Hyderabad, Oct. 26, 2016 (GLOBE NEWSWIRE) --
According to new report,"Dairy Alternatives (Beverage) Market: By Type (Almond, Soy, Coconut, Cashew, Oats); Formulation (Plain, Flavored, Sweetened, Non-Sweetened); Channel (Super Markets, Convenience Stores, Health Food Stores, Pharmacies) – Forecast (2016 - 2021)", published by IndustryARC, the market is estimated to cross $14 Billion Revenue By 2021.
Browse 9 Market Tables, 44 Figures spread through 111 Pages and an in-depth TOC on “Dairy Alternatives (Beverage) Market”
Dairy alternative beverages are plant based milk extracted from several sources such as soya, nuts and cereals and are available in various flavors, but are higher priced than conventional milk. These milk substitutes have been gaining prominence in the food and beverages industry with the rising demand from vegans and dairy intolerant population. Consumers are preferring substitutes which have less cholesterol level as compared to the dairy products. Growing concern on obesity has made consumers to opt for substitutes which have less cholesterol level as compared to the dairy products. Increasing cases of lactose intolerance and allergies across various regions is also one of the primary drivers of this market.
According to a recent study from IndustryARC, the global market value of dairy alternatives was $6.7 billion in 2015. Dairy alternatives are widely consumed by dairy or lactose intolerants, vegans and consumers with milk allergies. Heightened consumer awareness has led many vegans to opt for such products as they are concerned about growth related hormones and antibiotics found in the animals’ milk processed by dairy industry. The rise in demand for lactose free products has led the manufacturers to offer products with variety of flavors. The market for dairy alternatives have been witnessing several trends in terms of flavors, packaging, fortification with nutrients and branding. Supermarket is the prominent channel for these products; the dominance of this distribution channel is estimated to strengthen in the coming years with the increasing penetration of retail chains in developing nations.
Asia-Pacific has the largest market share currently, followed by North America and Europe in the overall dairy alternatives market. The U.S. China and Japan are the major markets in the global dairy alternative market. RoW region is estimated to grow fastest at a CAGR of 12.3% followed by North American region during the forecast period 2016-2022.
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Dairy Alternatives Market is Driven by Rising Demand of Almond, Coconut and Oat Milk
Almond milk segment has surpassed soy milk in terms of revenue in the U.S. and emerged as most popular plant based milk. Currently, almond milk accounts to over 4% of the total U.S. milk sales as compared to its share of 0.5% in 2010. Rising incidents of soy intolerance has been impacting the dairy alternative choices of consumers driving the market for almond milk. Coconut milk, apart from being a food ingredient in Asian countries, has been gaining popularity among vegans for direct consumption and cooking especially in bakeries, tea and coffee. Organic and natural coconut milk products are set to witness rapid sales growth in the coming years. Use of coconut milk as an ingredient in food restaurants and household subdues the growth of dairy alternative beverage drinks. Oat milk has been gaining prominence among consumers seeking for weight management diet as oats contain less saturated fat. Oat milk has emerged as one of the potential dairy free alternatives which are available at low cost with proven health benefits.
The Major Players in Dairy Alternatives Market Include;
- WhiteWave Foods Company (U.S.)
- Blue Diamond Growers (U.S.)
- Vitasoy International (Hong Kong)
- SunOpta Inc. (Canada)
- Earth's Own Food (Canada)
Ampol Food Processing Ltd, Archer Daniels Midland Company, Blue Diamond Growers Inc., Daiya Foods Inc., Earth's Own Food Company Inc., Eden Foods Inc. , Freedom Foods Group Ltd., Good Karma Foods Inc, Grupo Leche Pascual, SA, Living Harvest Foods Inc., Mayora Indonesia, Nutriops S.L., Oat Solutions LLC, Oatly AB, Organic Valley Family of Farms, Pacific Foods of Oregon, Inc., Panos Brands LLC , Pure Harvest Pty ltd, Sanitarium and Health Well Being Company, Stremicks Heritage Foods LLC, SunOpta Inc., The Bridge S.R.L., The Hain Celestial Group, Inc., Vitalia Nikola d.o.o and others.
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The dairy alternatives market is fragmented and competitive, with a large number of players operating at regional level. Private labels and regional local brands are providing dairy alternative beverages at cheaper prices due to easy availability of raw materials. The competition among the key players is high in terms of price and geographical presence.
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- The overall market has also been consolidated from the perspective of different geographic locations and key economies for this market.
- Identifies growth sectors and factors driving or constraining the market;
- This report gives detailed information about the product value chain right from the beginning which includes raw materials till end-use.
- The market is analyzed based on the key attributes such as the power in the hands of producers and consumers, analysis on the degree of competition, and threats from substitutes and new entrants.
- The study includes the demand of this particular market on a global and regional scale for a six year period of 2016 - 2022, to assess how the market will develop.
Scope of the Study: The report covers quantitative analysis including values ($M) and volumes (KT) as well as qualitative analysis of the following:
- Market potential of several materials and end users at global, regional and country level
- Various insulation materials in different applications and end-users
- Competitive landscape and growth strategies
- Trends, drivers and opportunities impacting the growth
Why buy this report?
- Get a detailed picture of the dairy alternatives (beverage) market landscape and growth markets, opportunities.
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- A five-year forecast method is used in order to assess how the market is predicted to develop.
- More than 100 data tables and figures to assist in strategic decision making plans.
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