San Francisco, Oct 18 The
global dairy
alternatives market is expected to reach USD 35.06 billion by
2024, according to a new report by Grand View Research, Inc. Rising number of
lactose intolerance cases and increasing consumer awareness towards health, is
expected to drive the market growth over the forecast period.
The
global dairy alternatives market has numerous manufacturers, however is
dominated by a few players including Blue Diamond Growers, Earth’s Own Food,
SunOpta, Vitasoy International, and Whitewave Foods Company. New product launch
with improved product texture, taste and flavors is the key strategy adopted by
these players to maintain their market share.
The
U.S. Food and Drug Administration, and Food Canning Establishment Registration,
and Scheduled Process Regulations, have laid down guidelines which are to be
adhered by dairy alternative product manufacturers. The stringent regulations
imposed on the manufacturing of dairy alternatives as they are directly
consumed by consumers are expected to be a key threat to the industry
participants.
Companies
in the industry, have integrated their operations across the value chain by
indulging in raw material procurement, manufacturing, as well as distribution
sectors in order to gain a competitive edge in the industry. The competitive
rivalry among the existing players is high which has thus compelled them to
invest in R&D activities in order to come with improvised products.
Browse full research report on Dairy Alternatives Market:
www.grandviewresearch.com/industry-analysis/dairy-alternatives-market
Further key findings from the report suggest:
- Soy milk
product segment is expected to ascend at a CAGR of 15.7% over the forecast
period, on account high demand for soy milk, especially by the Asian
consumers
- Plain
formulation segment accounted for over 52.7% of the market share in 2016,
owing to its increasing preference especially by geriatric population as
they are cholesterol free
- Food is
expected to be the fastest growing application segment on account of
rising health awareness among consumers, lactose intolerance cases and the
subsequent high demand for non-dairy cheese and yogurt
- Asia Pacific
held the largest market share of 49.7% in 2016 and is expected to dominate
the market over the forecast period on account of the presence of high
lactose intolerant population, especially in the Southeast Asia
- Major players
in the industry have adopted production capacity expansion and new product
development with additional nutritional values to gain competitive edge
and cater to the emerging markets
Browse more reports of this category
by Grand View Research: www.grandviewresearch.com/industry/ready-to-eat-processed-and-frozen-foods
Grand
View Research has segmented the global dairy alternatives market on the basis
of product, formulation, application, and region:
Dairy
Alternatives Product Outlook (Volume, Kilotons; Revenue, USD Million; 2013 -
2024)
- Soy Milk
- Almond Milk
- Rice Milk
- Others
Dairy
Alternatives Formulation Outlook (Volume, Kilotons; Revenue, USD Million; 2013
- 2024)
- Plain
- Sweetened
- Unsweetened
- Flavored
- Sweetened
- Unsweetened
Dairy
Alternatives Application Outlook (Volume, Kilotons; Revenue, USD Million; 2013
- 2024)
- Food
- Cheese
- Desserts
- Snacks
- Beverages
Dairy
Alternatives Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2013 -
2024)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Asia Pacific
- China
- Japan
- India
- Australia
- New Zealand
- Latin America
- The Middle
East & Africa
- South Africa
Browse press release of this report
by Grand View Research: www.grandviewresearch.com/press-release/global-dairy-alternatives-market
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more information:
www.grandviewresearch.com
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