Dairy Alternatives Market to reach USD 22.62 billion by 2021

According to the report “Dairy Alternatives Market By Type (Almond Milk, Soy Milk, Rice Milk, Others), By Formulation (Plain Sweetened, Plain Unsweetened, Flavoured Sweetened, Flavoured Unsweetened), By Application (Food & Beverages), And By Region - Global Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2016–2021)” published by Market Data Forecast, the Global Dairy Alternatives Market was worth USD 11.10 billion in 2016 and is estimated to be growing at a CAGR of 15.3%, to reach USD 22.62 billion by 2021. The market is showcasing evident potential in the mentioned forecasting period.

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Dairy alternatives are texture products similar to milk, which are lactose free and are used as a replacement of dairy based products. These alternatives are majorly adopted by various cereals such as oats, wheat, rice, barley and nuts. The types of dairy alternatives available consists of almond milk , soy milk , rice milk , coconut milk and various other nut based milks such as cashew , hazelnut etc. Dairy Alternatives comes with numerous health related benefits, including high energy levels as compared to normal dairy products which are expected to be the key factors, because of which, people are shifting from regular products or beverages to their alternatives.

Dairy Alternatives products which are plant-based, are generally available in supermarkets including several milk options such as soy, almond, rice, hemp, coconut and flax. Additionally, frozen desserts, spreads, dairy-free yogurts and cheeses are also available. Soy milk has been the oldest option available to replace dairy milk. However, substitutes such as almond milk and coconut milk have grabbed the market significantly in the last couple of years.

The demand for dairy alternatives is driven by growing consumer liking for lactose-free food products including cheese, desserts, and snacks. Rising consumer focus on the nutritional values offered by the product such as low calories and high proteins and vitamins is likely to have a positive impact on the industry. Moreover, the swing of consumer base towards vegan diet owing to certain aspects including animal rights and environment protection are anticipated to drive the demand for dairy alternatives over the forecast period. However, high cost associated with these products as compared to dairy products is likely to hamper industry growth.

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The Global market for dairy alternatives is broadly categorized into Soy Milk, Almond Milk, Rice Milk and others. Based on formulation, the market is segmented as Plain Sweetened, Plain Unsweetened, Flavoured Sweetened and Flavoured Unsweetened. Based on Application, the market is further segmented into Food & Beverages. Soy Milk accounted for the highest revenue of the overall market and Almond Milk is projected to witness high growth rate during the forecast period. On the basis of geography, the global market is analysed under various regions namely North America, Europe, Asia-Pacific and Rest of the World. The Dairy Alternatives market was dominated by Asia-Pacific. Asia-Pacific was followed by North America and Europe.

Some of the major companies dominating the market, by their products and services include The Hain Celestial Group Inc., Blue Diamond Growers, Daiya Foods Inc., SunOpta Inc., Archer Daniels Midland Company, The WhiteWave Foods Company, Freedom Foods Group Limited, Sanitarium Health & Wellbeing Company, Earth’s Own Food Company, Nutriops S.L. and Eden Foods, Inc.

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