The report “Dairy Alternatives (Beverage) Market: By Type (Almond, Soy, Coconut, Cashew, Oats); Formulation (Plain, Flavored, Sweetened, Non-Sweetened); Channel (Super Markets, Convenience Stores, Health Food Stores, Pharmacies) – Forecast (2016 - 2021)”, published by IndustryARC, estimates that the dairy alternative (beverage) market is mainly driven by rising health awareness and lactose free functional foods to replace milk, shows incredible upsurge in the Asia Pacific region.
Dairy Alternative (Beverage) Market produces beverages which are plant based milk extracted from various sources such as Soya, nuts and cereals. This no milk substitute has been gaining prominence in the food and beverages industry with the rising demand from vegans and dairy intolerants.
Additionally, with the growing concern about obesity, consumers prefer healthy dairy options to replace milk which have less cholesterol level as compared to the dairy products. Increasing cases of lactose allergy across various countries is also one of the primary drivers of this Dairy Alternative (Beverage) Market. Dairy alternatives are available in various flavors and are priced higher than conventional milk.
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Key growth drivers for the dairy alternative (beverage) market are the observations that, almond milk dominates the Dairy Alternative (Beverage) Market, whereas coconut milk is estimated to be the fastest growing no milk substitute; the best dairy milk alternative is supplemented or, fortified with essential nutrients such as calcium and vitamin D to enhance the nutritional profile of the offering and create the most nutritious milk substitute; growing instances of intolerance and allergies coupled with rising health consciousness among consumers is driving the market for dairy alternatives and plain non-sweetened and flavored sweetened formulations of alternatives to lactose beverages are estimated to witness fastest growth in the dairy alternative (beverage) market.
Scope & Regional Forecast of the Dairy Alternative (Beverage) Market:
Driven by the rising preference for replacement of milk products coupled with increasing concern for heart related diseases, the dairy alternative (beverage) market for Almond milk is estimated to grow rapidly in the coming years. Similar to Almond milk, the demand for coconut milk has also grown at double digits especially in the North-American region. Leading companies have been active in adding products based on other substitutes such as cashew milk and hemp milk. The dairy alternative (beverage) market for dairy alternatives have been witnessing several trends in terms of flavors, packaging, fortification with nutrients and branding.
These trends are expected to intensify owing to the increasing penetration of packaged foods in developing nations and increasing preference for nutritional foods to replace milk Asia- Pacific dominates the dairy alternative (beverage) market followed by North America. Though, APAC is the largest market, it is estimated to exhibit fastest growth as compared to other regions, mainly due to the rising demand from China, India and other South-east Asian countries.
The market for North America and Europe is largely driven by the increasing Vegan population looking for alternatives to drinking milk. Super market is the prominent channel for these products; the dominance of this distribution channel is estimated strengthen in the coming years with the increasing penetration of retail chains in developing nations.
Segmentations & Key Players Involved in the Dairy Alternative (Beverage) Market:
The Dairy Alternative (Beverage) Market can be broken down into various segmentations on the basis of –
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Type: Almond Milk, Soy Milk, Coconut Milk, Cashewnut Milk, Oat Milk, Rice Milk, Hemp Milk and Others.
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Formulation: Plain Formulation, Flavored Formulation
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Channel: Super Markets, Health Food Stores, Convenience Stores, Pharmacies
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Shelf Life: Refrigerated, Shelf Life Stable
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Geography: NorthAmerica, Europe, APAC, RoW.
Some of the key players involved in the Dairy Alternative (Beverage) Market are as follows:
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WhiteWave Foods Company (U.S.)
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Blue Diamond Growers (U.S.)
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Vitasoy International (Hong Kong)
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Sunopta (Canada)
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Earth’s Own Food (Canada)
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