Shift in consumer choice for vegan diets and rising incidences of lactose intolerance are among the major factors expected to stimulate the market demand.
Market Size – USD 15.40 billion in 2018, Market Growth - CAGR of 12.2%, Market Trends – Huge investment in R&D by the companies in the market
NEW YORK, April 09, 2019 (GLOBE NEWSWIRE) -- The dairy alternatives market is expected to reach USD 41.80 Billion by 2026, according to a new report by Reports and Data. Dairy alternative, a plant based milk, is used as the main substitute of milk. It is obtained from cereals (oats, wheat, rice, and barley among others), nuts, and seeds. Dairy alternatives have low fat and low cholesterol content than milk products and does not contain lactose that has medical benefits especially for the lactose intolerant people.
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Increasing incidences of lactose intolerance among individuals across the globe, the rising number milk allergies, innovative product launches and smart marketing and sales promotional strategies followed by the market players are the some of the main factors that have stimulated the overall market demand for dairy alternatives. The competition in the dairy alternatives market is very high with major players acquiring other small players to increase their market share and profitability. Players in this market are continuously innovating their products to come up with new taste and flavors to differentiate their products and pull more customers. Nevertheless, the players in the dairy alternatives market may face a significant challenge in the form of innovation being done in conventional milk and dairy products with low cholesterol and fat.
Considerable investments in R&D for development of new technologies and methods for the improvement of dairy alternative products like the removal of flavor & inhibitors, fortification of food items, and enhanced shelf life, will drive the market growth. The deployment of latest technological methods, like Ultra High Processing (UHT) and enzymatic liquefaction for the efficient production of various dairy alternative food items will provide strong growth opportunities for the market.
The high price associated with dairy alternative products may create hindrances for the market growth in the forecast period.
Further key findings from the report suggest
- Soy milk occupied the largest share with more than 50% of the global market in 2018 and is forecasted to have a growth rate of 12.2% in the forecast period. Soy milk is a rich source of vitamins, proteins, potassium, and has a lower calorie content than cow’s milk, which is projected to boost the market growth.
- The plain formulation is expected to have a growth of 12.2% during the forecast period accounting for more than 70% of the market in 2018. Rising demand for the plain/unflavored type of dairy alternatives like soy milk, almond milk, and rice milk among others is estimated to fuel the market growth.
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- The Asia Pacific market held the largest share in 2018 and is expected to maintain its dominance throughout the forecast period with a growth rate of 12.2%. The market dominance of this region is due to diet diversification, rapid urbanization, and liberalization of FDI in the food sector. Besides, the rise in the level of disposable income, increase in purchasing power of customers, increase in consumer awareness regarding health & fitness, and rise in consumer demand for nutritional & healthy products is estimated to fuel the market growth in this region.
- Key participants include The WhiteWave Food Company, Blue Diamond Growers, Archer Daniels Midland Company, The Hain Celestial Group Inc., Eden Foods Inc., Panos Brands LLC, Earth’s Own Food Company, Daiya Foods Inc., SunOpta Inc., Freedom Foods Group Ltd., and CP Kelco among others.
For the purpose of this report, Reports and Data have segmented global dairy alternatives market by product type, formulation, application, distribution channel, and region:
Product Type Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Soy Milk
- Almond Milk
- Coconut Milk
- Rice Milk
- Oat Milk
- Hemp Milk
- Others
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Formulation Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Flavored Formulation
- Plain Formulation
Application Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Food
- Beverages
Distribution Channel Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Super Markets
- Health Food Stores
- Pharmacies
- Convenience Stores
- Online Stores
- Others
Regional Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- North America
- US.
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- South-east Asia
- Latin America
- Brazil
- MEA
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