The dairy alternatives market is expected to reach $35.06 billion by 2024, according to a new report by Grand View Research, driven by rising consumer awareness of health issues and increasing cases of lactose intolerance.
The dairy alternatives market is expected to reach $35.06 billion by 2024, according to a new report by Grand View Research. It is expected to witness significant growth over the projected period owing to rising consumer awareness of health issues coupled with increasing number of lactose intolerance cases in various parts of the world. Increasing penetration of plant-based milk such as almond milk, soy milk and, coconut milk to replace cow milk is anticipated to propel demand.
Increasing consumer preference for lactose-free food products including cheese, desserts, and snacks are anticipated to drive demand, the research says, with rising consumer focus on the nutritional values offered by the product such as low calories and high proteins and vitamins likely to have a positive impact on the industry. Furthermore, Grand View believes that the shift of the consumer base towards a vegan diet, owing to factors including animal rights and environment protection, is anticipated to drive demand for dairy alternatives over the forecast period. However, it says, the high cost associated with these products as compared to dairy products is likely to hamper industry growth.
The global dairy alternatives market has numerous players, Grand View notes, saying that it is dominated by a few including Danone, Vitasoy International, Sunopta, Earth’s Own Food, and Blue Diamond Growers. These companies, the researchers say, are engaged in developing and launching innovative and new products to consolidate their presence in the industry. However, growing consumer demand and rising consumer preference for high-quality products with low costs are anticipated to open new avenues for new players over the next eight years. The industry players are likely to establish and expand their business in the Asian Market in order to tap the increasing consumer demand associated with the changing lifestyle, growing population, rising disposable income and increasing number of lactose intolerance cases in countries such as China, Australia, New Zealand, India, Japan, and Korea.
Source: Ingredients Network, 26 aug 2016