Press release
Dairy Alternatives Market - Evolving Industry Trends and key Insights by 2024
The global dairy alternatives market consists of a large number of players, a lot of whom are finding excellent scope of growth through the growing number of people diagnosed as lactose intolerant or allergic to milk. With advancements in medical technology and a growing rate of awareness about lactose and the human body among consumers of milk, the market for dairy alternatives is finding a much greater scope of sales than before. The global dairy alternatives market is also being augmented by other factors such as the growing variety of dairy alternatives across the world, and the overall healthier nature of several types of dairy alternatives. However, the global dairy alternatives market is currently being stifled by factors such as the higher price of dairy alternatives as compared to dairy products, and the confusion and lack of clarity surrounding a lot of the currently available dairy alternative products.
Overall, the global dairy alternatives market had reached US$8.22 bn in 2015, and is expected to reach US$26.31 bn by the end of 2024, expanding at a CAGR of 13.8% within a CAGR from 2016 to 2024.
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Asia Pacific Continues High Consumption Rate of Dairy Alternatives
A geographical segmentation of the global dairy alternatives market reveals Asia Pacific as the leader, above other the key regions of North America, Europe, The Middle East and Africa, and Latin America, for 2015. At the time, Asia Pacific had held a share of close to 53% of the global market’s value, and is highly likely to continue leading the regional demand for dairy alternatives over the coming years. Players are finding Asia Pacific to be highly attractive, primarily due to the extensively established nature of the dairy industry coupled with the surging numbers of people who are either lactose intolerant or who want to switch to a completely plant-based diet.
At the same time, Latin America is emerging as a highly promising region for players from the global dairy alternatives market for nearly similar reasons. While all regions are experiencing a spike in demand for dairy alternatives in beverages, North America and Europe especially are experiencing a very high rate of increase in demand for almond milk.
Dairy Alternative Beverages Enter Core Demand Segments in Multiple Regions
The global dairy alternatives market is segmented on the basis of applications, into food and beverages. Beverages held the leading share in the global dairy alternatives market for 2015 in terms of both value as well as volume. Dairy alternative foods are expected to witness a significant growth in demand over the coming years, due to heavy rate of application of dairy alternatives in different high-demand food products, such as spreads, cheeses, and desserts.
By distribution, the global dairy alternatives market is divided into large retail, small retail, specialty stores, and online or ecommerce. Large retail chains accounted the leading share in the global dairy alternatives market for 2015. Meanwhile, online sales are expected to surge over the forecast period. The online sale of dairy alternatives is expected to be the exceptionally fast, owing to the ease with which manufacturers or distributors can provide a wider variety of products in different flavors, tastes and formulations as well as the consumer loyalty schemes and discounts.
For 2015, the leaders in the global dairy alternatives market included Archer Daniels Midland Company, Blue Diamond Growers, E. I. du Pont de Nemours and Company, Freedom Foods Group Limited, The Whitewave Foods Company, SunOpta, Inc., Daiya Foods Inc., Earth’s Own Food Company, Inc., The Hain Celestial Group, Inc., Sanitarium Health, Eden Foods, Inc., and Wellbeing Company.
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