Global Dairy Alternative Market Report, published by Variant Market Research, forecast that the global market is expected to reach $28,745 million by 2025 from $10,709 million in 2017, growing at a CAGR of 13.1% from 2017 to 2025. By Geography, Asia-Pacific and North America are expected to grow at a CAGR of 14.0% and 12.7%, respectively, during the forecast period.
"Dairy Alternative Market (By Source: Soy Milk, Almond Milk, Rice Milk, and Other Sources; By Application: Food, and Beverages; By Distribution Channel: Large Retail, Small Retail, Specialty Store, and Online; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025"
The global dairy alternative market is mainly driven by increasing lactose intolerance among consumers globally
Some of the factors driving the growth of the global dairy alternative market include increasing lactose intolerance among consumers globally, nutritional benefits offered by plant-based dairy alternatives, and rapidly growing beverage industry. In addition, growing consumer preference for a vegan diet has also supported the market growth. However, lack of proper nutrients available in dairy alternative raw materials may hamper the growth of the market. Furthermore, innovative product launches and attractive marketing and promotional strategies followed by the companies is expected to provide profitable growth opportunities for the market in the coming future.
The global dairy alternative market is mainly classified on the basis of source, application, distribution channel, and geography. The source segment is further bifurcated into soy milk, almond milk, rice milk, and other sources. On the basis of application, the segment is categorized into food (spread, creamer, yogurt, tofu, and other foods), and beverages. Moreover, the distribution channel segment comprises large retail, small retail, specialty store, and online. The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Germany, France, UK, and Rest of Europe are analyzed under the European market. China, Japan, and Rest of Asia-Pacific are included under the Asia-Pacific market. While RoW is bifurcated into South America, Middle East, and Africa.
Soy milk, by source dominated the market with largest share in 2017
Soy milk accounted for more than half of the total market share in 2017, in the source segment, and is expected to continue its dominance during the forecast period. The high growth of the soy milk can be attributed to the excess of varieties, in terms of flavors, fat content, blends, and formulations presented by leading dairy alternative manufacturers. In addition, the expanding awareness about the nutritional benefits of soy-based products as well as their easy availability, is driving the soy milk market growth.
Beverages contributed for the majority of the share in the application segment
In the year 2017, beverages occupied the maximum market share in the application segment accounting for more than two third of the total market share, and is likely to achieve the fastest CAGR throughout the forecast period 2017 – 2025. The high growth is seen because of the growing demand for various nut based flavored milk products such as almond, walnut, and cashew which is expected to benefit the market growth over the forecast period.
Large retail held the highest share in the distribution channel segment in 2017
Large retail accounted for the largest market share with 55.2%, and is expected to continue its trend in the forecast timeframe. In terms of growth, online channel attained the fastest CAGR owing to high penetration of smartphones, and large availability of sales and discounts in the online commerce.
Asia-Pacific led the global dairy alternative market in 2017
Asia-Pacific generated the highest revenue accounting for 43.6% of the total market share, owing to increasing consumer demand for lactose free food products as well as richness of soy-based dairy-free products. Moreover, Asia-Pacific is also anticipated to reach the fastest CAGR during the forecast period, due to increasing population and rise in the disposable income of the consumers.
The prominent players profiled in the report include Hain Celestial Group Inc., Blue Diamond Growers, SunOpta Inc., Hudson River Foods, WhiteWave Foods Company, Eden Foods, Inc., Earth's Own Food Company Inc., Organic Valley, Döhler GmbH, and BRIDGE S.R.L among others.