DUBLIN--(BUSINESS WIRE)--The "Global Dairy Alternative Products Market - Segmented by Type, By Application, By Formulation, By sales channel, Growth, trends & Forecasts (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global dairy alternative market, in terms of value, is projected to reach about USD 26 billion by 2023, growing at a CAGR of about 10.4% from 2018 to 2023.
Plant-based dairy alternatives, that are widely available in supermarkets, include various milk options such as soy, almond, coconut, rice, hemp and flax, in addition to dairy-free yogurts, frozen desserts, spreads, and cheeses.
Better health related benefits, including high energy levels as compared to normal dairy products, are expected to be the key factors, owing to which, people are shifting from regular products or beverages to its alternatives.
Dairy Alternatives Market Dynamics
The primary factors driving the dairy alternative market are:
- Increase in lactose Intolerance and milk allergy
- Nutritional values of plant based dairy alternatives
- Changed lifestyle causing obesity and gastrointestinal problems
Lactose intolerance and milk allergy is one of the major reasons of growth for the dairy alternative products. However, from the past few years the increasing awareness and changing lifestyle has helped the market to grow. Health consciousness among consumers has increased, mainly about their weight and diabetic diseases.
Consumers are also becoming more health conscious due to the growing incidences of gastrointestinal diseases. Due to increasing incidences of gastrointestinal diseases in the population, consumers avoid dairy products, which in-turn drives the market for dairy alternatives.
On the other hand, increased disposable income and rising population in developing countries provides an opportunity to grow the segment in the coming years. Therefore, various marketing strategies and innovations are enhancing the market in emerging regions. However, high pricing and lack of proper nutrients available in dairy alternative raw materials is hindering the market growth.
The major restraints for the dairy alternates market are:
- High pricing of dairy alternatives as compared to dairy based products
- Lack of protein and cross contamination of raw materials
- Higher cost in comparison to conventional milk or milk based products, the prominence of low-cholesterol & low-fat conventional milk or milk based products are major hindrances for the players operating in the market.
The factors that can provide opportunities to the key players of the market are:
- Innovative marketing practices and creating awareness
- Increasing demand from developing countries
- Dairy Alternatives Market Segmentation
Considering the market segmentation of dairy alternatives, there are various food and beverage options available in supermarkets, convenience stores, pharmacies and health stores to grab the attention of the consumer. However, the major market share is taken by beverages in the global scenario and it is expected to grow in the coming years. The sales channel followed by dairy alternatives is similar to that of dairy options in convenience stores and supermarkets.
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. 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 dollar sales of almond milk have increased by 40% on unit and volume, from 2013 to 2014. It accounts for more than one- half of the total category sales. Rice milk, nut based milk and coconut milk are in the growing phase. However, almond milk is leading the market and expected to be customers' first preference in the forecast period.
The availability of dairy alternative products based on two types: unsweetened and sweetened. However, the plain unsweetened formulation is projected to dominate the dairy alternatives market due to the health conscious behaviors of customers, which tips them towards healthy versions of available products.
Regional Analysis
Asia-Pacific is the largest market for dairy alternatives. China, being dominant in the Asia-Pacific region, especially contributes to the soymilk market share. Factors such as increasing health awareness among the consumers, increasing population and rise in the disposable income of the consumers are boosting the demand for dairy alternatives. North America is the second largest market for dairy alternatives after Asia-Pacific. North America and Europe are considered as growing markets of dairy alternative beverages.
Competitive Landscape
To maintain a competitive edge in the dairy alternatives market, the key players invest in launching new products and expanding their geographical presence. They are also focusing on acquisitions and expansion & investments of their facilities, to enter the markets. Investment in extensive research and development and new products launches in different sizes, flavors and packaging, continues to be the strategy employed by companies to market their products.
Earth's Own Food Company, Eden Foods, Organic Valley, Grupo Leche Pascual, Living Harvest Foods, Panos Brands, The Hain Celestial Group, The Whitewave Foods Company, and SunOpta are some of the major players operating in the global dairy alternative market.
Thus, the alternative option for dairy products market is small and new. However, increasing awareness and innovations for new products will lead the market to have substantial growth in the years to come.
The report on global dairy alternatives market covers the following:
- Market Trends & Dynamics
- Latest News & developments
- Porter's Five Force Analysis
- Investment Scope
- Deep-Dive Insights
Key Topics Covered
1. Introduction
1.1 Research methodology
1.2 Market Definition
2. Dairy Alternatives Market Key Findings
3. Dairy Alternatives Market Overview
3.1 Introduction
3.2 Dairy Alternatives Market Dynamics
3.3 Dairy Alternatives Market Drivers
3.3.1 Increase in lactose Intolerance and milk allergy
3.3.2 Nutritional values of plant based dairy alternatives
3.3.3 Changed lifestyle causing obesity and gastrointestinal problems
3.4 Dairy Alternatives Market Restraints
3.4.1 High pricing of dairy alternatives as compared to dairy based products
3.4.2 Lack of protein and cross contamination of raw materials
3.5 Dairy Alternatives Market Opportunities
3.5.1 Innovative marketing practices and creating awareness
3.5.2 Increasing demand from developing countries
3.6 Porter's Five Forces Analysis
3.7 Consumer Behavior Analysis
3.7.1 Consumer Demand Analysis
3.7.2 Target Market Identification
3.7.2.1 Purchasing Power
3.7.2.2 Demographic Strengths & Weaknesses
3.7.2.3 Spending Patterns
4. Market Segmentation
4.1 Dairy Alternatives Market, By type
4.1.1 Soy Milk
4.1.2 Almond Milk
4.1.3 Coconut Milk
4.1.4 Rice Milk
4.1.5 Others (hemp milk, oat milk, cashew milk, hazelnut milk)
4.2 Dairy Alternatives Market, By Application
4.2.1 Food
4.2.2 Beverages
4.3 Dairy Alternatives Market, By Formulation
4.3.1 Sweetened Products
4.3.1.1 Plain Formulation
4.3.1.2 Flavored Formulation
4.3.2 Unsweetened Products
4.3.2.1 Plain Formulation
4.3.2.2 Flavored Formulation
4.4 Dairy Alternatives Market, By sales channel
4.4.1 Super Markets
4.4.2 Convenience Store
4.4.3 Pharmacies
4.4.4 Health Food Stores
4.4.5 Others
4.5 Dairy Alternatives Market, By Region
4.5.1 North America Dairy Alternatives Market (2018-2023)
4.5.2 Europe Dairy Alternatives Market (2018-2023)
4.5.3 Asia-Pacific Dairy Alternatives Market (2018-2023)
4.5.4 South America Dairy Alternatives Market (2018-2023)
4.5.5 Africa Dairy Alternatives Market (2018-2023)
5. Dairy Alternatives Market Competitive Landscape Overview
5.1 Dairy Alternatives Market Share Analysis
5.2 Strategies by leading players
5.3 New Product Developments &Other Innovations
6. Dairy Alternatives Market Company Profiles
6.1 Daiya Foods Inc.
6.2 Earth's Own Food Company Inc.
6.3 Panos Brands LLC
6.4 Eden Foods Inc.
6.5 Freedom Foods Group Ltd.
6.6 Blue Diamond Growers Inc.
6.7 The Hain Celestial Group Inc.
6.8 The WhiteWave Foods Company
6.9 Sanitarium Health & Wellbeing Company
6.10 Sunopta Inc.
6.11 Archer Daniels Midland Company
6.12 Nutriops S.L.
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