As per the report published by Fior Markets, The global Dairy Alternatives Market is expected to grow from USD 15.5 Billion in 2017 to USD 38.9 Billion by 2025 at a CAGR of 12.50% during the forecast period from 2018-2025. The Asia Pacific region is dominating the market because of rapid urbanization, diet variation, and liberalization of foreign direct investment in the food sector. Besides this, rise in income level, increase in purchasing power, growth of the middle-class population and increasing consumer awareness are also some factors which is leading to growth of the market
Global Dairy Alternatives Market by Source (Soy, Coconut, Oats, Almond, Hemp, Rice), Formulation, Nutrient, Distribution Channel, Brand, Application, Region, Global Nutrient Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
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Prominent companies in the industry include The Whitewave Foods Company, Kite Hill, Oalty, Blue Diamond Growers, Earth’s Own Food Company Inc. among others. Leaders are providing better opportunities and continuously focused on new product developments and venture capital investments to capture market share. In 2017, Cognex acquired ViDi Systems SA. This acquisition enabled Cognex to have ViDi deep learning software for developing new innovations in industrial machine vision.
The source segment is classified into soy, almond, coconut, rice, oats, hemp, others. The soy segment is dominating the dairy alternatives market and valued with USD 3.93 Billion in 2017. The segment is dominating because of its high nutritional value of soy protein which helps in reducing the cholesterol level and fighting with heart disease. It is also used in energy drinks and dietary supplements products. Formulation segment includes flavored and plain. Plain based segment is dominating the market with the highest share in 2017. Nutrient segment is divided into segments such as a protein, starch, vitamins and others. Protein is dominating the market in 2017.The distribution channel segment includes supermarkets, health food stores, pharmacies, convenience stores, online stores and others. The online stores segment held market share of 29.50% in 2017. The brand segment includes silk, dream, almond breeze, sunrise naturals, so good, so delicious, australia’s own organic, ecomil, alpro and edensoy. The so good segment held market share of 29.94% in 2017. It is the kind of soy milk which is highly demanded because it provides all the nutrients and is natural. The application segment includes milk, ice creams, yogurt, cheese, creamers, others. The Milk segment is dominating the segment.
Consumer fondness for a vegan diet is a major factor driving the market. In addition, growing rate of milk allergies among consumers and nutritional applications provided by plant-based dairy alternatives are two factors fuelling the growth of market. However, uneven prices of raw materials may obstruct the growth of market. Nevertheless, mounting demand of dairy alternatives products in emerging economies may boost the market in forthcoming years.
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