Asia-Pacific Dairy Alternatives Market By Source (Soy Milk, Almond Milk, Rice Milk), Application (Food, Beverages), Type (Spread, Creamer, Yogurt, Tofu), Distribution Channel (Large Retail, Small Retail, Specialty store, Online)
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The Asia-Pacific Dairy Alternatives Market Size is anticipated to experience a growth of 14.7% CAGR during the forecast period (2016 - 2022).
Dairy Alternatives are one of the important parts of food & beverages industry. Dairy Alternative products are made from milk based on almonds, SOY, coconut, and rice among others. These products are mostly preferred by the population who are lactose-intolerant, or one who have allergy from milk, or people prefer it as vegan diet as well.
Growing Population and Increase is consumer income is contributing to the rising demand of dairy alternative market. According to Statistics Canada, ?Per capita consumption has decreased by about 21.5 percent over a ten-year period, 1996 to 2015. However, flavored milk consumption and cream consumption have increased significantly during the same period?. Additionally, an increasing amount of non-dairy alternative is also contributing in the growing demand of dairy alternative products. Growing awareness for dairy alternative products has also driven the growth of dairy alternatives market.
People use dairy alternative products for many reasons; most of the people prefer dairy free products to get relief from digestive issues like bloating, skin issues etc. It is estimated in the study that around 0.6 to 2.5% of preschoolers, around 0.3 of school going children or teenagers, and 0.5 adults suffers from dairy related issues like cow milk?s allergy. Many companies have also increased the production for dairy alternative product.
Hence, benefits related to dairy alternative products are gaining attention of consumers and would expect to drive the growth of dairy alternative market. The market has been segmented on the basis of distribution channel, application, and Country. Based on distribution channel, the market is segmented into Small retail, Specialty store, large retail, and others. Based on Application, the dairy alternative market has been segmented into Food & Beverages. Food is further segmented into Spread, Tofu, Creamer, Yogurt, and Others.
Based on Country, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia-Pacific. The key players operating dairy alternate market are as follows: WhiteWave Foods Company, SunOpta Inc., Blue Diamond Growers, Hain Celestial Group, Inc., Earths Own Food Inc., Organic Valley, Panos Brands LLC, and Elden Foods Inc.