SELBYVILLE, Delaware, Jan. 16, 2020 /PRNewswire/ -- Global dairy alternatives market research studies the types of products (almond, soy, coconut, oat, rice, hemp), their application (food {cheese, deserts, snacks}, beverages), formulation (sweetened, unsweetened), sales channel (mainstream stores, specialty stores, online stores), regional outlook, price trends, growth potential, competitive market share and provides forecasts for 2019–2025. Global Market Insights, Inc., forecasts more than 10% CAGR for the worldwide dairy alternatives industry up to 2025.

With changing consumer preference for vegan based products, the global dairy alternatives market is expected to chalk out remunerative growth trend through a diverse range of verticals. In fact, due to growing health consciousness, the demand for flavored milk from almond, coconut, soy, oats, hemp, and rice is rising because of improved minerals and vitamins uptake. Additionally, manufacturers are more focused in developing new flavors for plant based frozen yogurt and ice-cream in an effort to gain a competitive advantage.

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Furthermore, availability of raw material due to substantial production growth along with low initial investments for start-ups has resulted in increased competitiveness of the industry. As per SOPA, global soy production has increased to around 361 million metric tons in 2018 from around 320 million metric tons in 2014.

With respect to product, the almond based dairy alternatives will observe the speediest CAGR of about 8.5% between 2019 and 2025. Growing production of almonds as well as the increasing consumer awareness regarding their health benefits will also influence the development of the industry. Almond milk offers various benefits like low calorie content, reduced levels of cholesterol and higher dairy value for vitamin E and vitamin D, increasing its demand among the health conscious.

With respect to application segment, beverages hold a significant share in the dairy alternatives market. The ratio of plant-based beverages compared to other alternatives is higher along with the growing demand for milk. Products like ice-cream, yogurt and cheese are difficult to produce from oats, hemp and rice, and do not match the taste & texture of its dairy equivalents, thereby supporting the penetration rate for plant-based milk.

As per formulation, unsweetened dairy alternatives segment is anticipated to grow at a substantial rate by 2025. Growing health conscious consumer base supported by increasing knowledge over the use of sweeteners, especially in Europe and North America, will further shift the preference of consumers towards unsweetened products. These dairy alternatives are creamy in texture and have reduced calorie intake. 

By sales channel, the dairy alternatives market is segmented into mainstream stores, online stores and specialty stores. Among these, the mainstream stores hold a major share in 2018. Development of hypermarkets and supermarkets in up and coming economies along with preference for take-home options in developed countries is further stimulating business growth for manufacturers in this segment.

On the geographical front, APAC region is expected to witness the speediest growth at a rate of more than 10% between 2019 and 2025, further led by countries like India, Japan, Indonesia and China. Changes in lifestyle for healthy living combined with increasing consumer spending are propelling the product demand in APAC as well.

List of major industry participants in dairy alternatives market includes:

• Whitewave Foods
• Hain Celestial Group
• Blue Diamond Growers
• SunOpta Inc., Pacific Foods
• Freedom Foods
• Earth's Own Food Company Inc.
• Triballat Noyal, Valsoia S.p.A
• So Delicious, Tofutti Brand
• New Barn
• Califia Farms
• Malk Organics
• Ripple Foods

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Related Reports:

Plant Milk Market By Formulation (Unsweetened, Sweetened), Source (Soy, Almond, Rice, Coconut), Sales Channel (Mainstream Stores, Specialty Stores), Packaging (Carton Packaging, Bottles, Pouches), Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2017 – 2024 

https://www.gminsights.com/industry-analysis/plant-milk-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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SOURCE Global Market Insights, Inc.