Dairy Alternatives Market Key Players, Top Trends, Industry Insights, Overview, Forecast and Analysis - Set to Grow at 11.4% CAGR and Projected to Reach USD 29.6 Billion by 2023

Demand for dairy alternatives has increased over the years. The popularity of dairy-free milk can be attributed to the health concerns related to lactose intolerance and the hectic lifestyles of the working middle-class population, which encourage them to use convenience products for on-the-go consumption to save time. The market in Europe is projected to be the fastest-growing due to the high level of awareness among the consumers.

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The global dairy alternatives market size is projected to grow from USD 17.3 billion in 2018 to USD 29.6 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period. The dairy alternatives market is driven by various factors such as growing consumer preference for a vegan diet and nutritional benefits offered by plant-based dairy alternatives. However, the volatile price of raw materials in various region scan hinder the growth of the market.

Recent Developments:
• In April 2017, The WhiteWave Foods Company completed its merger with Danone S.A. (France). This merger would help Danone S.A. to focus on expanding sales of its plant-based products.
• In January 2017, Hain Tilda India Private Limited, a subsidiary of Hain Celestial, formed a joint venture with Future Consumer Limited (India). This joint venture would enhance the company’s product portfolio of plant-based beverages, toddler & kid food products, and snacks products to be offered under brands including Dream, Earth's Best, Garden of Eatin, Sensible Portions, and Terra.
• In September 2016, Blue Diamond Growers expanded its bulk storage capacity by establishing a new warehouse in Salida, US.
• In October 2016, SunOpta announced a partnership with Oaktree (US), an alternative investment management company. This strategic partnership benefitted SunOpta with an equity investment of USD 85 million.
• In October 2016, Sanitarium opened an office in Shanghai to expand its products and services globally.

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The study covers the dairy alternatives market across segments. It aims at estimating the market size and its growth potential across different segments such as source, application, formulation, nutritive component, distribution channel, and region. The study also includes an in-depth competitive analysis of the key players in the market; along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors,dairy alternative manufacturers, and executives from various key organizations operating in the dairy alternative Industries.
• By Company Type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
• By Designation: D-Level: 30%, C-Level Executives:25% and others: 45%
• By Region: North America: 22%, Europe: 27%, Asia Pacific: 33%,and RoW: 18%

The study covers the dairy alternatives market across segments. It aims at estimating the market size and its growth potential across different segments such as source, application, formulation, nutritive component, distribution channel, and region. The study also includes an in-depth competitive analysis of the key players in the market; along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Place the Order on “Dairy Alternatives Market by Source (Soy, Almond, Coconut, Rice, Oats, Hemp), Application (Milk, Cheese, Yogurt, Ice Creams, Creamers), Distribution Channel (Supermarkets, Health Stores, Pharmacies), Formulation and Region – Global Forecast to 2023” at https://www.reportsnreports.com/purchase.aspx?name=1074036 .

The Asia Pacific market accounted for the largest share in the dairy alternatives market. The large market share in this region is attributed to rapid urbanization, diet diversification, and liberalization of foreign direct investment in the food sector. Apart from this, rise in income, purchasing power, rapid growth of the middle-class population, increase in consumer awareness about health & fitness, and consumer demand for nutritional & healthy products provide promising prospects to the market players for growth and diversification in the region’s food sector.

Health and convenience are prioritized by consumers while making a choice for beverages. Companies have diversified their beverage offerings with products containing almond milk, coconut milk, and soymilk, along with other non-dairy ingredients and alternatives derived from hemp, oats, or flax. Factors supporting the popularity of dairy-free milk are health concerns related to lactose intolerance and the hectic lifestyles of the working middle-class population.

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