World Dairy Alternative Market Analysis, Future Growth, Business Prospects and Forecast to 2022

Market Scenario:
Dairy Alternative is a substitute of the animal based traditional milk products. Dairy alternative is derived from the plant based milk sources and is lactose and casein free. Dairy alternative is manufactured by using various plant based sources like soy, almond, coconut, rice, hazelnut and many more. Dairy alternative has been created owing to the consumer demand. Today, food intolerances and food allergies have become a major concern for today’s health conscious consumers. Dairy alternative is lactose-free food, which means that the product is free from animal (usually cow’s) milk which contains milk sugar lactose. Plant-based ingredients, such as soy, almond, coconut and rice are majorly used as main source to prepare dairy substitute.

The foodservice industry plays a key intermediary role between producers and processors at one end and consumers at the other end. The consolidation and market concentration of foodservice industry creates multitude of opportunities for the market growth of dairy alternative market. Evolving economic standards and social habits coupled with trend of fast-food consumption has considerably impacted the growth of in-store restaurants, take-away shops, or pub- restaurants. Today, dairy alternative is commercially available in great abundance and is far beyond the concept of convenience. Socio-economic factors, demographic trends, changing dietary pattern, industrial players focusing on youth marketing considering the food habits of youth are certain factors supporting the sales of dairy alternative at the global level.

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There has been increasing incidence of lactose intolerance across the globe. People who are lactose intolerant lack enzyme (lactase) in their small intestine to break down all of the lactose consumed. Lactose intolerance encompass dairy products allergy, disaccharide deficiency, lactase deficiency or milk intolerance and the partially digested or undigested lactose leads to pain, abdominal bloating, diarrhoea, skin problems, sleep disturbances, tiredness and other health problems.

Key Players:
The leading market players in the global dairy alternative market primarily are Blue Diamond Growers (U.S.), Hain Celestial Group (U.S.), Whitewave Foods (France), Sunopta Inc.(Canada), Daiya Foods Inc. (Canada), Galaxy Nutritional Foods, Inc. (U.S.), Tofutti Brands Inc. (U.S.)

Regional Analysis:
The global dairy alternative market is segmented into North America, Europe, Asia Pacific and Rest of the world. Among these, Asia Pacific is projected to retain its dominance throughout the forecast period. Robust economic growth, rising urbanization, explosion of in the middle class population are the significant factors of the growth of dairy alternative in Europe region. Also, vegan diet is gaining acceptance in the European countries which is anticipated to fuel the growth of dairy alternative during the forecast period. North America region is also projected to register a healthy growth of 14.63% during the forecast period of 2017-2022.

Segments:
The global dairy alternative market has been segmented on the basis of source such as Soy milk, almond milk, coconut milk, rice milk and others. Soy milk is estimated to account maximum market proportion of 54.3% by the end of 2017. It is projected to retain its dominance during the forecast period of 2017-2022. On the basis of application, global dairy alternative market has been segmented into food & beverages. On the basis of formulations, global dairy alternative market has been segmented into plain & flavored. On the basis of distribution channel, global dairy alternative market has been segmented into store based and non-store based. Store based segment has been segmented into supermarkets & hypermarkets, health & wellness, pharmacy, convenience stores and others.

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Key Findings:
Asia Pacific is estimated to retain its dominance throughout the forecast period and to grow at a substantial CAGR of 14.80%. Among the Asia pacific country, China is accounting maximum market proportion of 25.80% in the Europe dairy alternative market by the end of 2017. This is attributed by the rising lactose intolerance and various allergy.

Rising vegan diet trend & urbanization has spurred the growth of dairy alternative market

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This release was published on openPR.