Dairy alternative based food and beverages are prepared from dairy-free milk, extracted from various plant based sources. These are increasingly being consumed by lactose intolerant and vegan individuals. A wide variety of food and beverages are available in the market, which are 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 and others.
Increasing awareness about the benefits of dairy alternative products and growing vegan population are the major factors boosting the demand these products. Moreover, increasing health consciousness, rise in disposable income and awareness towards chemical free products are some of the other factors fueling the market growth. However, higher cost compared to conventional milk/milk based products and prominence of low-cholesterol, and low-fat conventional milk/milk based products have emerged to be major challenges for the players operating in the market. The market is anticipated to offer attractive business opportunities owing to rising lactose intolerance and increasing demand for soy, rice, and almond milk proteins in the global market. Moreover, innovation in sources and flavors of dairy alternative based food & beverages is expected to unfold opportunity for the players operating in the market.
The world dairy alternative market is segmented on the basis of source, application, distribution channel 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 channel. Geographically, the market is classified into North America (U.S., Canada and Mexico), Europe (UK, Germany, France and rest of Europe), Asia-Pacific (China, Japan and rest of Asia-Pacific), and LAMEA (Latin America and Rest of LAMEA).
The companies profiled in the report are WhiteWave Foods Company (U.S.), Blue Diamond Growers (U.S.), SunOpta Inc.(Canada), Earth’s 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.).
DAIRY ALTERNATIVE MARKET SEGMENTS
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