As projected in 2016, around 69% of the market share originated from the beverages segment.
The company said growing health awareness and the increasing number of new product launches are expected to be the major factors impacting the growth of the global beverages-based dairy alternatives market during the forecast period.
APAC biggest market
As of 2016, the report stats, 43% of the market share came from the APAC region.
Manjunath Reddy, lead analyst at Technavio for food research, said rising disposable income of consumers in developing economies and an increasing number of organized retailing outlets are the major drivers for the dairy alternatives market in APAC.
“Some of the major vendors operating in the dairy alternatives market in APAC are Sanitarium, Danone, The Hershey Company (THC), Kikkoman Corporation, Fujian Jinjiang Fuyuan Food, Vitasoy International, and FREEDOM FOODS,” Reddy said.
Variety of topics
With the presence of numerous small and large vendors, the global dairy alternatives market is moderately fragmented, according to the report.
According to the report, market drivers for the industry include growing consciousness about the health benefits of dairy alternatives and the increasing number of new products launches; as well as the challenges of distribution and cross contamination; and the trends of online retailing and lactose-intolerance.