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Dairy alternative beverages are plant based milk which is extracted through grains, nuts and seeds. Unlike the regular dairy beverages they have low cholesterol and low fat content. Dairy intolerant, vegans and individuals with milk allergies primarily consume dairy alternative beverages.
The global dairy alternative beverage market is categorized into various types of milk such as:
Oat and Others
These are some of the widely used substitutes for milk. The dairy alternatives market is estimated to grow at a CAGR of 9.9% from 2016 to 2021. The overall market is also presented from the perspective of different geographic regions and the key countries in each region. AsiaPacific is the dominant market which held close to 60% of the overall market in 2015, whereas RoW encompassing South America, Middle East and Africa is forecast to be fastest growing market.
Dairy alternative beverages are distributed through supermarkets, health food stores, convenience stores, pharmacies and others. These products are available in several formulations including plain, flavored, sweetened and nonsweetened. Supermarket is the most preferred channel by the consumer as well as product provider in this market.
The major players in this market include:
WhiteWave Foods Company U.S.
Blue Diamond Growers U.S.
Vitasoy International Hong Kong
Earth's Own Food Canada
These companies have significant presence in the dairy alternatives beverage market with wide product mix and considerable brand image. However, the geographical reach of market players is limited to few regions. More consolidation is expected in the coming years as manufacturers focus on developing and launching products from emerging sources with new flavors and nutrient fortification.
Almond Milk dominates the market, whereas coconut milk is estimated to be the fastest growing segment
Dairy alternatives are supplemented/fortified with essential nutrients such as calcium and vitamin D to enhance the nutritional profile of the offerings
Growing instances of intolerance and allergies coupled with rising health consciousness among consumers is driving the market for dairy alternatives
Plain nonsweetened and flavored sweetened formulations of dairy alternative beverages are estimated to witness fastest growth
Original Article: Dairy Alternatives Beverage Market: By Type Almond, Soy, Coconut, Cashew, Oats; Formulation Plain, Flavored, Sweetened, NonSweetened; Channel Super Markets, Convenience Stores, Health Food Stores, Pharmacies Forecast 2016 2021. [Updated: 26022016] PriNEXT ARTICLE
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