Global Dairy Alternatives Market: Snapshot
Dairy alternatives have in recent years gathered marked momentum among people worldwide. And, the target population size is fast expanding in developed as well as developing regions. Growing numbers of people who are lactose-intolerant find dairy alternative a promising option to meet their appetite. The dairy alternatives market has also an environmental underpinning. Substantial carbon footprint of the dairy industry has shifted attention of food companies toward dairy alternatives market. Advent of dairy alternatives with good nutritional profile comparable to dairy products is a key trend strengthening the prospects of the market. Growing popularity of plant-based dairy substitutes has imparted a robust momentum in recent years. Some of the product types that have gathered widespread steam is dairy-free milk, butter, and cheese. Demand for ice-creams made with these dairy alternatives have also picked up pace. Some key factors that add to the popularity of dairy alternatives are discussed below:
Global Dairy Alternatives Market: Overview
The dairy alternatives market is booming thanks to a range of products. Worth billions of dollars, it is expected to scale greater heights in the near term owing to stiff competition among players. They are seen pulling out all stops to grow their revenues. One such strategy is integrating backwards and forwards to get an easy supply of raw materials and win over distribution rights. They are also seen pouring money into research and development of better products. As a result the market is inundated with products, both non-dairy beverages and food, which is driving sales.
Global Dairy Alternatives Market: Trends and Opportunities
There are several factors promoting the global dairy alternatives market. One of those is the proliferation of products. Soy milk, rice milk, and almond milk available in the market are being provided in various flavors. Those are also fortified with a various nutrients to attract the health conscious consumers. Another marketing strategy paying off well for the dairy alternatives market is the attractive packaging and targeted advertising on online and offline channels.
Yet another major growth driver in the global dairy alternatives market is the rising lactose intolerance among people. This has driven them to non-dairy products. Besides, the rising trend of veganism is also having a positive impact on the market. Urbanization, increasing disposable incomes, and rising awareness are having a positive impact on the market too. Sales and revenue in the global dairy alternatives market is benefitting from the proliferation of supermarkets and hypermarkets and exploding ecommerce platforms.
Acting as a deterrent to the global dairy alternatives market is the stringent regulations pertaining to quality, particularly in nations such as the U.S. Adhering to those is driving up manufacturing cost, thereby making products expensive. This, in turn, is hampering sales.
Global Dairy Alternatives Market: Market Potential
Soy milk appears to be the most promising product in the global dairy alternatives market. Going forward, the segment could see surging sales with rising awareness among people. Meanwhile, with regards to formulation, the plain formulation as opposed to the flavoured versions, could be accounting for higher sales at the moment. This is because of the elderly people’s preference for cholesterol free food.
With respect to application, the global dairy alternatives market is believed to be buoyed by the food segment. Their uses in making non-dairy yogurt, pudding, ice-creams, and cheese is said to creating sales growth avenues in the market.
Global Dairy Alternatives Market: Regional Outlook
With respect to geography, Asia Pacific appears a promising market that could further increase its value in the near term. This is because of the its large population, mainly concentrated in China and India. The developing nations are seeing a consumerism boom which is driving up sales of dairy alternatives. North America could also make the cut as a promising dairy alternatives market. This is because of the rising veganism in the region.
Global Dairy Alternatives Market: Competitive Landscape
The global dairy alternatives market is fragmented in nature. This is because of the presence of several manufacturers. Some of them are Earth’s Own Food, Blue Diamond Growers, Whitewave Foods Company, SunOpta, and Vitasoy International.
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