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Rising Demand of Vegan Products Stimulate the Dairy Alternatives Market (2019-2025)

Author : Rahul Sankrityayan | Published Date : 2019-05-29 

An analysis of Dairy Alternatives Market has been provided in the latest report introduced by Global Market Insights, Inc. that primarily focuses on the market trends, demand spectrum, and prospects of this industry over the forecast period. Furthermore, the report provides a detailed statistical overview in terms of trends outlining the geographical opportunities and contributions by prominent industry share contenders.

Shifting consumer preference for vegan products owing to growing health consciousness will drive the dairy alternatives market growth. The demand for flavored milk from soy, almond, coconut, rice, oats, and hemp are increasing due to improved vitamins & minerals uptake. Manufactures are focusing on developing new flavors in plant-based ice-cream & frozen yogurt for gaining competitive advantage.

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Increasing concern pertaining to lactose intolerance and high prevalence of related diseases such as bloating and diarrhea is supporting the dairy alternatives market share. As per the World Health Organization, 70% of the global population is lactose intolerant in 2017. Other key benefits gaining consumer attention include low cholesterol level and reduced calorie content.

Key aspects including improved product flavor & taste and expanding distribution network will drive the industry growth over the forecast timeframe. Further, the industry observes new product launches based on oats, hemp, rice, and almonds. For instance, in January 2019, Oatly announced to expand its oat-based ice-cream by launching new flavors. Also, hemp-based dairy alternatives are gaining popularity and readily available in North America and Europe.

Almond-based dairy alternatives market will observe the fastest CAGR at around 8.5% from 2019 to 2025. Increasing almond production to cater the growing demand along with rising consumer awareness regarding health benefits are positively influencing the industry development. Further, almond milk provides benefits such as higher daily recommended value for vitamin D and vitamin E, low-calorie content, and reduced cholesterol levels.

Manufacturers are focusing on the adoption of sustainable practices such as optimizing their network with farmers, energy & waste management, and the utilization of industry by-products as raw materials. They are also developing products in line with stringent regulations of governing bodies, thereby aiding product growth over the forecast timeline.

Stringent regulations imposed on the manufacturing process such as functional requirements, the need of mentioning animal-based products in food labels, higher cost of nuts & legumes, and increasing energy costs may increase the overall production cost which in turn will hinder the market share. In addition, the inflated and time-consuming product testing, processing, and approvals can inhibit business growth.

Online stores emerged as the fastest growing distribution channel. The online services sector has gained momentum in both developed and developing countries owing to cost-effectiveness and faster accessibility. The increasing popularity of online sales channels is creating potential opportunities for segment growth over the forecast timeframe.

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North America dairy alternatives market accounts for over 25% share and expected to witness significant gains over the forecast timeline. The escalating number of patients with allergies and nutritional deficiency will result in dairy alternative products demand across the region. Changing eating habits and lifestyle owing to rising adult population suffering from obesity and diabetes in the U.S. and Canada will further drive the plant-based rice and almond milk products demand.

The global dairy alternatives market is highly competitive owing to the presence of a few dominating companies including Whitewave Foods, Hain Celestial Group, Inc., Blue Diamond Growers, SunOpta Inc., New Barn. Other prominent players in the industry include Triballat Noyal, Califia Farms, Valsoia S.p.A, Freedom Foods, and Pacific Foods. Strategic initiatives such as new product launches, geographical expansions, R&D investments, and mergers & acquisitions help the industry participants explore the untapped business potential. Industry players resort to supply chain agreements with dealers and distributors to ensure efficient flow of products.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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