Dairy Alternatives Market Worth 19.5 Billion USD by 2020
PUNE, India, October 5, 2015 /PRNewswire/ --
The report "Dairy Alternatives Market by Type (Soy milk, Almond milk, Rice milk, others), Formulation (Plain sweetened, Plain unsweetened, Flavored sweetened, Flavored unsweetened), Application (Food & Beverages), & by Region - Global Forecast to 2020", published by MarketsandMarkets, The Dairy Alternatives Market is projected to reach about USD 19.5 Billion by 2020, growing at a CAGR of about 15.5% from 2015 to 2020.
Browse 86 Tables and 55 Figures spread through 180 Pages and in-depth TOC on "Dairy Alternatives Market"
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The market report defines and segments the Dairy Alternatives Market on the basis of various types, formulations, applications, and regions, with analyses and projections of the market size of each of these segments in terms of value and volume. It also identifies the driving and restraining factors for the Dairy Alternatives Market with an analysis of the trends and opportunities in the market.
Dairy alternatives are food & beverage products that are similar to certain types of dairy-based products in terms of texture and flavor, and have similar nutritional benefits. Dairy alternatives are lactose-free, which resemble a milk-like texture and are used to replace dairy-based products. They are produced through various cereals such as oats, rice, wheat, barley, and nuts. Globally, the health benefits of dairy alternatives have led to its large-scale adoption in numerous applications. Changing lifestyles, growing health awareness, increasing cases of lactose allergy, and growing application sectors are some of the factors driving the growth of the Dairy Alternatives Market.
The segmentation considered for this report is based on type, formulation, application, and region. The market is segmented on the basis of type into soy milk, almond milk, rice milk, and others. The market for soy milk is projected to witness the high growth awareness regarding health benefits of soybean, and its high production in countries such as the U.S. and China.
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The market is further segmented on the basis of formulation into plain sweetened, plain unsweetened, flavored sweetened, and flavored unsweetened. The plain unsweetened segment accounted ~27% for the highest market share in the global dairy alternatives market in 2014. The segment is witnessing high growth due to increasing health conciseness among consumers about their weight and diabetic diseases.
The market is also segmented on the basis of application into food & beverages. The beverage segment is projected to dominate the global dairy alternatives market due to its availability in various forms and flavors such as vanilla, chocolates, and strawberry.
The Dairy Alternatives Market is projected to reach about USD 19.5 Billion by 2020, growing at a CAGR of about 15.5% from 2015 to 2020. In 2014, the Asia-Pacific region was the largest market for dairy alternatives. It is projected to be the fastest-growing market for dairy alternatives during the review period. The market here is driven by the increasing consumer awareness, growing incidences of lactose intolerance and milk allergy, and growing preference towards vegan diet.). Consumers are becoming more health conscious due to the growing incidences of gastrointestinal diseases. Increasing incidences of gastrointestinal diseases in the population, consumers avoid dairy products, which in-turn drives the market for dairy alternatives.
This report studies marketing and development strategies, along with the product portfolio of the leading companies. It includes the profiles of leading companies such as Cargill, Incorporated (U.S.), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Associated British Foods (U.K.), Koninklijke DSM N.V. (The Netherlands), and E.I. du Pont de Nemours & Company (U.S.). The key players in the market are focusing on acquisitions and expansion & investments of their facilities to enter the markets.
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