Global Dairy Alternatives Market - Growth, trends & Forecasts (2015-2020)
Dairy alternatives are milk like texture products, which are lactose free and used as a replacement of dairy based products. These alternatives are majorly adopted by various cereals such as oats, wheat, rice, barley and nuts. 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. The expected growth of the dairy alternative is 14.7% for the forecast period of 2015-2020.
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.
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: plain (unsweetened) and flavored (sweetened). However, the plain unsweetened formulation is projected to dominate the dairy alternatives market due to the health conscious behaviours of customers, which tips them towards healthy versions of available products.
Asia-Pacific is the largest market for dairy alternatives. 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.
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 Inc., Eden Foods Inc., Organic Valley, Grupo Leche Pascual Sa, Living Harvest Foods Inc., Panos Brands LLC, The Hain Celestial Group Inc., The Whitewave Foods Company and SunOpta Inc. 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.
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Market analysis for the Global dairy alternatives Market, with region specific assessments and competition analysis on a global and regional scale
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