The global dairy alternatives market is set to rise rapidly over the next few years, according to a recent report from India-based MarketsandMarkets. It is expected to increase at a rate of 15.5 per cent per year globally until 2020, when it will hit US$19.5 billion (U.S.).
The report defines dairy alternatives as “food and beverage products that are similar to certain types of dairy-based products in terms of texture and flavour, and have similar nutritional benefits.” These include products such as soy milk, rice milk and almond milk, among others.
According to the report, the Asia-Pacific region was the largest market for dairy alternatives in 2014. This region is also projected to be the fastest-growing market for dairy alternatives over the next five years. This is driven by the increasing consumer awareness, growing incidences of lactose intolerance and milk allergy, and growing preferences towards a vegan diet.
And even though there are a wide variety of sweetened and flavoured dairy alternatives on the market, the report showed that the “plain, unsweetened” segment showed the highest market share in 2014, at 27 per cent.