Dairy alternative is segmented into soy milk, almond milk, rice milk and others comprising of 70.5%, 14.64 %, 7.9 % and 6.8% respectively, of the global dairy alternative market
(PRWEB) July 09, 2014
The global dairy alternative beverage market is projected to reach a value of $14 billion by 2018. The market for plant-based dairy alternative beverage grows with the increasing demand for healthy products and support from the government and health associations. The increasing demand is also attributed to the nutritional and health benefits provided by these beverages. Consumers demand new products and options for dairy alternatives. The leading companies continue to invest in R&D programs to develop new products with different flavors to satisfy their consumers’ needs. The market is projected to grow with an increasing number of lactose-intolerance, milk allergy, vegans, and so on. Soy milk dominated the market, both in terms of value and volume.
The North American dairy alternatives market is expected to grow at a CAGR of 13.0 % from 2013 to 2018. North America has a large number of dairy alternative beverage companies. The companies introduce new varieties of dairy alternative beverages to satisfy consumer preferences. Soy milk has the largest market for dairy alternative beverages in North America, but faces tougher competition from other dairy alternative beverages such as almond milk, rice milk, and so on. Rice, hazelnut, and hemp milk are also growing in the dairy alternative market as they have calcium content and other nutritional benefits similar to that of soy milk.
Browse through the market data tables, figures and detailed ToC on the “North America Dairy Alternative Market”.
European Dairy Alternative Market
Europe is the third largest market in the global dairy alternatives market, projected to grow at a CAGR of 9.0%, from 2013 to 2018. In Europe, the demand for dairy alternative beverages was initially from consumers who suffered from lactose intolerance. However, the demand for dairy alternative beverages has widened in recent years. The manufacturers in Europe focus on new product development with new launches that include soy juice mixes and fresh soy drinks. The mainstream retailers recorded the maximum sales of dairy alternative beverages.
Asia-Pacific Dairy Alternative Market
The Asia-Pacific region is the largest market for dairy alternative beverages. The soy milk and the other dairy alternative beverages market are growing as manufacturers launch new products for specific customer segments. In the Asia-Pacific region, soy milk was initially bought as a soft drink. However, product innovations made it popular as a functional beverage and dairy alternative. The food manufacturers launched soy milk forms to meet the increasing consumer demand for health beverages, pasteurized soy milk as dairy alternatives, and novel flavors of soy drinks. Soy milk, rice milk, and so on are widely consumed by consumers as a traditional beverage in the Asia-Pacific region.
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