The Dairy Alternatives Market is showcasing evident potential in the mentioned forecasting period. Dairy alternatives are texture products similar to milk, which are lactose free and are used as a replacement of dairy based products. These alternatives are majorly adopted by various cereals such as oats, wheat, rice, barley and nuts. The types of dairy alternatives available consists of almond milk , soy milk , rice milk , coconut milk and various other nut based milks such as cashew , hazelnut etc. Dairy Alternatives comes with numerous health related benefits, including high energy levels as compared to normal dairy products which are expected to be the key factors, because of which, people are shifting from regular products or beverages to their alternatives.
Dairy Alternatives products which are plant-based, are generally available in supermarkets including several milk options such as soy, almond, rice, hemp, coconut and flax. Additionally, frozen desserts, spreads, dairy-free yogurts and cheeses are also available. Soy milk has been the oldest option available to replace dairy milk. However, substitutes such as almond milk and coconut milk have grabbed the market significantly in the last couple of years.
The demand for dairy alternatives is driven by growing consumer liking for lactose-free food products including cheese, desserts, and snacks. Rising consumer focus on the nutritional values offered by the product such as low calories and high proteins and vitamins is likely to have a positive impact on the industry. Moreover, the swing of consumer base towards vegan diet owing to certain aspects including animal rights and environment protection are anticipated to drive the demand for dairy alternatives over the forecast period. However, high cost associated with these products as compared to dairy products is likely to hamper industry growth.
The Global Dairy Alternatives Market is broadly categorized into Soy Milk, Almond Milk, Rice Milk and others. Based on formulation, the market is segmented as Plain Sweetened, Plain Unsweetened, Flavoured Sweetened and Flavoured Unsweetened. Based on Application, the market is further segmented into Food & Beverages. Soy Milk accounted for the highest revenue of the overall market and Almond Milk is projected to witness high growth rate during the forecast period. On the basis of geography, the global market is analysed under various regions namely North America, Europe, Asia-Pacific and Rest of the World. The Dairy Alternatives market was dominated by Asia-Pacific. Asia-Pacific was followed by North America and Europe.
Some of the major companies dominating the Dairy Alternatives Market, by their products and services include The Hain Celestial Group Inc., Blue Diamond Growers, Daiya Foods Inc., SunOpta Inc., Archer Daniels Midland Company, The WhiteWave Foods Company, Freedom Foods Group Limited, Sanitarium Health & Wellbeing Company, Earth’s Own Food Company, Nutriops S.L. and Eden Foods, Inc.
Dairy Alternatives Market Segmentation: Type Almond Milk Soy Milk Rice Milk Others Y-o-Y Growth Analysis, By Type Market Attractiveness Analysis, By Type Market Share Analysis, By Type
Formulation Plain Sweetened Plain Unsweetened Flavoured Sweetened Flavoured Unsweetened Y-o-Y Growth Analysis, By Formulation Market Attractiveness Analysis, By Formulation Market Share Analysis, By Formulation
Application Food & Beverages Other Applications Y-o-Y Growth Analysis, By Application Market Attractiveness Analysis, By Application Market Share Analysis, By Application
The scope of the report: Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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