Dairy Alternative Market Overview and Industry Forecast:
Dairy Alternative Market is expected to garner $21.7 billion by 2022, registering a CAGR of 13.3% during the forecast period 2016-2022. Dairy alternative based food and beverages are prepared from dairy-free milk, extracted from various plant based sources. They are increasingly being consumed by lactose intolerant and vegan individuals. There are wide variety of food and beverages available in the market, prepared from milk, derived from sources such as almond, soy, rice, coconut and others. Popularly consumed dairy alternative based products are milk, ice-cream, cheese, butter, soft drinks, energy drinks and others.
Increasing lactose intolerance among individuals worldwide, the rising number of dairy allergic consumers, sales through online channel, innovative product launches and attractive marketing and promotional strategies followed by the companies are the key factors that have fueled the overall growth of the dairy alternative market. The dairy alternative market is highly competitive with top players acquiring other small players to increase their market presence. Players are constantly innovating their products to develop new taste and flavors to differentiate themselves and attract more number of consumers. However, innovation in conventional milk and dairy products with low cholesterol and fat, have emerged as the major challenge for the players operating in the market.
The key developmental strategies adopted by the companies are discussed in the report, thereby highlighting the key growth strategies of this market.
The companies profiled in the report are WhiteWave Foods Company (U.S.), Blue Diamond Growers (U.S.), SunOpta Inc.(Canada), Earths Own Food Company Inc.(Canada), Living Harvest Foods Inc. (U.S.), Hain Celestial Group, Inc.(U.S.), Organic Valley Family of Farms (U.S.), Panos Brands LLC (U.S.), Pascual Group (Spain), and Eden Foods Inc.(U.S.).
World Dairy Alternative Market Segmentation
The world dairy alternative market is segmented on the basis of source, application, distribution and geography. By source, the market is categorized into four segments which include soy milk, almond milk, rice milk, and other sources. By application, the market is segmented as food and beverages. Food is further categorized into spread, creamer, yogurt, tofu and others. Large retail, small retail, specialty store and online are the segmentations by distribution. Geographically, the market is classified into North America, Europe, Asia-Pacific, and LAMEA.
TOP WINNING STRATEGIES IN DAIRY ALTERNATIVE MARKET
Market players have implemented various strategies in order to gain a competitive advantage and a stronger base in the market. Acquisitions have been the prominent strategy implemented by key players to increase their presence in the global market. Prominent players such as WhiteWave Foods Inc., Hain Celestial Group and SunOpta Inc., have made a large number of acquisitions to increase their market presence. Joint ventures and partnerships were also used by players to increase their foothold in the market. Market players have also introduced new products in the market to enhance their customer base.
Top winning strategies world dairy alternative market:
TOP FACTORS IMPACTING WORLD DAIRY ALTERNATIVE MARKET
Increase in disposable income
Increase in disposable income of chinas huge population is anticipated to drive the Asia-Pacific dairy alternative market in the coming years. For instance, according to National Bureau of Statistics of China, the disposable income of China has increased by 8.2%, from 28844 CNY in 2014 to 31195 CNY in 2015. The increased disposable income generates opportunity for market players to expand their market presence in these countries.
Increase in dairy allergic consumers
Dairy alternative has become a need for consumers who are allergic to conventional milk/milk products. Most of the consumers select these beverages because of intolerances or allergies to cows milk while others choose them for taste. Consumers allergic to dairy products are eagerly looking for plant based milk with huge amount of nutrients, vitamins and calcium with same satisfaction as the cows milk. Dairy milk was the healthiest food in the past but increasing allergic consumers would decrease the demand for dairy products in future. According to a survey of the American Dietetic Association, in September 2012, 87% of dietitians recommend a plant-based diet to some or most of their patients. Consumers are rapidly moving towards conventional milk leaving behind dairy milk.
High price of dairy alternative milk
The price of dairy alternative milk is higher in comparison to conventional milk. This is due its high production cost and the high nutrient content. Major nutrients present in milk include proteins, vitamins, calcium, phosphorus, vitamin D, vitamin B12, riboflavin and magnesium. Even though cost of milk is higher than cows milk, but still consumer prefer dairy alternative owing to its huge benefits for healthier life. High cost may hinder the market in developing economies such as India and China where consumers are price sensitive. On the other hand, production and consumption of dairy alternative milk is increasing in the developed nations such as U.S. and Canada.
Top factors impacting world dairy alternative market:
- This report provides current market estimates and forecasts for the period 2016 - 2022, with 2015 as base.
- Market intelligence for key developmental strategies adopted by top companies are explained with impact analysis.
- Detailed analysis of the key market segments such as segments such as applications, source, distribution channel and geography; provides a comprehensive understanding of the market.
- Emphasis is laid on key factors affecting the growth of dairy alternatives market. These factors are critically analyzed to reveal the most influencing factors.
- Competitive intelligence highlights the business practices followed by leading players across various regions.
DAIRY ALTERNATIVE MARKET SEGMENT
- Soy milk
- Almond milk
- Rice milk
- Other sources
By Distribution Channel
- Large retail
- Small retail
- Specialty store
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Rest of LAMEA
- WhiteWave Foods Company (U.S.)
- Blue Diamond Growers (U.S.)
- SunOpta Inc.(Canada)
- Earths Own Food Company Inc.(Canada)
- Living Harvest Foods Inc. (U.S.)
- Hain Celestial Group, Inc.(U.S.)
- Organic Valley Family of Farms (U.S.)
- Panos Brands LLC (U.S.)
- Pascual Group (Spain)
- Eden Foods Inc. (U.S)