Dairy Alternatives Market Size, Revenue Growth Factors Regions, Trends, Challenges, Forecast To 2024

By Author: Nikhil. khadilkar
Total Articles: 373
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Dairy Alternatives Products Market Scenario
The global Dairy Alternatives Products Market is expected to garner a revenue of USD 2.1 billion by 2024 with a CAGR of 6.3% during the forecast period of 2019–2024. Dairy alternative products Market is 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.

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.

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Segmentation
The global dairy alternative market has been segmented based on source such as Soymilk, almond milk, coconut milk, rice milk and others. Soymilk 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. Based on application, global dairy alternative market has been segmented into food & beverages. Based on formulations, global dairy alternative market has been segmented into plain & flavored. Based on 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.

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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