Dairy Alternatives Market Is Your Company Prepared for Future Growth? WhiteWave Foods Company, SunOpta Inc., Blue Diamond Growers, Living Harvest Foods Inc
• During the coronavirus pandemic, operations regarding production and supply of dairy alternatives have not been affected much as it comes under “essential goods” category.
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Rise in disposable income, growth in number of vegan people, and increase in demand for plant-based milkdrive the growth of the global dairy alternatives market. However, high cost and rising demand for low cholesterol and low fat conventional milk hinder the market growth. On the other hand, rising R&D activities for taste and flavors in dairy alternatives create new opportunities in the coming years.
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.
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.
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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Leading market players analyzed in the research include WhiteWave Foods Company, SunOpta Inc., Blue Diamond Growers, Living Harvest Foods Inc., Earth’s Own Food Inc., Rebel Kitchen, Kikkoman Corporation, Panos Brands LLC, Organic Valley, Eden Foods Inc., and The Hain Celestial Group Inc.,
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