The market shows evident potential in the mentioned forecasting period. Dairy alternative has become a growing need for consumers who are allergic to conventional milk and milk products. Most of the customers select dairy alternatives because of intolerances or allergies to cow’s milk while others choose them for taste.
According to the report “Europe Dairy Alternatives Market By Type (Almond Milk, Soy Milk, Rice Milk, Others), By Formulation (Plain Sweetened, Plain Unsweetened, Flavoured Sweetened, Flavoured Unsweetened), By Application (Food & Beverages), And By Region - Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2016–2021)” published by Market Data Forecast, the Europe Dairy Alternatives Market was worth USD 2.44 billion in 2016 and estimated to be growing at a CAGR of 14.20%, to reach USD 4.74 billion by 2021.
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Consumers allergic to dairy products are keenly looking for plant based milk with huge amount of nutrients, vitamins and calcium with same contentment as the cow’s milk. Dairy milk was one of the healthiest foods in the past but increasing allergic consumers would decrease the demand for dairy products in future.
There is a wide range of food and beverages available in the market, prepared from milk, which in turn is derived from sources such as almond, rice, soy, coconut and others. Commonly consumed dairy alternative based products are milk, butter, ice-cream, cheese, soft drinks, energy drinks and others.
The market is seeing increasing number of customers due to innovative products and attractive marketing campaigns.
The market is driven by the change in lifestyles and eating patterns of the consumers in the region. In the recent times, UK, Spain, Italy, Germany are observing high demand of dairy alternatives, majorly due to increasing disposable incomes, environmental concerns and rising number of people with dairy allergies.
This is fuelling the growth of the Dairy alternatives market in this region. The cost related to the dairy alternative products hinders the growth of the market in the European region.
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The Europe 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 showcase high growth rate during the forecast period.
Based on the geography, the Europe market is analysed under various regions namely UK, France, Spain, Italy,. The Dairy Alternatives market was dominated by UK, with the overall market share of over 36%.
UK was followed by France and Spain.
Some of the major companies in Europe Dairy Alternatives Market are:
- Freedom Foods Group Limited
- Blue Diamond Growers
- The WhiteWave Foods Company
- Nutriops S.L.
- Archer Daniels Midland Company
- Sanitarium Health & Wellbeing Company
- Daiya Foods Inc.
- SunOpta Inc.
- The Hain Celestial Group Inc.
- Earth’s Own Food Company
- Eden Foods, Inc.
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