Dairy Alternatives Market Grow On Back of Increasing Lactose Intolerance Cases and Vegan Trend, Says FMI

VALLEY COTTAGE, N.Y. – Dairy
alternatives have emerged as perfect solution for consumers allergic to lactose-based
products. The market of dairy alternatives is expected to grow on back of
rising incidents of lactose intolerance. Dairy alternatives provide enhanced
nutritional profile as compared to conventional dairy products, including
butter, milk, and cheese. Consumers are shifting away from animal-based dairy
products, especially in the UK, and Australia. Such drastic change in consumption
patterns is paving way for dairy alternatives derived from soy, almonds, and
coconut.

Millennials are prime consumers of dairy alternatives owing to strong inclination towards plant-based products. Further, manufacturers are launching flavored dairy alternatives to maintain brand uniqueness.  North America and Europe represent lucrative opportunities following rising consumption of organic food products. As per FMI, the global dairy alternatives market – a US$ 16 Bn market – is projected to grow at a healthy CAGR over forecast period (2019 – 2029).

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Sales Concentrated at Specialty Stores

Specialty
stores focus on providing particular products or goods, as well as deliver detailed
insights to consumers about the products of choice. FMI finds that manufacturers
channelize the distribution of dairy alternatives towards specialty stores. As
consumers look for clean label products, they prefer purchasing from specialty
stores instead of conventional retail stores. Furthermore, specialty stores
provide offers, and discounts to potential customers, thereby aiding in
expanded consumer base. As such, sales of dairy alternatives are expected to be
driven via specialty stores.

Surging Preference for Soy Milk and Almond
Milk

FMI reveals rising preference for soy milk and almond milk as perfect substitutes for conventional milk products. Soy milk provides protein content akin to traditional milk. In addition, soy milk imparts greater content of unsaturated healthy fats. Studies suggest that isoflavones present in soy milk aid in reducing inflammation as well as exhibit anti-cancer benefits. However, soy milk is unsuitable for individuals having intolerance towards soybeans.

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Almond
milk is rich in monounsaturated fats that help in decreasing low-density
lipoprotein (LDL) – bad cholesterol. In addition, the healthy fats support
weight management. On the contrary, almond milk contains relatively low
calories and proteins. Consumers have to look for other sources to compensate
for the missing nutrients.

Analysts at FMI suggest that “Dairy alternatives are highly suitable for individuals having lactose intolerance. Despite resistance from dairy producers, the market of dairy alternatives is expected to generate twofold revenues in coming years. Further, manufacturers are targeting specialty stores for enhanced business footprint.”

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Future Market Insights (FMI) is a leading
market intelligence and consulting firm. We deliver syndicated research
reports, custom research reports and consulting services which are personalized
in nature. FMI delivers a complete packaged solution, which combines current
market intelligence, statistical anecdotes, technology inputs, valuable growth
insights and an aerial view of the competitive framework and future market
trends.

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