The Global Dairy Alternatives Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report the Global Dairy Alternatives Market is estimated to be USD 11.10 billion in 2016 and predicted to rise to USD 22.62 billion by 2021 with a CAGR of 15.3%. The market is segmented by Type (Almond Milk, Soy Milk, Rice Milk, Others), by Formulation (Plain Sweetened, Plain Unsweetened, Flavoured Sweetened, Flavoured Unsweetened), by Application (Food & Beverages). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
The dairy alternatives market is on the rise due to many people shifting their diet towards 100% vegan. Many environmental agencies and organizations are pleading people to stop using animals and animal derived products in their diet which has seen a surge in the dairy alternatives market. The high cost associated with the dairy alternatives restricts the growth of the market.
Soy Milk accounted for the largest revenue in the overall industry due to wide availability of the product. In the coming years, Almond milk is anticipated to grow at the fastest pace due to numerous health advantages it offers, owing to its nutritional value.
Asia-Pacific accounted for the highest market share of the overall industry due to growing environmental concerns and rising health awareness among the people. The Asia-Pacific region is also anticipated to grow at the fastest pace in the coming years due to increasing disposable income and change in eating patterns of the people in the region.
Some of the major companies dominating the market include The Hain Celestial Group Inc., Blue Diamond Growers, Daiya Foods Inc., SunOpta Inc., Archer Daniels Midland Company, The WhiteWave Foods Company, Freedom Foods Group Limited, Sanitarium Health & Wellbeing Company, Earth’s Own Food Company, Nutriops S.L. and Eden Foods, Inc.
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