San Francisco,15 October 2018:
According
to a report published by Grand View Research, Inc.; the dairy
alternative market is likely to reach a valuation of around USD 35.06 billion
by 2024.
Increasing number of lactose
intolerance cases and rising healthcare concerns among the consumers can drive
the market during the forecast period (2013 to 2024).
Several nutritional benefits offered
by these products including high protein content and low cholesterol content
and use of these products in the manufacturing of daily food products is
expected to boost the demand for these products in the coming years. Chaining
dietary preferences of consumers due to increasing number of allegories
accompanying with the consumption of non-vegan foods is expected to support the
market growth over the forecast period.
Worldwide dairy alternatives
market can be segmented on the basis of product, formulation, application, and
region.
As per product, the market can
be categorized into rice milk, soy milk, almond milk, and others.
In 2016, the soy milk segment estimated
for 40.5% share of the overall market. This segment is anticipated to grow at a
CAGR of 15.7% during the forecast period due to increasing demand from Asian
countries. Soya milk contains isoflavones and prevents breast cancer and heart
diseases. This has increased the consumption of the product among female
consumers. The U.S is the major producer of the soymilk
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Research Report of Dairy
Alternatives Market@ www.grandviewresearch.com/industry-analysis/dairy-alternatives-market
Almond milk is anticipated to grow
rapidly with CAGR of 17.8% during the forecast period. This growth can be
associated with its high content of energy, protein, fiber, and lipids. In addition,
with compare to other products, it has a better taste and texture.
Based on formulation, the
market can be bifurcated into plain and flavored. In 2016, the plain
formulation segment reported for over 52.7% due to high demand from elderly
population as these formulations are cholesterol free. The segment is projected
to grow at CAGR of 15.4% during the forecast period. Increasing demand from food
and beverages for plain unsweetened desserts and snacks is likely to boost the
segment growth over the forecast period. The flavored formulation segment is predicted
to be the fastest growing segment. It is expected to expand at a CAGR of over
17.9%. Introduction of new flavors and increasing demand in the making of lactose-free
yoghurts and desserts can boost the segment during the forecast period.
On the basis of application,
the market can be split into food and beverages.
The beverage segment is expected
to grow at CAGR of 16.3%. Increasing demand in several nut based flavored milk
products including almond, cashew, walnut is likely to drive segment growth.
The food segment is expected
to grow steadily due to increasing demand for non-dairy chees and yoghurts. Changing
dietary habits among the consumers in Brazil, India, and China are mainly driving
demand for lactose-free cheese.
Geographically, the market can
be divided into North America, Europe, Asia Pacific, Latin America, and The
Middle East & Africa.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/ready-to-eat-processed-and-frozen-foods
In 2016, Asia Pacific dominated
the market and estimated for over 49.7% of the total market share. Factors such
as changing consumer dietary habits, increasing disposable income, increasing
awareness among the consumers is anticipated to create positive impact on the
market. The market is also expected to dominate over the forecast period due to
presence of high lactose intolerant population base in the South East Asian
countries.
Europe is expected to expand
with CAGR of 13.7% during the projected period. This growth can be attributed
to high consumer demand for cholesterol free and plant-derived food products and
lactose-free yogurt and ice-creams in this region.
The U.S. Food and Drug
Administration, Food Canning Establishment Registration, and Scheduled Process
Regulations implemented regulations, which are mandatory for the manufacturers
as these products are directly consumed by the consumers. This is likely to act
as a major threat for the manufacturers.
Key companies operating in the
market include Eden Foods, Inc.; SunOpta Inc.; Living Harvest Foods Inc.; The
Hain Celestial Group, Inc.; and Archer Daniels Midland Company. The market
participants are mainly focusing on research and development (R&D)
activities and innovative product development.
Access
Press Release of Dairy Alternatives Market@ www.grandviewresearch.com/press-release/global-dairy-alternatives-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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Information: www.grandviewresearch.com
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