Increase in obese population and rising demand for chemical-free, plant based milk products are the major factors boosting the dairy alternative market. Higher cost compared to conventional milk/milk based products and prominence of low-cholesterol, and low-fat conventional milk/milk based products have emerged to be major challenges for the players operating in the market.
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Dairy Alternative Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $21.7 billion by 2022, registering a CAGR of 13.3% during the period 2016-2022. Asia-Pacific generated the highest revenue of $4.0 billion in 2015, followed by North America.
Asia-Pacific would continue to dominate the overall market throughout the forecast period owing to the increase in demand from countries such as China and India.
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The segmentation by source include soy milk, almond milk, rice milk, and other dairy alternative sources.
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Soy milk accounted for the maximum market share of 53.2% in 2015, because of its extensive usage in refreshment drinks. Popularity of beverages formulated by the combination of soy beverages and fruit drinks has increased in countries such as China.
Almond milk is projected to be the fastest growing segment with the CAGR of 14.4%, owing to its high demand in developed regions such as North America, driven by the rising vegan and obese population in countries such as the U.S.
Beverage is anticipated to be the faster growing segment compared to food. Beverages such as milk shake, energy drink, fruit mixed drinks, and others, prepared from soy, almond, coconut and other dairy alternative sources, are increasingly becoming popular.
Food is further categorized into spread, creamer, yogurt, tofu and others. Spread segment is expected to gain maximum growth during the forecast period 2016-2022, as these spreads have lower level of saturated fats, compared to dairy spreads.
Yogurts prepared from dairy alternative sources such as almond, soy and coconut are increasingly being consumed by vegan as well as other consumers due to their high nutritional content. The yogurt segment is expected to grow at a CAGR of 14.6% during 2016-2022.
The ability of dairy alternative products to provide similar nutritional benefits as that of conventional milk and related products, is expected to promote their demand. Further, the ongoing innovations aimed at improving the taste, flavor and formulation would propel the growth of dairy alternatives market, states Bhawna Kohli, Manager Research at AMR.
The segment by distribution channel includes large retail, small retail, specialty store, and online. Large retail accounted for the largest market share of around 55% in 2015, followed by specialty store.
The online segment is anticipated to be the fastest growing, owing to the availability of a wide variety of products in different tastes, flavors and formulations at discounted prices; and the growing popularity of online shopping.
Asia-Pacific is projected to be the fastest growing region throughout the analysis period 2016-2022. China, being dominant in the Asia-Pacific especially contributes to the soy milk market share.
The popularity has increased due to increasing usage of soy milk as refreshment drink. Similarly, increase in number of dairy allergic consumers in the developed markets such as Japan have boosted the market growth.
Key Findings OfDairy Alternative Market
- Asia-Pacific would remain the largest revenue generating region throughout the analysis period.
- Almond milk segment is expected to be the fastest growing market during 2016-2022.
- In 2015, soy milk segment was the highest revenue-generating segment in the global dairy alternative market, followed by the almond milk segment.
- Market for dairy alternative products prepared from other sources such as coconut, cashewnut, oat and others would witness attractive growth during the forecast period.
Acquisition is one of the most widely adopted key growth strategies by existing market players to increase their market share. For instance, companies such as WhiteWave Foods Company of the U.S.
and SunOpta Inc., of Canada made several acquisitions to extend their product line. The key companies profiled in the report include WhiteWave Foods Company (U.S.), Blue Diamond Growers (U.S.), SunOpta Inc.
(Canada), Earths Own Food Company Inc. (Canada), Living Harvest Foods Inc.
(U.S.), Hain Celestial Group, Inc. (U.S.), Organic Valley (U.S.), Panos Brands LLC (U.S.), Pascual Group (Spain), and Eden Foods Inc.
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