Food and beverages which are based on Dairy alternatives are prepared from dairy-free milk, extracted from numerous plant based sources. They are gradually being consumed by lactose intolerant and vegan consumers.
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According to the report “Asia-Pacific 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)” report by Market Data Forecast, The Asia-Pacific Dairy Alternatives Market was worth USD 3.77 billion in 2016 and estimated to be growing at a CAGR of 17.30%, to reach USD 8.38 billion by 2021.
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The Asia-Pacific Dairy Alternatives Market is showcasing enormous potential in the forecasting period.
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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.
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.
The overall growth of dairy alternatives is driven by innovative product launches, online selling channel, rising number of dairy allergic customers, attractive marketing and promotional strategies. In the recent times, India, China, Australia and Japan are witnessing high demand of dairy alternatives, mainly due to rising number of lactose intolerance in the people, and lifestyle changes due to environmental concerns.
This is fuelling the growth of the dairy alternatives market in this region. The major factor hindering the growth of the dairy alternative market is the high cost associated with the dairy alternative products.
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The Asia-Pacific 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 industry and Almond Milk is projected to witness huge growth rate during the forecast period.
Based on geography, the Asia-Pacific market is analysed under various regions namely China, India, Japan, Australia and South Korea. The dairy alternatives market was dominated by China, with the overall market share of over 25%.
China was followed by India and Australia.
Some of the major players in Asia-Pacific Dairy Alternatives Market are:
- The Hain Celestial Group Inc.
- The WhiteWave Foods Company
- Nutriops S.L
- Freedom Foods Group Limited
- Blue Diamond Growers
- Archer Daniels Midland Company
- Sanitarium Health & Wellbeing Company
- Daiya Foods Inc.
- SunOpta Inc.
- Earth’s Own Food Company
- Eden Foods, Inc.
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