Dairy Alternatives Market by Type (Soy, Almond, Coconut, Rice, Oat, Hemp), Formulation (Plain & Sweetened, Plain & Unsweetened, Flavored & Sweetened, Flavored & Unsweetened), Application (Food, Beverages), and Region - Global Forecast to 2022
“The dairy alternatives market is projected to grow at a CAGR of 11.7%”
The global dairy alternatives market was valued at USD 7.37 billion in 2016 and is projected to reach USD 14.36 billion by 2022, growing at a CAGR of 11.7%. This market is driven by the increasing health consciousness among consumers, growing lactose intolerance, and inclination toward a vegan diet. Price sensitivity of raw material in manufacturing dairy-free food products has been considered as the restraining factors for the market.
“In terms of type, coconut milk is projected to be the fastest-growing segment during the forecast period”
One of the major drivers for the growth of the coconut milk segment is attributed to its increased application areas—ranging from confectionery, snacks, and yogurt to frozen dessert. Commercially, newer varieties of coconut milk in the form of coconut milk powder are being introduced, which further supports its growth in the dairy alternatives market. Also, it is a good source of energy and provides nutrients such as minerals, vitamins, and electrolytes.
“Flavored & unsweetened is projected to be the fastest-growing formulation for dairy alternatives during the forecast period”
One of the drivers for the growth of the flavored & unsweetened segment is the growing health concerns among consumers. Flavored & unsweetened dairy alternatives are increasingly becoming popular, owing to the rise in health consciousness among consumers who refuse the usage of added artificial or natural sweeteners in their products. Also, factors such as the changing lifestyles, rising health consciousness, and changing eating habits are driving the growth of the flavored & unsweetened segment.
“North America is projected be the fastest-growing region for dairy alternatives during the forecast period”
The North American dairy alternatives market is led by wide applications in food & beverage products, along with their health benefits. Growing health consciousness among consumers and the rising number of cases of lactose intolerance & milk allergies are fueling the market for dairy alternatives in this region. According to the National Dairy Council, in 2011, about 25% of the U.S. population and 75% of the world’s population have low lactase levels or are lactose maldigesters.
Break-up of Primaries:
By Company Type – Tier 1- 35%, Tier 2- 45%, Tier 3- 20%
By Designation – C level- 25%, Directors- 30%, Others*- 45%
By Region – North America- 20%, Europe- 25%, Asia-Pacific- 45%, RoW- 10%
*Others include sales managers, marketing managers, and product managers.
Leading players profiled in this report are as follows:
• Whitewave Foods (U.S.)
• The Hain Celestial Group, Inc. (U.S.)
• Blue Diamond Growers (U.S.)
• SunOpta Inc. (Canada)
• Freedom Foods (Australia)
• Eden Foods (U.S.)
• Nutriops SL. (Spain)
• Earth's Own Food Company Inc. (Canada)
• Triballat Noyal (France)
• Valsoia S.p.A (Italy)
• Döhler GmbH (Germany)
The dairy alternatives market has been segmented on the basis of type, formulation, and application which are further divided into their subsegments. It has also been segmented on the basis of region into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In terms of insights, this research report has focused on various levels of analyses—industry analysis, company profiles of top players, which together comprise and discuss the basic views on the competitive landscape, emerging & high-growth segments of the dairy alternatives market, high-growth regions, countries, drivers, restraints, and opportunities.
Reasons to buy this report:
• To get a comprehensive overview of the global dairy alternatives market
• To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by the players
• To gain insights about country- and region-based market trends and growth prospects in the dairy alternatives market
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