Asia Pacific Plant Milk Market to witness a CAGR over 13% up to 2024 owing to increasing awareness among consumers about growth-related hormones and antibiotics found in the beverages processed by dairy industry.
— North America plant milk market accounted for over 25% share in 2016. Changing dietary patterns and rising income level will propel industry growth. Consumer consciousness regarding health benefits associated with dairy alternative drinks consumption over traditional one has enhanced product demand.
Asia Pacific demand will witness a CAGR over 13% up to 2024. The regional growth attributed to rising lactose intolerance population. Increasing awareness among consumers about growth-related hormones and antibiotics found in the beverages processed by dairy industry is likely to influence regional demand.
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Global plant milk market share is moderately fragmented due to the strong presence of manufacturers and suppliers at regional and international level. Key industry players are Danone, Ripple Foods, Archer-Daniels-Midland, WhiteWave Foods, Hain Celestial Group, Daiya Foods, Vitasoy, Califia Farms, and Freedom Foods. Other prominent players include SunOpta, Eden Foods, Blue Diamond Growers, Nutriops and The New Barn.
Specialty stores accounted for more than 10% industry share in 2016. Increasing consumer expectation for wider product selection, compelling shopping environment, and expert service will augment plant milk market from this distribution channel.
Unsweetened formulation will register growth over 12% up to 2024. Potential application of food ingredient instead of direct consumption will support product penetration. Key benefits such as low fat and sugar content will drive segment demand. Moreover, suitability for diabetic and low carb diet patients will boost plant milk market growth.
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Carton packaging was estimated to hold over 65% of plant milk market share in 2016. Rising demand for carton boards to replace less sustainable packaging solutions will drive segment growth. Food manufacturers are anticipated to invest in packaging systems that increase profitability and reduces overall environmental impact. These factors are anticipated to propel plant milk market.
Consumption of naturally lactose-free, low cholesterol dairy products along with sensitivity reactions to foods are key factors propelling product demand. Manufacturers are anticipated to launch innovative offerings in line with changing consumer trend that focuses on favorable aspects such as taste profile and nutritional value.
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Almond source will observe growth over 11% up to 2024. Factors such as delicious taste and texture, high vitamin, mineral and no lactose content compared to other alternatives such as soy will propel product demand. Rising environmental concern and sustainability issues concerning traditional dairy production will also support industry growth.
Increasing commercialization and new product launches will provide a strong business outlook for manufacturers. Extensive communication campaign across TV, outdoor and digital services is likely to be the key strategy to accelerate plant milk market. For instance, Vitasoy added two new products to its plant-based product portfolio named Almond and Coconut Milky in 2017.
Name: Arun Hegde
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Organization: Global Market Insights Inc.
Release ID: 88896981