The global dairy alternatives market is expected to reach USD 35.06 billion by 2024, according to a new report by Grand View Research, Inc. Rising number of lactose intolerance cases and increasing consumer awareness towards health, is expected to drive the market growth over the forecast period.
The global dairy alternatives market has numerous manufacturers, however is dominated by a few players including Blue Diamond Growers, Earth’s Own Food, SunOpta, Vitasoy International, and Whitewave Foods Company. New product launch with improved product texture, taste and flavors is the key strategy adopted by these players to maintain their market share.
The U.S. Food and Drug Administration, and Food Canning Establishment Registration, and Scheduled Process Regulations, have laid down guidelines which are to be adhered by dairy alternative product manufacturers. The stringent regulations imposed on the manufacturing of dairy alternatives as they are directly consumed by consumers are expected to be a key threat to the industry participants.
Companies in the industry, have integrated their operations across the value chain by indulging in raw material procurement, manufacturing, as well as distribution sectors in order to gain a competitive edge in the industry. The competitive rivalry among the existing players is high which has thus compelled them to invest in R&D activities in order to come with improvised products.
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Further key findings from the report suggest:
Soy milk product segment is expected to ascend at a CAGR of 15.7% over the forecast period, on account high demand for soy milk, especially by the Asian consumers
Plain formulation segment accounted for over 52.7% of the market share in 2016, owing to its increasing preference especially by geriatric population as they are cholesterol free
Food is expected to be the fastest growing application segment on account of rising health awareness among consumers, lactose intolerance cases and the subsequent high demand for non-dairy cheese and yogurt
Asia Pacific held the largest market share of 49.7% in 2016 and is expected to dominate the market over the forecast period on account of the presence of high lactose intolerant population, especially in the Southeast Asia
Major players in the industry have adopted production capacity expansion and new product development with additional nutritional values to gain competitive edge and cater to the emerging markets
Grand View Research has segmented the global dairy alternatives market on the basis of product, formulation, application, and region:
Dairy Alternatives Product Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
Dairy Alternatives Formulation Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
Dairy Alternatives Application Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
Dairy Alternatives Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
The Middle East & Africa
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