Asia-Pacific Dairy Alternatives Market - Growth, Trends, and Forecast (2018 - 2023)
Milk and dairy products are globally considered essential to the daily diet due to vital nutrients, vitamins, and amino acids. The Asia-Pacific dairy alternative market was valued at USD 4100.0 million in 2016. It is expected to grow tremendously due to the enhanced demand over the years. The largest market of dairy alternative and maximum growth of Asia-Pacific is likely to contribute a major share in the overall growth of dairy alternatives industry in 2018-2023.
In East and Southeast Asia, where 90% of the population is estimated to be lactose-intolerant, the market penetration of lactose-free products is relatively low, due to the lack of awareness of the benefits associated with such products. Unlike the regular dairy beverages, they have low cholesterol and low fat content. Hence, the awareness among niche audience has led many vegans to opt for such products, as they are concerned about growth related hormones and antibiotics found in the animal milk processed by dairy industry.
The soy milk and the other dairy alternative beverages market in Asia-Pacific is growing as manufacturers are launching new products for specific customer segments. In the Asia-Pacific region, soy milk was initially bought as a soft drink. However, product innovations made it popular as a functional beverage and dairy alternative. The food manufacturers launched various soy milk forms to meet the increasing consumer demand for health beverages, pasteurized soy milk as dairy alternatives and novel flavors of soy drinks. Soy milk, rice milk, and so on, are widely consumed by consumers as a traditional beverage in the Asia-Pacific region.
Asia-Pacific, with over 4.3 billion citizens and a population with high lactose intolerance, has very few options of lactose-free products for adults. The Asian market is dominated by lactose-free milk, and milk for children, pregnant women, and lactating mothers. This provides a wide scope for various lactose-free products for the adult market to enhance the horizons in the Asia-Pacific market. Therefore, the Asian market is leading the market and expected to grow exponentially. For instance, China is expected to have an annual growth rate of 10 percent despite the fact that a large portion of the disposable incomes are not yet sufficient for purchasing lactose free products, which are expensive compared to normal dairy products.
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