The demand of Plant-based or non-dairy milk alternative is growing at rapid pace as a specialty beverage across the globe. As having allergy through cow milk, lactose intolerance, calorie concern, the prevalence of hypercholesterolemia is growing. So, plant-based milk alternatives are a rising trend, which can serve as an affordable alternative for many people in developing countries and in places, where cow’s milk supply is insufficient. According to Renub Research Dairy Alternatives Market is anticipated to cross USD 35 Billion by 2026.
However, the main constrains of this market is the high cost of Dairy Alternatives milk compared to conventional dairy and fluctuations in raw materials and the scarcity of raw materials provide a challenge in production and pricing of products. The range of Plant-based milk can be of Coconut Milk, Soy Milk, Rice Milk, Almond Milk, and Others. Soy Milk dominates the global Dairy Alternatives market. Almond Milk, Rice Milk & Coconut milk are also growing in the total global Dairy Alternatives market.
The Dairy Alternatives market for food application will continue to follow its growing trend in the years to come as a wide range of food prepared from milk, which in turn is derived from sources such as almond, rice, soy, coconut and others.
In this report, we have also covered another application such as beverages, which increased notably during the review period. It is estimated that the beverages will keep growing due to its wide range of product in the beverages which can be prepared from Plant-based milk. Some of the commonly consumed Dairy Alternatives based beverages are milk, ice-cream, soft drinks, energy drinks and others. The market is seeing an increasing number of customers due to innovative products, attractive marketing campaigns and health benefits over the conventional milk.
Renub Research report titled “Dairy Alternatives Market, Consumption, Global Forecast by Plant based Milk (Soy, Almond, Rice, Coconut, Others), Regions (North America, Asia Pacific, Europe, Rest of World) Companies (The Hain Celestial Group Inc., Blue Diamond Growers Inc., SunOpta Inc., Freedom Foods Group Ltd., Vitasoy International Holdings Ltd., Kikkoman)” studies the Global Market for Dairy Alternatives (plant-based milk) and Consumption.
Soy Milk is dominates Dairy Alternative Market
Based on segment, the market for dairy alternatives (plant-based milk) is categorized into five segments: Almond Milk, Rice Milk, Soy Milk, Coconut and Others. Soy Milk has the highest market share globally. Soy milk has grown in popularity because of increased awareness of soy’s possibility in lowering the risk of heart disease.
Beverage Market is growing in the Global plant Based Milk Market
The report has also studied the Dairy Alternatives market based on its applications as Food & Beverages. In recent years, developments in plant-based products have led to newer products in the beverages sector. Functionality in these beverages may able to address the different needs and lifestyle such as to boost energy, fight ageing, fatigue and stress, target specific diseases and the sector is still expanding.
Asia-Pacific has bright Future Ahead
Based on regions, the market for plant-based milk has been segmented into these regions; North America, Asia-Pacific, Europe and Rest of the World. The Asia-Pacific region mostly dominates the alternative dairy market due to the growing number of vegan and lactose intolerant populations in the region. Two-thirds of the world’s populations are lactose-intolerant. The figure is almost 90 percent in Asia and Africa. Thus, the numbers of consumers are growing while choosing non-dairy milk and products which are lactose-free because of its benefits over conventional milk.
All companies in this report have been covered with the following viewpoints
- Company Overview
- Company Initiatives/Strategy
- Financial Insight
1. Hain Celestial Group Inc.
2. Blue Diamond Growers Inc.
3. SunOpta Inc.
4. Freedom Foods Group Limited
5. Vitasoy International Holdings Limited
Market & Consumption – Global Dairy Alternatives
Segmentation based on Source
Segmentation based on Regions
1. North America
4. Rest of the World
Segmentation based on Application
Segmentation based on product
1. Flavored Milk
2. Unflavored Milk
Segmentation based on Nature
1. Organic Milk
2. Conventional Milk
Segmentation based on Sale Channel
1. Direct Sales
2. Indirect Sales