Dairy Alternatives Market Set for Robust Growth, Striking Sales Growth Projected for Shelf-stable Products: FMI
Predominantly driven by considerably high prevalence of lactose intolerance, dairy alternatives continue to witness healthy sales at a global level. Once a niche sector in food industry, dairy alternatives currently represent a US$ 16 Bn market and will possibly witness a strong CAGR during the period of projection, 2019 – 2029.
Dairy Alternatives Market
A recent market study published by Future Market Insights on the dairy alternatives market...
Key Takeaways - Dairy Alternatives Market Study
- There is a wide variety of dairy alternatives manufactured from different sources such as soy, oats, almond, coconut, hemp, and flax. Dairy alternatives are offered in flavored and unflavored variants. This diverse range of options is expected to boost expansion of the market.
- The consumption of unflavored or regular dairy alternatives is higher than that of the flavored variety. However, in the forecast period, the demand for flavored dairy alternatives is anticipated to increase.
- Organic dairy alternatives are gaining traction, especially in developed countries. Organic food consumption is the highest in the U.S., followed by European Union which accounted for retail sales of 45.2 billion and 34.3 billion respectively, in the year 2017.
- Shelf storage of dairy products poses as a big challenge for stakeholders due to fear of spoilage. Dairy alternatives manufacturers launched shelf-stable products with a higher shelf life, which made storage of dairy alternatives economical and easier. This is anticipated to boost sales.
- Among retail outlets, specialty stores account for the highest share in sales of dairy alternatives.
Despite a great deal of opposition from dairy manufacturers, dairy alternatives market is expected to double in the forecast years. Nutrition, taste, easy availability of dairy alternatives, and consumer-centric approach are expected to contribute to this significant growth.
Millennials to Create Opportunity
The main consumers of dairy alternatives are millennials. Millennials show more concern towards animal welfare than any other generation as per consumer survey in 2018 by Comax Flavors, a flavor technology company for food and beverages. Additionally, as per the survey, health benefits are the main reason for which millennials consume dairy alternatives.
To retain and capture interest of millennials in an increasingly intense landscape, manufacturers are increasing their efforts in research and development. Almost all the companies in the dairy alternatives market, which are operating at a global level, are growing at exponential rates in terms of sale. Innovative ingredient and flavour combinations are responsible for the projected high growth rate of the dairy alternatives market.
The ongoing better-for-you and clean label trend is boosting market growth. Though the growth of dairy alternatives market is not expected to decline for the next 10-15 years, constant efforts in innovation and development of effective marketing strategies are a prerequisite for growth in future.
Know More About Dairy Alternatives Market Report
Future Market Insights, in its new offering, offers an unbiased analysis of the global dairy alternatives market, presenting historical demand data (2014-2018) and forecast statistics for the period from 2019-2029. The study divulges compelling insights on the dairy alternatives market based on the source (soy, almond, rice, coconut, oats, and others), product type (flavoured and unflavoured), nature (organic and conventional), and distribution channel (direct and indirect) across seven major regions.
For additional insights, write to the analyst at email@example.com
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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