ALBANY, New York, Feb. 27, 2019
ALBANY, New York, Feb. 27, 2019 /PRNewswire/ --Transparency Market Research (TMR) witnesses that the global dairy alternatives market has a highly competitive vendor landscape owing to a large number of players operating globally. Despite the cutthroat competition in the market, some of the key players such as The Hein Celestial Group Inc., Living Harvest Foods Inc., and Earth's Own Food Co. Inc., have managed to maintain their supremacy in the market. Some of the other companies operating in the global dairy alternatives market are Archer Daniels Midland Company, Blue Diamond Growers, E. I. du Pont de Nemours and Company, Freedom Foods Group Limited, and The Whitewave Foods Company. These players are adopting key strategies such as attractive packaging and offering flavored and better-tasting dairy products.
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According to TMR, the global dairy alternatives market is projected to collect revenue of US$26.31 Bn by the end of 2024 from the value US$8.22 Bn registered in 2015. The market is expected to swell with a CAGR of 13.8% over the forecast period from 2016 to 2024.
Based on the applications, the beverages segment dominated the global dairy alternatives market in the year 2015. Based on the distribution channel, huge retail chains dominated the global dairy alternatives market in the year 2015. However, the online deals segment is expected to expand with lucrative CAGR over the forecast period. Based on the region, Asia Pacific dominated the market in the same year by accounting share of 53% in the overall market owing to the growing demand for dairy products and drinks in the region.
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Growing Exploration of Alternatives to Lactose to Propel Market Growth
The global dairy alternatives market is gaining traction due to growing development coupled with an increasing number of people having milk or lactose intolerant. Growing awareness about the effects of consuming lactose on large scale among consumers is fuelling growth of the global dairy alternatives market. Additionally, growing medical innovations is further increasing awareness level among consumers, which is boosting the dairy alternatives market. Furthermore, rising awareness about the presence of numerous alternatives for dairy products is boosting demand for dairy alternatives. This is likely to propel growth of the market over the forecast period.
However, the market is facing some challenges, which are hampering its growth. The high cost of dairy alternatives is hampering growth of the global dairy alternatives market too. Additionally, low acceptance from some regions of the developing countries is restraining growth of the dairy alternatives market.
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Growing Adoption of Healthier Products to Propel Market Growth
Despite these hurdles in its growth, availability of alternate products such as almond milk, oat milk, soy milk, hazelnut milk, and rice milk are boosting the adoption of dairy alternatives. This is likely to propel growth of the global dairy alternatives market in the near future. Additionally, growing adoption of dairy alternatives is considered as a healthier option compared to dairy products. This factor offers lucrative opportunities for growth of the dairy alternatives market.
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This information is encompassed in the report by TMR, titled, "Dairy Alternatives Market (Products - Soy Milk, Almond Milk, Rice Milk, and Coconut Milk; Formulation - Plain Formulation and Flavored Formulation; Applications - Food and Beverages; Distribution - Large Retail, Small Retail, Specialty Stores, and Online) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
For the study, the dairy alternatives market has been segmented as follows:
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