Dairy Alternative Market
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Milk Myths Busted
Lactose intolerance and milk allergy is a common occurrence among humans. For the note, both the conditions are distinctly different from one another. The symptoms show up in various forms, such as flatulence, bloating, abdominal pain, and diarrhea, upsetting the digestive functions. Besides, each of the nutrients found in milk can be obtained from other dietary sources as well. There has been a considerable increase in the lactose-intolerant and allergic consumer population in the previous decade.
Not very long ago, the global population consistently believed that milk and milk products have multiple health benefits. In recent researches, it was observed that a significant population around the world are unable to properly digest the lactose content in animal milk once they are past the breastfeeding stage. The body does not produce enough of the enzyme lactase that is needed to breakdown lactose after a certain age. The continued consumption of milk then leads to a list of side effects. The affected population can savor the dairy delights minus its health consequences; something they were deprived of before the entry of dairy substitutes.
Dairy Alternative Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $21.7 billion by 2022, registering a CAGR of 13.3% during the period 2016-2022. Asia-Pacific generated the highest revenue of $4.0 billion in 2015, followed by North America. Asia-Pacific would continue to dominate the overall market throughout the forecast period owing to the increase in demand from countries such as China and India.
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TOP FACTORS IMPACTING WORLD DAIRY ALTERNATIVE MARKET
Increase in disposable income
Increase in disposable income of chinas huge population is anticipated to drive the Asia-Pacific dairy alternative market in the coming years. For instance, according to National Bureau of Statistics of China, the disposable income of China has increased by 8.2%, from 28844 CNY in 2014 to 31195 CNY in 2015. The increased disposable income generates opportunity for market players to expand their market presence in these countries.
Increase in dairy allergic consumers
Dairy alternative has become a need for consumers who are allergic to conventional milk/milk products. Most of the consumers select these beverages because of intolerances or allergies to cows milk while others choose them for taste. Consumers allergic to dairy products are eagerly looking for plant based milk with huge amount of nutrients, vitamins and calcium with same satisfaction as the cows milk. Dairy milk was the healthiest food in the past but increasing allergic consumers would decrease the demand for dairy products in future. According to a survey of the American Dietetic Association, in September 2012, 87% of dietitians recommend a plant-based diet to some or most of their patients. Consumers are rapidly moving towards conventional milk leaving behind dairy milk.
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