New Jersey, NJ, Sept. 11, 2019 (GLOBE NEWSWIRE) -- Wide adoption of almond milk, rich in protein, fiber, lipids, and energy content is projected to drive the demand for dairy alternatives. Moreover, rising rate of milk allergies among consumers is also responsible for the growth of the market. The global dairy alternatives market is expected to grow from USD 15.5 Billion in 2017 to USD 38.9 Billion by 2025 at a CAGR of 12.50% during the forecast period 2018-2025, according to the new report published by Fior Markets.
Dairy Alternatives are the products which are prepared from plant-based which include almond, pea, soy, cashew, and others. Dairy alternatives are products with a milk like texture, which are lactose free and are a great substitute of dairy based products. These products offer numerous benefits including lactose-free, gluten-free, sugar free, GMO-free, cholesterol free. They reduce the risk of heart disease, obesity, diabetics and other numbers of health gains. Almond milk has a number of benefit such as it is nutritious, low in calories, helps in maintaining the sugar level in the blood, dairy free, & build up bone structure and is high source of vitamin D. For instance, Vitasoy International Holdings Limited (Hong Kong) launched high calcium plant milk in Australia. On international World Plant Milk Day, company launched this product and shared the health benefits of plant milk.
Consumer fondness for a vegan diet is a major factor driving the market. In addition, growing rate of milk allergies among consumers and nutritional applications provided by plant-based dairy alternatives are two factors fuelling the growth of the market. However, uneven prices of raw materials may obstruct the growth of the market. Nevertheless, mounting demand of dairy alternatives products in emerging economies may boost the market in forthcoming years.
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Key players operating in the global dairy alternatives market include The Whitewaves Food Company, The Hain Celestial Group, Blue Diamond Growers, Sunopta, Sanitarium Health and Wellbeing Company, Freedom Foods Group, Eden Food, Nutriops S.L., Earth's Own Food Company, Triballat Noyal , Valsoia S.P.A, Dohler GmBh, Organic Valley, and Panos Brands LLC. To enhance their market position in the global Dairy Alternatives market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, In October 2016, Sanitarium opened an office in Shanghai to multiply its products and services globally. The company also launched an international version of Weet-Bix called 'Nutri-Brex’ into the Chinese domestic market.
- In 2017, Cognex acquired ViDi Systems SA. This acquisition enabled Cognex to have ViDi deep learning software for developing new innovations in industrial machine vision.
The soy segment is dominating the dairy alternatives market with a market share of 25.40% in 2017
The source segment is classified into soy, almond, coconut, rice, oats, hemp, others. The soy segment dominated the dairy alternatives market in 2017. The segment is dominating because of its high nutritional value of soy protein which helps in reducing the cholesterol level and fighting with heart disease. It is also used in energy drinks and dietary supplements products.
Plain based segment held the largest market share of 64.7% in 2017
Formulation segment includes flavored and plain. Plain based segment is dominating the market and valued around in 2017. Consumer preference towards plain beverage is driving the growth of the market
Protein segment held a market share of 35.80% in 2017
Nutrient segment is divided into segments such as a protein, starch, vitamins and others. Protein segment dominated the market in 2017. Proteins act as a building block of bones, muscles, cartilage, skin, and blood. Rising health concerns and increase in demand for balanced diet enriched with high quantity of nutrients has forced consumers to incline more towards protein consumption.
Online stores segment valued around USD 4.57 Billion in 2017
The distribution channel segment includes supermarkets, health food stores, pharmacies, convenience stores, online stores and others. The online stores segment held a market share of 29.50% in 2017. The usage of online services has also increased in developed as well as developing markets due to factors such as faster accessibility and cost-effectiveness.
So good segment is growing with the highest CAGR of 14.6% in 2017
The brand segment includes silk, dream, almond breeze, sunrise naturals, so good, so delicious, australia’s own organic, ecomil, alpro and edensoy. The so good segment has grown rapidlyin 2017. It is the kind of soy milk which is highly demanded because it provides all the nutrients and is natural.
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Milk segment held the largest market share of 30.10% in 2017
The application segment includes milk, ice creams, yogurt, cheese, creamers, others. The Milk segment has dominated the segment in 2017 due to health concerns related to lactose intolerance and the hectic lifestyles of the working middle-class population.
Regional Segment Analysis of the Dairy Alternatives Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region dominated the global dairy alternatives market with USD 6.21 Billion in 2017 where as the North America region held the second dominant position in the market. The Asia Pacific region is dominating because of fast urbanization, diet variation, and liberalization of foreign direct investment in the food sector. Besides this, rise in income level, increase in purchasing power, growth of the middle-class population and increasing consumer awareness are also some of the factors which is leading to growth of the market. North America is the fastest growing region as the production and consumption of dairy alternative milk is increasing day by day in the developed nations such as U.S. and Canada.
About the report:
The global dairy alternatives market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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