San Francisco, Aug. 23, 2016 (GLOBE NEWSWIRE) -- Dairy alternatives market is expected to reach USD 35.06 billion by 2024, according to a new report by Grand View Research, Inc. Dairy alternatives market is expected to witness significant growth over the projected period owing to rising consumer awareness towards health coupled with increasing number of lactose intolerance cases across various parts of the world. Increasing penetration of plant-based milk such as almond milk, soy milk and, coconut milk to replace cow milk is anticipated to propel demand.
Increasing consumer preference for lactose-free food products including cheese, desserts, and snacks are anticipated to drive demand. Rising consumer focus on the nutritional values offered by the product such as low calories and high proteins and vitamins is likely to have a positive impact on the industry. Furthermore, the shift of consumer base towards vegan diet owing to factors including animal rights and environment protection are anticipated to drive demand for dairy alternatives over the forecast period. However, high cost associated with these products as compared to dairy products is likely to hamper industry growth.
The global dairy alternatives market has numerous players, however, is dominated by a few including Danone, Vitasoy International, Sunopta, Earth’s Own Food, and Blue Diamond Growers. These companies are engaged in developing and launching innovative and new products to consolidate their presence in the industry. However, growing consumer demand and rising consumer preference for high-quality products with low costs are anticipated to open new avenues for the new players over the next eight years. The industry players are likely to establish and expand their business in the Asian Market in order to tap the increasing consumer demand associated with the changing lifestyle, growing population, rising disposable income and increasing number of lactose intolerance cases in the countries such as China, Australia, New Zealand, India, Japan, and Korea.
Browse full research report with TOC on “Dairy Alternatives Market Analysis By Product (Soy Milk, Almond Milk, Rice Milk), By Formulation (Plain, Flavored), By Application (Food, Beverage) And Segment Forecasts To 2024” at: http://www.grandviewresearch.com/industry-analysis/dairy-alternatives-market
Further key findings from the report suggest:
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Grand View Research has segmented the dairy alternatives market on the basis of product, formulation, application and region:
Dairy Alternatives Market Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Dairy Alternatives Market Formulation Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Dairy Alternatives Market Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Dairy Alternatives Market Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
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