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Global Market Insights, Inc. has added a new report on Dairy Alternatives Market that provides a comprehensive review of this industry with respect to the driving forces influencing the market size. Comprising the current and future trends defining the dynamics of this industry vertical, this report also incorporates the regional landscape of market in tandem with its competitive terrain.

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.

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.

Ease in raw material availability owing to significant growth in production accompanied by low initial investments for startups are resulting in increased industry competitiveness. According to SOPA, global soy production has enhanced from around 320 million metric tons in 2014 to around 361 million metric tons in 2018. Further, as per USDA, global almond production has increased from around 1,069 thousand metric tons in 2014 to 1,285 thousand metric tons in 2018.

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Hain Celestial Group, Sunopta, Whitewave Foods Company, Freedom Foods, Blue Diamond Growers, and Valsoia S.P.A are some of the key manufacturers in the industry. The business participants are extensively focusing on product innovations, new product launches, mergers, and acquisitions for expanding their geographic foothold and capturing greater market share. For instance, in September 2014, WhiteWave Foods Company announced the acquisition of So Delicious, a manufacturer of plant-based beverages and frozen desserts with an investment worth USD 195 million. The initiative enabled the company to expand its product portfolio and serve the consumers across North America and Europe.

 The shifting trend from conventional dairy products such as cow milk to nuts and legume-based milk products along with rising consumer concerns for maintaining a healthy diet will be a key factor influencing the industry dynamics. The growing vegetarian and vegan population, motivated towards animal welfare concerns, choose plant-based beverages which additionally contributes towards the industry expansion. The food industry has been proactive in identifying changing consumer behaviour and has accordingly invested extensively in product development of substitutes to dairy and dairy-based products. This has led the industry participants to develop dairy free products including ice-cream, cheese, snacks and yogurt with an increased amount of protein and reduced calories & saturated fats..

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The global dairy alternatives market share in highly fragmented with a large number of regional and multinational players including Danone, Blue Diamond Growers, Valsoia S.P.A, Hain Celestial Group, Freedom Foods, Pacific Foods, and Sunopta. Strategic acquisitions, product launches, and geographic expansions are among the foremost strategies observed in the industry. For instance, in April 2017, Danone, a global food company, acquired WhiteWave Foods to enhance its product portfolio.

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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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