The global — dairy alternatives market is estimated to be worth $16 billion. Further, this sector is projected to cross the $38 billion mark by 2024, which registers a CAGR of nearly 14% for the period from 2018 to 2024.
This trend indicates that a significant number of people are giving up on dairy and dairy products. The reason behind this shift could be attributed to a number of reasons such as:
Milk allergy: About 2 to 3% of children under the age of 3 years are allergic to milk. Normally, kids outgrow it when they hit their teens.
Lactose intolerance: Nearly 75% of the global population is unable to produce a sufficient amount of lactase, an enzyme that helps in the digestion of lactose (milk sugar).
Vegan or ovo-vegetarian diet: A vegan diet excludes any food item that has been derived from animals. On the other hand, ovo-vegetarians consume eggs but stay off dairy.
Ethical beliefs: Individuals who wish for animals to live a cruelty-free life swear off animal-based products. Similarly, a number of individuals believe that farming of animals to extract animal-based products is having a hugely negative impact on the environment. Hence, they choose to not consume dairy.
Potential contaminants: Concerns about the potential contamination of conventional milk and dairy by hormones, antibiotics, and pesticides have recently surfaced, which has people quitting dairy.
The Whitewave Foods Company
The Hain Celestial Group, Inc.
Blue Diamond Growers
Sanitarium Health and Wellbeing Company
Freedom Foods Group Limited
Eden Foods Inc.
Earth’s Own Food Company Inc.
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Thus, the increase in disposable income, changes in lifestyle, greater availability of dairy alternatives, and other socio-economic factors are responsible for the individuals who have given up dairy or dairy products would previously struggle to find a suitable replacement for milk. Fortunately, a number of non-dairy substitutes are readily available in the markets, which may be used for various purposes right from baking to mixing in coffee.
The non-dairy alternatives can be segmented on the basis of the source of the plant-based milk or milk product. These dairy alternatives may be segmented as:
Amongst these dairy alternatives, the soy milk segment accounted for the largest market share in 2017. The dominance of soy milk stems from the surplus soy milk varieties with regards to the flavors, blends, fat content, and formulations. The second position is occupied by almond milk, which gains prominence due to the ready availability of the raw material.
When segmented based on application, these dairy alternatives are available in plain, unsweetened, sweetened, and flavored. Further, the dairy alternatives market has also created a niche for itself in dairy applications like cheese, creamer, yogurt, pudding, and ice cream.
When it comes to regional analysis, it may be seen that regions such as North America, Europe, China, Japan, Southeast Asia, and India have been studied to assess their potential as a market for dairy alternatives. The wide prevalence of soy milk and soy milk-based products like tofu in Southeast Asia, China, and Japan indicate the easier adaptation and integration of dairy alternatives. Further, with the global movement to be more environmentally conscious, the dairy alternative industry is expected to grow in North America and Europe. As for India, the accessibility of dairy alternatives and the rise in disposable income makes it a hotspot for growth in this sector.
Wyler Farms, an Israeli based tofu company, and Innovopro, a food startup, have partnered together and are developing chickpea protein-based non-dairy production that has adopted a sustainable supply chain. Named CP-Pro 70, the dairy alternative possesses a neutral taste and a perfect amount of emulsification agents to mimic natural milk. On the other hand, banana milk appears to be all set to be a part of the fiercely competitive world of dairy alternative market.
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Table Of Content:
1 Study Coverage
2 Executive Summary
3 Breakdown Data by Manufacturers
4 Breakdown Data by Product
5 Breakdown Data by End User
6 North America
8 Asia Pacific
9 Central & South America
10 Middle East and Africa
11 Company Profiles
12 Future Forecast
13 Market Opportunities, Challenges, Risks and Influences Factors Analysis
14 Value Chain and Sales Channels Analysis
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