(I-BusinessNews.Com, July 28, 2020 ) The report “Dairy Alternatives Market by Source (Soy, Almond, Coconut, Rice, Oats, Hemp), Application (Milk, Cheese, Yogurt, Ice Creams, Creamers), Distribution Channel (Supermarkets, Health Stores, Pharmacies), Formulation and Region Â Global Forecast to 2025, The dairy alternatives market is projected to grow from USD 21.4 billion in 2020 to USD 36.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period. The major factors driving the dairy alternatives market include consumers shifting preferences towards vegan diet and increasing awareness about nutritional benefits of alternative sources of milk. Furthermore, increasing cases of lactose intolerance and milk allergies among individuals promote the consumption of dairy alternatives globally and is expected to drive the market.
By application, the market was dominated by the milk segment in 2020. Health and convenience are prioritized by consumers while making a choice for beverages. Companies have diversified their beverage offerings with products containing almond milk, coconut milk, and soymilk, along with other non-dairy ingredients and alternatives derived from hemp, oats, or flax. Factors supporting the popularity of dairy-free milk are health concerns related to lactose intolerance and the hectic lifestyles of the working middle-class population. These factors encourage them to use convenience products for on-the-go consumption to save time.
The Asia Pacific market accounted for the largest share in the dairy alternative market. The large market share in this region is attributed to rapid urbanization, diet diversification, and liberalization of foreign direct investment in the food sector. Apart from this, rise in income, purchasing power, rapid growth of the middle-class population, increase in consumer awareness about health & fitness, and consumer demand for nutritional & healthy products provide promising prospects to the market players for growth and diversification in the regionÂs food sector.
The major vendors for dairy alternatives include The WhiteWave Food Company (US), Hain Celestial (US), Blue Diamond Growers (US), SunOpta (Canada), Sanitarium (Australia), Freedom Foods Group Limited (Australia), Eden Foods, Inc. (US), Ecomil (Spain), Earths Own Food Company (Canada), Triballat Noyal (France), Valsoia S.p.A (Italy), Dohler GmBh (Germany), Green Spot Cp., Ltd. (Thailand), and Panos Brands (US). These players have adopted various growth strategies such as expansions and new product launches to expand their presence in the global dairy alternatives market further. New product launches have been the most dominating strategy adopted by major players. This strategy has helped them to increase their presence in different regions.
The WhiteWave Foods Company (US) is involved in the manufacturing and marketing of fresh dairy products, baby nutrition, medical nutrition, and beverages. The company operates through three business segments namely, plant-based food & beverages, coffee creamers & beverages and premium dairy. It offers dairy alternative products such as soymilk, almond milk, and coconut milk under the Silk, Alpro and So Delicious brands under its plant-based food & beverages business segment. The company sells its products under the brandsÂHorizon, Silk, So Delicious, Alpro, Earthbound Farm, Vega, Wallaby Organic and International Delight.
The company completed its definite merger with Danone on April, 2017 to form a new strategic business unit, DanoneWave which is now called Danone North America.
Globally, it has its presence in North America, Latin America, Africa, the Middle East, Western & Central Europe, and Asia Pacific. It operates through its subsidiaries, Danone Dnipro (Ukraine), Danone India (India), Danone China (China), Danone S.p.A. (Italy), Danone Hayat (Turkey), and others. The company has a strong geographical presence in North America and Europe.
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Hain Celestial (US) is involved in the manufacture, distribution, marketing, and sales of natural & organic food products and natural & organic personal care products under different brand names. The company offers products under the categories; grocery, snacks, personal care and tea. It has a broad portfolio of dairy-free products that are offered through its line of grocery products. It offers dairy alternative products under the brands Dream and MaraNatha.
The company sells its products to specialty & natural food distributors & supermarkets, natural food stores, and other retail outlets including mass-market retailers, drug store chains, food service channels, and club stores. It marks its operational presence in North America, Europe and rest of the world with a broad manufacturing footprint with over more than 38 factories, globally. The companyÂs products are sold in more than 80 countries.
Mr. Aashish Mehra