Earth’s Own Food Company, Inc., The Hein Celestial Group, Inc., and Living Harvest Foods, Inc., have been some of the top names in the global dairy alternatives market for 2015. The market has already experienced a considerably positive reception from consumers over the recent past. Several factors are allowing the leaders in the global dairy alternatives market to embark on expansion strategies as well as consolidation tactics to gain a better share in the market over the coming years.
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As per a research report released by Transparency Market Research, the players from the global dairy alternatives market have found a considerable volume of success from the regions of North America and Europe. However, the regional leader of the market, Asia Pacific, is expected to continue dominating the overall demand volume for diary alternatives over the coming years. Dairy producers in this region have been enjoying a massive demand volume for milk and dairy products over many years. As consumer awareness towards healthier alternatives increases, a part of this huge demand is expected to be replaced by the demand for dairy alternatives. The global dairy alternatives market is expected to reach US$9.32 bn by the end of 2016. After being projected at a CAGR of 13.8% within a forecast period from 2016 to 2024, this market’s revenue is expected to reach US$26.31 bn by the end of 2024.
Lactose Intolerant Count on the Rise
“One of the key factors that work in favor of any market that caters to alternatives to an established one is an increase in the number of consumers or end users that are seeing it as a better option than the original. In the case of the dairy and dairy products markets, it is a growing number of consumers that are finding themselves to be lactose intolerant or feel that they are better off not consuming lactose. The count of both consumers is increasing at a fairly high rate across the world and is thus the prime factor augmenting the global dairy alternatives market,” states a TMR analyst. The same can be said with people who are allergic to milk. With the current rate of growth in their numbers, the global dairy alternatives market is expected to shine in the immediate future. At the same time, dieticians and doctors have been increasingly advising their patients in many cases to adhere to a plant-based diet, a large part of which includes plant-based milks and other dairy alternatives.
Another factor driving the global dairy alternatives market is the growing array of options made available by market players. The presence of milks made from soy, almond, rice, hemp, oats, and hazelnut is seen to be increasing in store shelves thanks to the ramped up production rates and better marketing strategies.
High Cost of Dairy Alternatives Continues to Deter Consumers
Despite the success stories of several players in the global dairy alternatives market, one problem that still all have to tackle is the high costs of producing and marketing dairy alternatives. Several players add value to their products by adding several supplementary nutrients, further increasing the cost of their products. Products such as almond milk and coconut milk – even without the addition of nutritional supplements – is found to be exceptionally high for a large part of the working class consumer pool, thereby severely reducing their overall market penetration rates.
“One factor that still continues to work in the favor of the producers of dairy alternatives, is the claims of massive health benefits and dietary supplementation that their products can offer over conventional dairy products. Complementing this is the surging demand for plant-based proteins across the world which is a response to the high level of fats and cholesterol consumed through meats and conventional milk and dairy products. This food segment also find favor among the growing number of people suffering from cancer, diabetes, and a list of other chronic and/or age-related health issues,” adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Dairy Alternatives Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024.”
Key segments of the Global Dairy Alternatives Market
Global Dairy Alternatives Market: By Product Type
- Soy Milk
- Almond Milk
- Rice Milk
- Coconut Milk
Global Dairy Alternatives Market: By Formulation
- Plain Sweetened Formulation
- Plain Unsweetened Formulation
- Flavored Sweetened Formulation
- Flavored Unsweetened Formulation
Global Dairy Alternatives Market: By Application
Global Dairy Alternatives Market: By Distribution
- Large Retail
- Small Retail
- Specialty Stores
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