Dairy Alternatives Market is set to witness a positive trajectory as the market witness certain growth variables directly affecting the market growth. The demand for plant-based dairy alternatives represents more than 35% of the demand than beverages. Since 2016, the demand has grown at an attractive rate displaying a higher market value in 2019.
The market is highly driven by rise in awareness pertaining to benefits offered by dairy alternatives coupled with increase in innovation in marketing of products and rise in demand in developing countries. One of the major reasons for the growth of dairy alternatives market include milk allergy and lactose intolerance. Change in lifestyle, rise in disposable income and increase in cases of lactose intolerance in consumers helps in market demand. Certain challenges such as cheap substitutes and competitive pricing or high pricing lowers the reach for consumers. In addition, low protein and contamination of raw materials are some hindering factors responsible for the slow pace of market growth in the near future.
Soy, coconut, almond, oat and hemp are product types existing in the dairy alternatives market whereas formulation types such as plain & sweetened, flavored & sweetened, flavored and unsweetened and plain & unsweetened account for formulation types.
Application category for dairy alternatives market include food & beverages and liquids while large retail, specialty stores and online channels account as distribution channels. Specialty stores and online channels have gained a positive traction in the past and continue to remain at a dominant position in the near future.
Geographical regions such as North America, South America, Europe, Asia-Pacific, Middle East and Africa are major markets for dairy alternatives. Asia-Pacific regions are the major markets for dairy alternatives market due to extensive establishment of dairy industry along with rise in number of people with lactose intolerant.
South America regions have a great potential for market entrants since it offers a competitive landscape to the overall market growth in the U.S. regions. Presence of small and medium manufacturers account for a remarkable market share.
Prominent players in the dairy alternatives market are Eden Foods Inc, Earth’s Own Food Company Inc, Organic Valley, Grupo Leche Pascual S.A., Living Harvest Foods Inc, The Hain Celestial Group Inc, Panos Brands LLC, SunOpta Inc and The Whitewave Foods Company.