Dairy Alternatives Market Projected To Display A Robust Growth With a CAGR of 13.6% by 2026
Based on application, the beverages segment held the largest share in 2018, accounting for nearly three-fourths of the global dairy alternatives market. Furthermore, the segment is expected to maintain its dominance throughout the study period. Moreover, the segment is expected to portray the fastest CAGR of 14.0% during the forecast period. This is due to increase in demand for plant-based chemical-free milk by lactose intolerant population and growing popularity of dairy free probiotic drinks.
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Based on distribution channel, the large retail segment held the lion's share in 2018, contributing to more than half of the global Dairy alternatives market. This is owing to rise in adoption of large retail formats such as supermarket and hypermarket in both the mature and emerging markets. However, the online segment is expected to manifest the fastest CAGR of 14.8% during the forecast period. This is due to increase in penetration of Internet at a global level, rise in popularity of online shopping, and surge in dependence of consumers on mobile banking.
Increase in demand for plant-based milk, rise in disposable income, and surge in awareness regarding benefits of dairy alternative products have boosted the growth of the global dairy alternatives market. Furthermore, the increase in the vegan population fuels the growth of the market. However, prominence of low cholesterol and low-fat conventional milk and high cost of dairy alternative milk impede the growth to certain extent. On the contrary, rise in dairy allergic consumers and innovation in taste and flavor of dairy alternative beverages are the factors expected to create lucrative opportunities in the near future.
Major market players
o Blue Diamond Growers
o WhiteWave Foods Company
o Earth's Own Food Inc
o Kikkoman Corporation
o Rebel Kitchen
o Panos Brands LLC
o Organic Valley
o The Hain Celestial Group Inc
o Eden Foods Inc
o Living Harvest Foods Inc
o SunOpta Inc
The global Dairy alternatives market across Asia-Pacific dominated in 2018, contributing to more than two-fifths of the market. Moreover, the region is expected to register the fastest CAGR of 14.5% during the study period. This is due to rise in the trend of veganism and surge in consumers' awareness about health and fitness in the region. On the other hand, North America held the second-largest share in terms of revenue.
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Key Findings of the Dairy Alternatives Market:
o The dairy alternatives market was valued at $13,021.0 million in 2018 and is estimated to reach $35,804.6 million by 2026, growing at a CAGR of 13.6% through the forecast period.
o Based on source, the almond segment would witness the fastest growth, registering a CAGR of 14.6% during the forecast period.
o In 2018, based on application, the beverage segment held the highest share, accounting for more than half of the global market share.
o In 2018, China was the most prominent market in the Asia-Pacific region and is expected to grow at a significant CAGR throughout the forecast period.
o Asia-Pacific was the dominant region in 2018, accounting for more the two-fifth of the dairy alternatives market share.
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