Major moves are being made regarding product launches, joint ventures, developments, mergers and acquisition by key components of the Global Dairy Alternative Market which has consequently affected the sales, import, export, revenue and CAGR values of the Global Dairy Alternative Market and Food & BeverageIndustry. The report consists of the CAGR figures in the historic year 2016 the base year 2017 and forecast year 2018-2025 of the market which is subsequently affecting the Food & Beverage industry. This report provides a thorough synopsis on the study for Global Dairy Alternative Market and how it is affecting the Abc industry in turn. The report covers detailed market definition, classifications, applications, and market trends. With the use of SWOT analysis and Porter’s Five Forces, the report summarizes the market drivers and restraints.
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Major Players: Global Dairy Alternative Market
Some of the prominent participants operating in this market are The Whitewave Foods Company, Kite Hill, Oalty, Blue Diamond Growers, Earth’s Own Food Company Inc., Sunopta, Pureharvest, Pacific Foods Of Oregon, Inc., Sanitarium, Hain Celestial and Others
- On the basis of product type, the market is segmented into almond milk, soy milk, coconut milk, rice milk, oat milk, cashew milk and others
- On the basis of type, the market is segmented into organic and inorganic
- On the basis of formulation, the market is segmented into plain & sweetened, plain & unsweetened, flavored & sweetened, flavored & unsweetened and others.
- On the basis of application, the market is segmented into food, beverages
- On the basis of nutritive component, the market is segmented into protein, starch, vitamins, others
- On the basis of distribution channel, the market is segmented into supermarkets/hypermarkets, specialized store, online, others
Drivers: Global Dairy Alternative Market
RISING CASES OF LACTOSE INTOLERANCE AMONG THE POPULATION
The cases of lactose intolerance among cow milk consumers is rising which is caused due to the shortage of enzyme lactase which breaks down the lactose into two smaller sugars called as glucose and lactose. Many people around the world are sadly say goodbye to their favourite dairy products as they have difficulty in digesting lactose. There are many factors which affects the populations to adapt and react to lactose such as genetic factors, diet, climate, and even ethnicity.
CHANGING DIETARY PREFERENCE OF CONSUMERS DUE TO INCREASING HEALTH CONCERNS
Rising prevalence of lifestyle diseases such as heart diseases, obesity and stroke which is threatening the normal lives of individuals is changing individual’s lifestyle. With fast moving lifestyle people are getting more conscious about their health and are opting for optimal diet in their daily routine. though cow’s milk boast provides large amount of nutrients as it is rich in high-quality of protein, vitamins and minerals which includes calcium, phosphorus and B vitamins many consumers cannot drink due to personal preferences, dietary restrictions, allergies or intolerances and also risk of certain type of cancer and diabetes.
- Soy Milk: it is equally equivalent to cow’s milk. It is rich in soy milk is nutritionally equivalent to cow’s milk. It’s often fortified with calcium, vitamins A and D and riboflavin. Since soy milk contains isoflavones it helps in reducing the risk of heart disease. Also, Federation of American Societies for Experimental Biology (FASEB) suggest consumption of soy in childhood as it reduces the risk of bone degradation later in life.
- Almond milk: it contains lots of Vitamin E. Also, it contains flavonoids which helps to lower the level of bad cholesterol and mains the heart health. It is also good to those who are weight conscious as almond milk has 1/3 of the calories of 2% cow’s milk.
- Coconut milk: Coconut milk contains fiber and iron, vitamin B12 and vitamin D. Coconut milk is a good alternative for those who are lactose intolerant, have nut allergy, or are sensitive to cow’s milk, and also for those who follow a vegan diet.
- Rice milk: it is free from soy, gluten and nuts. It is considered as the hypoallergenic of the milk alternatives. Also, Calorie-wise, rice milk is lighter which may be beneficial for people who are looking to lose weight.
- Hemp milk: it is rich in iron as compared to the cow’s milk. Also, it has very high amount of omega-3 fatty acids which helps in promoting heart and brain health.
