ALBANY, New York, April 24, 2017 /PRNewswire/ --
The dairy alternatives market is categorized by product type, by formulation, by application, by distribution and by geography. On the basis of product type, the dairy alternatives market is divided into soy milk, rice milk, almond milk and coconut milk among others. Others product type segment includes oat milk, hemp milk and hazelnut milk. Globally soy milk held the leading market share in terms of revenue as well as volume in 2015 and accounted for more than 40% of the global dairy alternatives market. However, almond milk is expected to witness maximum growth rate over the forecast period due to its increasing consumption in developed regions. By formulation, the dairy alternatives market is categorized into plain formulation and flavored formulation. Plain formulation of dairy free milk and milk based products are more popular among consumers as compared to flavored formulation of dairy alternatives.
According to a new market report published by Transparency Market Research entitled "Dairy Alternatives Market (Product Type -Soy Milk, Almond Milk, Rice Milk, Coconut Milk and Others; Formulation - Plain Formulation and Flavored Formulation; Application - Food and Beverages; Distribution - Large Retail, Small Retail, Specialty Stores and Online) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024," in terms of revenue, the global dairy alternatives market was valued at US$8,220.0 Mn in 2015, and is expected to reach US$ 26,311.3Mnby 2024, expanding at a CAGR of 13.8% from 2016 to 2024.
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Plain formulation of dairy alternatives is sub-segmented into plain sweetened formulation and plain unsweetened formulation. Flavored formulation of dairy alternatives is further segmented into flavored sweetened formulation and flavored unsweetened formulation. The global dairy alternatives market is also segmented based on application into food and beverages. Both in terms of revenue and volume, beverage application segment held the leading market share in the global dairy alternatives market and accounted for around two third of the market in 2015. Whereas, food application segment is projected to witness significant growth rate in the coming years due to large scale application of dairy alternatives in different food products such as dessert (ice cream, whipped cream, cheese cake and other sweets), snacks (yogurt and smoothies), cheese (cream cheese, sour cream, regular cheese) and spreads (butter and margarines) among others. On the basis of distribution, the dairy alternatives market is segmented into large retail, small retail, specialty stores and online. Among these above mentioned distribution channel types, large retail chain accounted the largest market share in 2015 and online sales is expected to register maximum growth both in terms of revenue and volume, over the forecast period.
On the basis of geography, the dairy alternatives market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Most of the market leaders of the dairy alternatives market have their headquarters in North America and Asia Pacific.
Regionally, Asia Pacific is projected to be the dominant regional market for dairy alternatives in terms of revenue as well as volume, accounting for over 50% of the market in 2015. In addition to this, this region is expected to be the most attractive market for dairy alternatives in terms of future growth potential. Asia Pacific was followed by North America and Europe. Increase in disposable income coupled with huge population in China and India is anticipated to boost the dairy alternatives market in Asia Pacific in the coming years.
Regionally, North America had the second leading market share for dairy alternatives in terms of revenue as well as volume in 2015. The U.S. and Canada were the leading manufacturers and consumers of dairy alternatives in this region in 2015. In North America, demand for soy milk has been declining in past few years and they are shifting from soy milk to other dairy alternatives such as almond milk and coconut milk because they consider these dairy free milk types are better in taste and content lower calorie.
Europe had the third leading market share for dairy alternatives in 2015. The Germany and the U.K. were the leading manufacturers and consumers of dairy alternatives in this region in 2015. The increase in the consumption and use of almond milk is driving the dairy alternatives market in this region.
The dairy alternatives market in Middle East &Africa (MEA) is expected to witness steady growth during the forecast period. South Africa accounted for the maximum market share for dairy alternatives in MEA. Adoption of healthier lifestyles is likely to drive the market in this region.
The dairy alternatives market in Latin America is an emerging one owing to the increased demand for low calorie dairy free milk and milk based products among lactose intolerant consumers, vegans and health conscious people. Brazil accounted for the largest market share for dairy alternatives.
Some of the major players in the dairy alternatives market are Archer Daniels Midland Company, E. I. du Pont de Nemours and Company, Blue Diamond Growers, Daiya Foods Inc., SunOpta, Inc., The Hain Celestial Group, Inc., Earth's Own Food Company, Inc., Eden Foods, Inc., Sanitarium Health and Wellbeing Company among others.
Browse Other Related Market Research Reports:
- Global Dairy Products Market: http://www.transparencymarketresearch.com/dairy-products-market.html
- Dairy Blends Market: http://www.transparencymarketresearch.com/dairy-blends-market.html
Global Dairy Alternatives Market: By Product Type
- Soy Milk
- Almond Milk
- Rice Milk
- Coconut Milk
Global Dairy Alternatives Market: By Formulation
- Plain Formulation
- Plain Sweetened Formulation
- Plain Unsweetened Formulation
- Flavored Formulation
- Flavored Sweetened Formulation
- Flavored Unsweetened Formulation
Global Dairy Alternatives Market: By Application
Global Dairy Alternatives Market: By Distribution
- Large Retail
- Small Retail
- Specialty Stores
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SOURCE Transparency Market Research