Dairy alternative based food and beverages are prepared from dairy-free milk, extracted from various plant based sources. They are increasingly being consumed by lactose intolerant and vegan individuals. There are wide variety of food and beverages available in the market, prepared from milk, derived from sources such as almond, soy, rice, coconut and others. Popularly consumed dairy alternative based products are milk, ice-cream, cheese, butter, soft drinks, energy drinks and others.
Increasing lactose intolerance among individuals worldwide, the rising number of dairy allergic consumers, sales through online channel, innovative product launches and attractive marketing and promotional strategies followed by the companies are the key factors that have fueled the overall growth of the dairy alternative market. The dairy alternative market is highly competitive with top players acquiring other small players to increase their market presence. Players are constantly innovating their products to develop new taste and flavors to differentiate themselves and attract more number of consumers. However, innovation in conventional milk and dairy products with low cholesterol and fat, have emerged as the major challenge for the players operating in the market.
The key developmental strategies adopted by the companies are discussed in the report, thereby highlighting the key growth strategies of this market.
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