The global dairy alternatives market size is expected to reach USD 41.06 billion by 2025 at a 16.7% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Increasing occurrence of milk allergies among consumers is likely to be a key factor driving the market.
Increasing popularity of almond milk, owing to high protein, fiber, lipids, and energy content, is projected to drive its demand. Better taste and texture offered by almond milk as opposed to its counterparts is likely to offer a competitive advantage for the product over the forecast period. Furthermore, almond milk helps regulate blood pressure and offers benefits to heart, kidney, and skin, which is likely to increase its popularity over the coming years.
The most common non-dairy product consumed in the market is soy milk, which was also the largest product segment in 2017, accounting for over 63.0% of the total market. Soy milk contains isoflavones, which reduce the risk of breast cancer and heart diseases, and is likely to gain popularity, especially among women and elderly consumers.
Going forth, growing demand for plain unsweetened dairy alternatives for food and beverage applications is likely to have a positive impact on industry growth over the projected period.
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Further key findings from the report suggest:
By product, the soy milk segment is projected to ascend at a CAGR of 15.8% in terms of revenue over the forecast period
On the basis of application, beverages dominated the dairy alternatives with a global revenue share of over 58.0% in 2017
Plain dairy alternatives are a key segment in the industry and the segment is projected to expand at a CAGR of over 15.0% from 2018 to 2025, in terms of volume
Changing dietary habits of consumers have led to growing acceptance of vegan diet, which, in turn, is likely to have a positive impact on market demand over the next few years
Asia Pacific dominated the industry and accounted for over 50.0% of the market in 2017. According to the National Institutes of Health, over 80% of the population in Southeast Asia suffers from lactose intolerance. As a result, demand for dairy alternative products to replace cow’s milk is likely to have a positive impact on industry growth
The dairy alternatives market is highly diversified as players are expanding their product portfolio and production capacity to serve the growing demand, particularly in emerging regions
Some of the key companies in the industry are Archer Daniels Midland Company; Hain Celestial Group, Inc.; Daiya Foods Inc.; WhiteWave Foods Company; Nutriops SL; SunOpta Inc.; and Earth’s Own Food Company.
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, 2014 - 2025)
Dairy Alternatives Formulation Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Dairy Alternatives Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Dairy Alternatives Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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