The global Dairy Alternatives Market size is expected to reach USD 41.06 billion by 2025 at a 16.7% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Increasing occurrence of milk allergies among consumers is likely to be a key factor driving the market.
Increasing popularity of almond milk, owing to high
protein, fiber, lipids, and energy content, is projected to drive its demand.
Better taste and texture offered by almond milk as opposed to its counterparts
is likely to offer a competitive advantage for the product over the forecast
period. Furthermore, almond milk helps regulate blood pressure and offers
benefits to heart, kidney, and skin, which is likely to increase its popularity
over the coming years.
The most common non-dairy product consumed in the market
is soy milk, which was also the largest product segment in 2017, accounting for
over 63.0% of the total market. Soy milk contains isoflavones, which reduce the
risk of breast cancer and heart diseases, and is likely to gain popularity,
especially among women and elderly consumers.
Going forth, growing demand for plain unsweetened dairy
alternatives for food and beverage applications is likely to have a positive
impact on industry growth over the projected period.
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Further key findings from the report
suggest:
- By product, the soy milk segment is projected to
ascend at a CAGR of 15.8% in terms of revenue over the forecast period
- On the basis of application, beverages dominated the
dairy alternatives with a global revenue share of over 58.0% in 2017
- Plain dairy alternatives are a key segment in the
industry and the segment is projected to expand at a CAGR of over 15.0%
from 2018 to 2025, in terms of volume
- Changing dietary habits of consumers have led to
growing acceptance of vegan diet, which, in turn, is likely to have a
positive impact on market demand over the next few years
- Asia Pacific dominated the industry and accounted
for over 50.0% of the market in 2017. According to the National Institutes
of Health, over 80% of the population in Southeast Asia suffers from
lactose intolerance. As a result, demand for dairy alternative products to
replace cow’s milk is likely to have a positive impact on industry growth
- The dairy alternatives market is highly diversified
as players are expanding their product portfolio and production capacity
to serve the growing demand, particularly in emerging regions
- Some of the key companies in the industry are Archer
Daniels Midland Company; Hain Celestial Group, Inc.; Daiya Foods Inc.;
WhiteWave Foods Company; Nutriops SL; SunOpta Inc.; and Earth’s Own Food
Company.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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