Industry Outlook and Trend Analysis
The Dairy Alternatives Market was worth USD 5.89 billion in 2014 and is expected to reach approximately USD 15.79 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 11.58% during the forecast period. Rising demand for dairy alternatives for the production of medical foods for lactose intolerance diseases, inferable from its lactose-free nature, is anticipated to drive the business development. The nutritious advantages offered by dairy alternative products, for example, high protein content, low cholesterol content, and the incorporation of the same in everyday food products by producers is anticipated to profit the market. Rising number of allergies related with non-vegan foods and the resultant changing dietary inclinations of consumers is expected to drive the interest for the product over the estimate time frame.
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Product Outlook and Trend Analysis
The soy milk product portion represented 40.5% of the market share in 2016. Soy milk boosts the aversion of breast cancer and heart diseases, attributable to presence of valuable isoflavones in it. This factor has prompted its high prevalence among women, and has along these lines made it develop as the most astounding devoured non-dairy product. Almond milk is foreseen to be the quickest developing product fragment and is foreseen to rise at a tremendous CAGR over the figure time frame.
Formulation Outlook and Trend Analysis
Plain formulation section represented USD 5.39 billion in 2016, and is foreseen to develop at a significant CAGR over the conjecture time frame. Developing demand for the product in food & beverage applications for plain unsweetened snacks and desserts is anticipated to boost portion development over the estimate time frame. Flavoured formulation is foreseen to be the quickest developing section over the gauge time frame.
Application Outlook and Trend Analysis
Beverage is foreseen to develop as the quickest developing application portion over the gauge time frame. Developing demand for different nut based flavoured milk products, for example, cashew, walnut, and almond, is anticipated to profit the market development over the gauge period. Food application portion is foreseen to witness a consistent development rate by virtue of the expanding usage of dairy alternative based desserts, snacks and cheese.
Regional Outlook and Trend Analysis
Asia Pacific has ruled the dairy alternatives industry as far as income in 2016, and represented more than 49.7% of the market share around the same time. Rising customer awareness in regards to the dairy alternative products, changing purchaser dietary habits combined with rising discretionary income is foreseen to positively affect the business development. Europe dairy options showcase is required to advance at substantial growth rate over the figure time frame.
The leading players in the market are Nutriops S.L, Hain Celestial Group, SunOpta, Blue Diamond Growers, WhiteWave Foods, Eden Foods Inc, Archer Daniels Midland, Freedom Nutritional Products and Daiya. The market is described by the presence of major industry members concentrating on R&D to come up with improvised texture and taste of their dairy alternative product offerings. The industry is pooled by various makers and raw material providers, which have accordingly made the market, be highly competitive.
The Dairy Alternatives Market is segmented as follows-
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
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Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?