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Dairy Alternatives Market: Increasing Popularity and Trend of Veganism to Drive Market

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Published on : Feb 27, 2018

ALBANY, New York, Feb 27, 2018: The report is titled “Dairy Alternatives Market, Consumption, Forecast, Global Analysis - By Plant based Milk (Soy, Almond, Rice, Others), Regions (North America, Asia Pacific, Europe, ROW) Companies (WhiteWave Foods, Organic Valley, Hain Celestial Group Inc, Blue Diamond Growers Inc, SunOpta Inc, Freedom Foods Group Ltd, Vitasoy International Holdings Ltd, Kikkoman).” 

The dairy alternatives market is predicted to surpass US$34 bn towards the end of 2024, expanding at a double digit CAGR. Dairy alternatives are also known as plant based milk. Consumers who dislike the taste of conventional milk, now have the option of choosing, from a variety of plant based milk options. Milk alternatives consist of rice milk, soy milk, hemp milk, coconut milk, and almond milk. Today, a majority of the stores keep both plant and animal based milk, both in refrigerated as well as non-refrigerated boxed options.

The global dairy alternatives market (Plant based Milk) is expanding because of the rising customer awareness for the consumption of lactose free food items which include desserts, cheese, and snacks, which in turn is predicted to drive the demand for these products forward. The growing customer focus on the importance of healthy diet and the nutritional values provided by the consumption of non-dairy products like high proteins and vitamins and low calories is expected to leave a good impression on this industry.

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On the basis of source, the dairy alternatives market is divided into four segments namely almond milk, rice mill, soy milk and others, and out of these four segments the segment of soy milk holds the biggest share in the dairy alternatives market globally. This report has also analysed the use of the dairy alternatives as beverages and food. Around two thirds of the world's adult population are lactose intolerant, and in Africa and Asia around 90% of the total population is lactose intolerant. Hence, a large number of customers are preferring non-dairy milk along with products that are free of lactose because of its health advantages in comparison to conventional milk.

Geographically, the market for dairy alternatives (plant Based milk) is divided into Asia Pacific, Europe, North America and rest of the world. The dairy alternatives market is primarily led by Asia Pacific region because of the growth in the number of lactose intolerant as well as vegan population in this region. The global dairy alternatives market is further divided on the basis of source into almond, soy, rice, and others

A few of the important players in the dairy alternatives market (plant based milk) consists of Organic Valley, Hain Celestial Group Inc., Whitewave Foods Company, Freedom Foods Group Limited, Vitasoy International Holdings Limited and kikkoman, Blue Diamond Growers Inc., SunOpta Inc.

This report analyses the global market for dairy alternatives (plant-based milk) and consumption. This 119 pages report along with 71 figures gives a complete analysis of the  important growth drivers along with restraining factors, consumption trends and market, along with their projections for the years to come.

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