The growth of the dairy alternatives market is mainly due to growing number of lactose intolerant consumers. In addition, there is a growing perception among consumers that lactose-free products are a healthy alternative to conventional dairy products. Consumers, especially in more dairy markets, are turning to plant-based alternatives owing to health- related concerns such as hormones, allergens, and unethical agricultural practices in the industry.
As per the recent update, in April, 2021, Bel Brands USA Inc., a subsidiary of Bel Group, rolled out its Boursin brand for plant-based category with new Boursin Dairy-Free Cheese Spread Alternative Garlic & Herbs. Non-GMO Project verified and certified plant-based new spread was intended to replicate Boursin’s original Garlic & Fine Herbs cheese spread. The key ingredient of the product are potato, coconut oil, and corn starch, pressed canola oil and chicory root seasoned with garlic, parsley, sea salt, and chives.
Plant-based milk and dairy products are expected to gain more market share in milk alternatives owing to higher adoption and growth rates, usually compared to dairy products, over the years. This trend is attributed to growing number vegan population. Increasing benefits for vegetarians, and evolution of vegan lifestyle will further drive the growth of the global dairy alternative market.
The global dairy alternative market is generally diversified based on product, formulations, and region. Based on product, the global market for dairy alternative is segment into soya milk, almond milk, oat milk, rice milk, and others. By distribution channel, the global dairy alternative market is classified into supermarkets, hypermarkets, online stores, and convenience stores among others. The global market is also classified based on formulations such as plain unsweetened, plain sweetened, flavored sweetened, and flavored unsweetened.
The Asia-Pacific region is expected to grow drastically in the global dairy alternative market. This trend is attributed to increase in purchasing power, rapid population growth, and consumer awareness of healthy eating habits are the main drivers for the adoption of dairy alternatives in Asian countries. North America and European region is also poised to show growth trends in the coming period.
Some of the leading key players contributing in the global dairy alternative market include Associated British Foods, Blue Diamond Growers, Eden Foods Inc, Earth’s Own Food Company, Panos Brands LLC, BASF SE, The Bridge S.R.L, and Whitewave Foods Company, among others. Market players are now more emphasized on innovation and product development that meet the present demand in the global market.
