Major players in the dairy alternatives market are Tate & Lyle, CP Kelco Inc., SunOpta Inc., The White waves Food Company (US), Organic Valley (US), The Hain Celestial Group (US), Blue Diamond Growers (US), Sunopta (Canada), and Archer Daniels Midland Company.
The Global
Dairy Alternatives Market is expected to grow from USD 19.27
billion in 2019 and to USD 19.67 billion in 2020 at a growth rate of 2.08%. The
slow growth in 2020 is mainly due to the economic slowdown across countries
owing to the COVID-19 outbreak and the measures to contain it. The market is
then expected to grow and reach USD 26.86 billion in 2023 at CAGR of 10.94%.
The dairy alternatives market consists of sales of dairy alternative products and related services. Dairy alternatives are food & beverages that are used as a substitute for dairy products. These products are extracted from plants including cereals (rice, oats), legumes (soy), seeds (hemp, flax), nuts (peanuts, almond), and other grains (teff, quinoa). The dairy milk alternatives include soy milk, rice milk, oat milk, coconut milk, and flaxseed milk, cheese substitutes comprise soft cheese and hard cheese, butter alternatives such as nut butter, coconut butter, vegetable oil blends, and cultured vegan butter.
Asia-Pacific was the largest region
in the dairy alternatives market in 2019.
The new product innovation is the
trend in the dairy alternatives market. In December 2019, Nestle's popular
brand Nesquik, a health-drink brand, announced the launch of GoodNes, its first
plant-based health drink made from a blend of pea protein and oat milk. According
to Nestle, its new dairy alternative health drinks matches the nutritional
value of traditional milk with 2g of dietary fibers and 6 g of protein per
serving. The product is made from using cane sugar and leaf extract for the
naturally sweet taste and contains 40% less sugar than chocolate almond milk.
The dairy alternatives market
covered in this report is segmented by product type into non-dairy milk;
butter; cheese; yogurts; ice cream; others. It is also segmented by source into
almond; soy; oats; hemp; coconut; rice; others and by distribution channel into
supermarkets; health food stores; pharmacies; convenience stores; online
stores; others.
Lack of awareness among the
consumers about the nutritional benefits of dairy alternative products is expected
to hinder the growth of the market. Many dairy consumers feel that dairy
substitutes are lower in nutritional content than cow's milk and other dairy
products. According to Cargill Study, about 90% of households in America
consume dairy products as a part of their daily diets, whereas, only 4% of the
population consumes only non-dairy products. Therefore, the lack of awareness
among the populace about the nutritional benefits of dairy alternatives is to
hinder the growth of the market over the forthcoming years.
In October 2019, Wyler Farms,
Israel-based tofu company, and Innovopro, a food-tech startup company have
partnered for the launch of new Innovopro's CP-Pro 70 chickpea protein in
Israel market. The Innovopro's chickpea protein concentrate is a part of the
new dairy-alternative beverage product line of Wyler Farms in the country.
Innovopro's CP-Pro 70 is a plant-based protein and has a unique neutral taste.
Increasing cases of lactose
intolerance and milk allergies are projected to contribute to the dairy
alternatives market growth. Lactose intolerance or congenital lactase
deficiency is a situation wherein small intestine is incapable of making enzyme
lactase to break down or digest lactose, moving undigested lactose to large
intestine causing symptoms such as diarrhea, gas, and bloating. According to
Cleveland Clinic, more than 30 million people in America are lactose
intolerant. This scenario is likely to generate higher demand for dairy
alternatives, which in turn, is anticipated to boost the revenues for dairy
alternatives market over the forecast period.
For More Information, Click on the Link Below:-
Global
Dairy Alternatives Market
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing &
Communications
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