Dairy Alternatives Market: Snapshot
The global dairy alternatives market comprises of an extensive number of players, a great deal of whom are undergoing magnificent development through the increasing number of individuals analyzed as allergic to milk or lactose intolerant. With progressions in medical innovation and a developing rate of rising awareness about lactose and the human body among buyers of milk, the market for dairy alternatives is witnessing a significantly more noteworthy number of shares than before. The global dairy alternatives market is being supported by different factors, for example, the developing variety of dairy alternatives over the world, and the rising advantageous nature of various kinds of dairy alternatives. Nevertheless, the global dairy alternatives market is right now being smothered by factors, for example, the higher cost of dairy alternatives when contrasted with dairy items, and the absence of clarity encompassing a considerable measure of the presently accessible dairy alternative items.
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The global dairy alternatives market in 2015, had achieved worth of US$8.22 bn, and is anticipated to reach around worth of US$26.31 bn before 2024, rising at a robust CAGR of 13.8% within forecast period from 2016 to 2024.
Rising Usage of Dairy Products to Fuel Global Demand
The global dairy alternatives market is divided based on applications, into food and drinks. In 2015, among these, beverages held the main share in the global dairy alternatives market regarding both volume and value. Dairy elective food are likely to observe a noteworthy development over the coming years, because of overwhelming rate of utilization of dairy alternatives in various popular food products, for example, cheeses, spreads, and sweets.
On the basis of distribution, the dairy alternatives market is segmented into small retail, large retail, special stores, and ecommerce or online business. Huge retail chains accounted the main offer in the global dairy alternatives market for 2015. In the meantime, online deals are estimated to flood over the coming years. The online revenue of dairy alternatives is foreseen to be the especially quick, inferable from the simplicity with which makers or vendors can give a more extensive variety of products in various tastes, flavors, and details and additionally the customer loyalty program and discounts.
Increasing Popularity of Almond Milk to Augment Demand in Europe
On the basis of geographical regions, the global dairy alternative market is dominated by Asia Pacific in 2015, above other the regions of Europe, North America, Latin America, and the Middle East and Africa. At the time, Asia Pacific had held share of around 53% of the global market’s value, and is significantly prone to keep driving the regional demand for dairy alternatives over the coming years.
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In the meantime, Latin America is developing as a very encouraging region for players from the global dairy alternatives market for about similar reasons. While all the regions are encountering a surged demand for dairy alternatives in drinks, Europe and North America and particularly are encountering a high rate of growth popular for almond milk.
The key players in the global dairy alternatives market are Blue Diamond Growers, Archer Daniels Midland Company, E. I. du Pont de Nemours and Company, The Whitewave Foods Company, Freedom Foods Group Limited, SunOpta, Inc., Earth’s Own Food Company, Inc., Daiya Foods Inc., The Hain Celestial Group, Inc., Eden Foods, Inc., Sanitarium Health, and Wellbeing Company.