People from around the world substitute dairy and dairy products for a number of reasons. Medical reasons like lactose intolerance and allergy and lifestyle choices of being vegans make rising demand for suitable replacements for these products. As a result, various alternatives for milk, cheese, yogurt, ice cream and such other products are available on the market. Rising demand for the substitutes and especially the alternative beverages are expected to create strong growth prospects for the global dairy alternative market. Growth in demand for the beverages from the emerging markets and availability of innovative products in the market are also expected to help the key players to witness impressive growth opportunities in the market.
Segmentation in Dairy Alternatives Industry
In order to track the market growth and demand patterns, researchers segment the dairy alternative market on the basis of its basic segments. These segments include various types of products, formulations, channels and demand across the geographic segments. The types of products are categorized into different products made using rice, soy and almond. Based on the formulations, these products are categorized into unsweetened, flavored, plain and sweetened products. Major distribution channels in the market are divided into convenience stores, health stores, supermarkets, and pharmacies. Based on geographic regions, the market is segmented into Europe, Asia Pacific, North America and rest of the world.
Major Market Drivers and Forecasts
According to the researchers, the global dairy and dairy beverage alternative market is driven by several vital driving factors. These factors include growth in the people turning to vegan lifestyle and vegan diet and presence of a variety of choices amongst the customers. Health benefits of plant based beverages are also growing the customer base for these products. Lactose intolerance and dairy allergies are also expected to potential opportunities for the dairy substitute market in the years to come. Growing support from the governments and associations are also expected to create growth prospects for the market. High cost of the non-dairy products is considered to be the only major restraint for this market.
Due to the growth opportunities like customer education, better diagnosis and innovative marketing strategies are expected to create growth opportunities for the market. As per the latest research report, the global dairy alternative market is expected to grow at a steady CAGR of over 15% by 2018. At the projected growth rate, the market is poised to reach worth $14 billion by the end of the year 2018. During the forecasting period, the researchers predict Asia Pacific to dominate the global market.