LONDON — The global dairy alternatives market is expected to grow at a CAGR close to 14% from 2017-2021, according to a new market research report by Technavio.
Global dairy alternatives market segmentation by product and geography
Technavio’s report on the global dairy alternatives market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by product, including food and beverages. As projected in 2016, around 69% of the market share originated from beverages segment. Growing health awareness and the increasing number of new product launches are expected to be the major factors impacting the growth of the global beverages-based dairy alternatives market during the forecast period.
Based on geography, the global dairy alternatives market has been segmented into APAC, EMEA and the Americas. As of 2016, 43% of the market share came from APAC.
“Rising disposable income of consumers in developing economies and increasing number of organized retailing outlets, are the major drivers for the dairy alternatives market in APAC. Some of the major vendors operating in the dairy alternatives market in APAC are Sanitarium, Danone, The Hershey Company (THC), Kikkoman Corporation, Fujian Jinjiang Fuyuan Food, Vitasoy International, and FREEDOM FOODS,” says Manjunath Reddy, a lead analyst at Technavio for food research.
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Dairy alternatives market: competitive vendor landscape
With the presence of numerous small and large vendors, the global dairy alternatives market is moderately fragmented. The current market includes companies of varying sizes, offering a diverse portfolio of products. Some prominent vendors in the dairy alternatives market are Danone, Vitasoy International, Hain Celestial, SunOpta, Organic Valley, Earth's Own Food Company, PANOS brands, BDG, and Hormel Foods. Vendors in the market compete based on factors such as price, quality, innovation, service, packaging, brand image, distribution, and promotion.
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Other topics covered in the report:
Market drivers:
- Growing consciousness about health benefits of dairy alternatives
- Increasing number of new products launches
Market challenges:
- Distribution challenges in packaged food and beverages sector
- Cross contamination
Market trends:
- Increasing market exposure for dairy alternatives due to online retailing
- Growing lactose-intolerance globally
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Source: Technavio
