:

• Changing lifestyle in the untapped emerging market pose an opportunity for producers
• Consumers are showing interest in the hybrid beverages, that offer functional benefits such as bone health, high protein, energy or relaxation at a retail level

Challenges:

• Removing the additional sugar content to enhance flavors & textures
• Economical and uninterrupted Raw material supply for production

The soy milk segment is expected to hold the maximum market share during the forecasted period. With the increasing popularity and easy availability of the soy milk demand for dairy alternative applications are gaining highest market share. Almond milk is widely popular in North America region with ~80% of production in the region.

On the other hand, Cheese, Pudding, Ice-Creams food application types for this market is expected to grow at the highest CAGR during the forecasted period. The growth is attributed to the growing demand for new and innovative product launches.

Key Benefits for Stakeholders

• Dairy Alternative Manufacturers, Distributors and Retailers
• Food & Beverages Processing Companies
• Plant-Based Food Manufacturers
• Research and Consulting organization
• Technology Standards Organizations, Forums, Alliances and Associations
• End-use industries
• Regulatory bodies

By Type

• Soy Milk
• Almond Milk
• Rice Milk
• Hemp Milk

By Application

• Food
• Beverages

By Formulation

Flavored

• Sweet
• Unsweetened

Non-Flavored

• Sweet
• Unsweetened

By Region

• North America
• Europe
• Asia-Pacific
• ROW

Key Market Players

• Whitewave Foods (U.S.)
• Blue Diamond Growers (U.S.)
• SunOpta Inc. (Canada)
• The Hain Celestial Group, Inc. (U.S.),
• Freedom Foods (Australia)
• Nutriops SL. (Spain)
• Döhler GmbH (Germany)

Read Report Overview with Full TOC @ https://genesismarketinsights.com/viewreport/125/27/Dairy-Alternative-Market

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This release was published on openPR.