NEW PRODUCT LAUNCHES AND INNOVATIONS IN THE DAIRY ALTERNATIVE PRODUCTS
With increasing demand of dairy alternatives, it has become important for the leading manufacturers to come with new product launch and product innovation in the diary alternative products. For instance, after the success of almond milk in the market companies are coming up with other type of non-dairy milk products such as cashews milk, pea milk, oat milk, soya milk.
Mention below are some of the new products and innovation related to diary alternatives.
- In 2018, Vitasoy International Holdings Limited (Hong Kong) launched high calcium plant milk inAustralia.
- In 2017, VALSOIA S.P.A (Italy) launched two almond gelato formats which is 100% dairy free product. This product named as Il Gelato auf basis von mandeln 4 ministicks and Il Gelato auf basis von mandeln 8 Sandwich.
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3.3 OPPORTUNITIES : Global Dairy Alternative Market
3.3.1 INCREASING DEMAND OF VEGAN PRODUCTS
The demand for vegan products is increasing as compared to the last years due to which number of products has increased. Vegan diet usually involves the consumption of many different types of vegetables, fruits, legumes, nuts, seeds, beans and wholegrains as it may help reduce the risk of obesity, heart disease, type 2 diabetes and some types of cancer. A vegan diet requires extra care so as to ensure your body gets adequate amount of nutrients. Mentioned below are some of the statistics for vegan population.
- According to the Vegan Society, there were 542,000 vegans in the UK in 2016, a 360% increase over the previous 10 years.
- According to an article published by Vegan Society in partnership with Vegan Life, in UK, the number of people identified vegans has increased by 350%.
3.3.2 CONTINUOUS STRATEGIC DECISIONS TAKEN BY KEY PLAYERS TO ENHANCE THE COMPANY PRESENCE
To cope up with increasing demand of dairy alternatives companies are making strategic decision and coming up with new mergers and acquisition, new product launches, and expansion of product line to strengthen their position in the market. It is necessary for companies to make effective decisions to maintain product life cycle. Many companies are focusing on diversifying its product portfolio in plant-based alternatives so they are making various strategies to tap the market. For instance; Good Karma (U.S.) was get back with new business strategies in plant-based food and beverages so that company can enhanced their image in the market.
3.4 CHALLENGES : Global Dairy Alternative Market
3.4.1 HIGH PRICE OF PRODUCTS
Cost of ingredients used in manufacturing of non-dairy alternatives products is very high which leads to increase in the final price of products. In the manufacturing of plant-based products including almond, cashew, soy which are high price ingredient due to this reason plant-based products are costly. For instance, according to article published in “U.S BUREAU Of LABOUR STATISTICS” price of almonds was approximately USD 1.79 per pound. This price was continuously increased in 2011 to 2014. The nuts and preparations export price index increased 9.4 percent between December 2014 and June 2015. The increasing popularity of plant-based products further moving the pressure on price of products due to the shifting consumer preference towards plant-based products such as almond milk.
3.4.2 PRODUCT RECALLS AND LEGAL SUITS FILED AGAINST FEW BRANDS
- In last few years, the number of products recall in the dairy alternatives market has increased tremendously. These product recalls may occur due various reasons such as safety, efficacy, quantity of raw material, contamination and purity of the products as it may cause illnesses and in worst case death in consumers.
- To build consumers trust in dairy alternative brand the manufacturers need to constantly provide high quality products. Also, to avoid the misconception between the dairy and non-dairy products the FDA has signaled that it may prohibit dairy alternatives from being labelled as milk.
Mention below are some of the examples for the product recall.
- According to the ‘Food Navigator’ in 2015, lawsuit against the White Wave Foods company product Silk as the silk product contains only 2.0% almond milk. This almond milk was mostly made from water and different types of thickening agents, such as locust bean gum and gellan gum. Law suit stated that the advertising of silk product was misleading because it is not made primarily from almonds.
- In 2013, WhiteWave Foods Co. and Horizon Organic Dairy faced lawsuit against its plant-based product. The company has mislabeled their plant-based milk products as milk when it does not come from cow milk. The products at issue in the class action lawsuit were silk coconut milk, horizon organic yogurt and horizon organic vanilla low fat milk. Product recalls are significantly expensive for manufacturers and may lead to a lot of loss for the company. This factor may hamper the growth of the market.
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