With The New Applications, Dairy Alternatives Market Is Set To Grow Exponentially to reach USD 29.5 Billion by the close of 2023
The global dairy alternatives market is set to gather a toughening impetus from the increasing inclination toward vegan, especially plant-based food, increasing intolerance for lactose among a large population and rising demand for various innovative dairy-free applications.
Which dairy alternative type will attract attention in future?
Leading market research provider, Decisiondatabases.com foresees the global dairy alternatives market to earn an approximate USD 29.5 bn by the close of 2023 at a 16.4% CAGR during the estimated period 2017–2023. In 2016, the market had reached a USD 10.2 bn.
On the basis of type, the largest share of the dairy alternatives market is anticipated to be hold by the soy segment during the coming years owing to the easy availability of the raw material and cheaper prices as compared to almond and other raw materials including cashew and walnut. The rise in demand of soy milk can be attributed to the growing awareness about the nutritional benefits of soy-based products and plethora of varieties like flavours, blends, fat content, and formulations offered by leading dairy alternative manufacturers. Added to above, being lactose- & cholesterol-free, soy milk is also a good source of essential amino acids (high-quality protein), potassium, fibre, and B vitamins which are required for growth. The next product type which is expected to grow at a faster pace is almond milk due to its better taste, texture, high protein, fibre, lipids, and energy content. In addition, almond milk is likely to become popular in the future as it helps in regulating the blood pressure and thus is also beneficial for heart, kidney and skin. Rice milk is also anticipated to witness a positive growth due to the growing demand for rice milk in the manufacturing of baking items and snacks. Also consumers suffering from milk and nut allergies are preferring rice milk as an alternative as it is supposed to be the least allergic substitute for dairy products.
Which application segments are expected to witness substantial uptake of dairy alternatives?
The major application segment for the dairy alternatives market is anticipated to be the beverages owing to the increasing demand for different nut based flavoured milk product items such as cashew, almond and walnut which are expected to open new opportunities for the industry growth over the projected period.
Based on formulation, the dairy alternatives market can be fragmented into plain & sweetened, plain & unsweetened, flavoured & sweetened and flavoured & unsweetened. Of above, the major share of the industry in terms of value is anticipated to be hold by flavoured & sweetened segment of the dairy milk alternatives over the next eight years. Also, dietary preferences are changing due to the increase in the number of diabetic population which further facilitate the rise in the number of different formulations to suit their needs.
Which are the prominent Regions exhibiting significant demands for dairy alternatives?
Asia-Pacific is anticipated to be the most flourishing market for dairy alternatives globally owing to the increasing consumer expectations for innovations and availability of healthy dairy-free food products. However, China, Japan, South Korea, Taiwan, Singapore, Malaysia, and Indonesia are some of the countries which are driving the Asia-Pacific market. The increasing popularity of plant-derived nutritional products along with increasing consumer demand for cholesterol free food among European consumers is expected to have a positive impact on non-dairy products. Rising demand for lactose-free ice- creams and yogurt in the UK and Germany are likely to drive demand over the next eight years.
Some of the prominent players in global dairy alternatives market are Blue Diamond Growers (U.S.), Whitewave Foods (U.S.), SunOpta Inc. (Canada), The Hain Celestial Group, Inc. (U.S.), Earth's Own Food Company Inc. (Canada), Eden Foods (U.S.), Nutriops SL. (Spain), Freedom Foods (Australia), Triballat Noyal (France), Valsoia S.p.A (Italy), and Dohler GmbH (Germany).
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