The global dairy alternatives market is choc-a-bloc with players. Hence, the market is both fragmented and cutthroat. In order to gain a solid foothold in such an overcrowded space, nimble players are seen banking upon several strategies. Those include creating products fortified with greater amount of nutrients, experimenting with taste, and creating attractive packaging. They are also seen banking upon proactive advertising and marketing strategies.
Blue Diamond Growers, Archer Daniels Midland Company, Freedom Foods Group Limited, and E. I. du Pont de Nemours and Company are to name a few of the key companies operating in the global dairy alternatives market. They have come to hold a prominent position by banking upon such strategies.
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Transparency Market Research has prepared an elaborate report on the global dairy alternatives market. The report informs that the market has been rising at a healthy double digit CAGR of 13.8% from 2016 to 2024. At this pace, the market which was worth US$8.22 bn is expected to attain a value of US$26.31 bn by 2024.
Depending upon applications, the global dairy alternatives market can be broadly divided into food and drinks. Between the two, the segment of beverages accounts for most of the share in the market. This is both with respect to value and volume. With respect to geography, the global dairy alternatives market is mainly being powered by the demand from Asia Pacific. This is because of the surging middle class in the growing urban pockets. The mushrooming supermarkets and hypermarkets in the developing economies in the region are also having a positive impact on the market.
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Lactose Intolerance in People Creates Opportunities for Global Dairy Alternatives Market
The report projects the global dairy alternatives market to be buoyed by the rising demand for alternatives in different food products such as cheese, sweets, and spreads. Those are also being used for beverages. One of the main reasons behind it is the lactose intolerance among many people. Since milk and milk products create digestion problem in them, they are seen opting for dairy alternatives. Those are also known to provide greater energy. Thus, there has been a perceptible rise in demand in the global dairy alternatives market.
Ethical Concerns Provide Tailwinds to Market As well
Some of the popular products in the global dairy alternatives market are soy milk, almond milk, rice milk, oat milk, and hazelnut milk. Their demand and sales is also growing because of the rising awareness about the inhuman practices in large, mechanized dairies. Adds our lead in-house analyst, ‘As demand for milk and milk products grew at a breakneck speed worldwide, cattle owners adopted new methods to increase milk production in cows and other animals. They also leveraged latest technologies to increase the speed of milking. All these induce excruciating pain in the animals. Growing awareness about the same has played a key role in promoting the global dairy alternatives market.’
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The review is based on the findings of a TMR report, titled, ‘Dairy Alternatives Market (Products – Soy Milk, Almond Milk, Rice Milk, and Coconut Milk; Formulation – Plain Formulation and Flavored Formulation; Applications – Food and Beverages; Distribution – Large Retail, Small Retail, Specialty Stores, and Online) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024.’
The report segments the Global Dairy Alternatives Market into the following:
Global Dairy Alternatives Market, By Product Type
- Soy Milk
- Almond Milk
- Rice Milk
- Coconut Milk
Global Dairy Alternatives Market, By Formulation
- Plain Formulation
- Plain Sweetened Formulation
- Plain Unsweetened Formulation
- Flavored Formulation
- Flavored Sweetened Formulation
- Flavored Unsweetened Formulation
Global Dairy Alternatives Market, By Application
- Large Retail
- Small Retail
- Specialty Stores
Global Dairy Alternatives Market, By Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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ALBANY, New York, December 7, 2018 /PRNewswire/ —