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Dairy alternatives used in more food and beverage products
Date Published：11/22/2016 01:11:09 PM
WHEN it comes to nutritional benefits, dairy alternative products are not that different from traditional milk and related products. This is one factor that continues to promote the demand for alternatives, according to Bhawna Kohli of Allied Market Research (AMR). Furthermore, developments in flavor and formulation continue to boost demand for food and drink containing alternatives to milk especially soy, almond, and rice. Other sources are coconut, cashew nut, and oats.
In the report titled Dairy Alternative Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2022, AMR suggests the global market will reach $21.7 billion by 2022, growing at a CAGR of 13.3 percent between 2016 and 2022. Asia Pacific will dominate the market in the next five years. In 2015, the region accounted for the highest revenue at $4 billion, according to AMR.
In 2015, soy milk accounted for the biggest share of the market for dairy alternatives. It is by far the most popular drink in Asia. AMI also notes that the combination of soy beverages and fruit drinks is gaining strength in countries such as China.
In contrast, almond milk is projected to be the fastest growing segment, with demand coming from developed regions. Demand is increasing in relation to the rise in population of vegan and obese consumers in countries such as the United States.
Dairy alternatives are more commonly found in beverages such as milk shake, energy drink, and fruit mixes, according to the AMI report. In addition to soy and almond, coconut is also widely used in beverages.
In the food sector, dairy alternatives are incorporated in products like spreads, creamers, yoghurts, and tofu. The spread segment is expected to gain maximum growth during the forecast period, AMI also said. Yoghurts prepared from dairy alternative sources such as almond, soy and coconut are increasingly being consumed by vegans as well as other consumers due to their high nutritional content.