The global non-dairy milk market is projected to reach revenues of more than $38 billion by 2024

LONDON, March 26, 2019 /PRNewswire/ -- The global non-dairy milk market is projected to reach revenues of more than $38 billion by 2024, growing at CAGR of over 14% during 2018-2024.

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The rising working middle-class population, rising income, changing lifestyle, and other socio-economic factors are propelling the growth of the global market. Urbanization and the rise of modern trade benefit the availability of dairy and dairy alternative products due to the reliance on chillers and cold chain logistics for categories like yogurt, and fresh milk will boost the adoption of these products in the market.The global non-dairy milk market is driven by growing popularity and demand for non-dairy ice cream and yogurt. The demand for almond milk surpassed the demand for soy milk in North America in 2018, thereby creating lucrative demand in the global non-dairy milk market. The market research report provides in-depth market analysis and segmental analysis of the global non-dairy milk market by source type, end-product, distribution channel, and geography.

The report considers the present scenario of the global non-dairy milk market and its market dynamics for the period 2019?2024. It covers a detailed overview of various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the market.

Non-Dairy Milk Market – Dynamics

The popularity of vegan diets has been steadily rising. According to a recent survey, the vegan movement is led by young women. Approximately, 49% of the population are cutting down on meat consumption due to health reasons. Some of the major reasons for adoption of vegan diets includes, weight management, animal welfare and environmental protection.The US nondairy milk market which includes, cheese, creamer, butter, yogurt and ice cream witnessed a significant growth of 50% in 2018, and currently represents 15% of the overall dairy market. Non dairy cheese increased by 43%, achieving a sales of $124 million retail sales. Non dairy yogurt witnessed a growth of 55% and a retail sales of $162 million, the sales of non dairy creamers also increased by 131% in 2018.The growing trend of health consciousness among people, which is currently seen only among certain segments of the society, is expected to increase significantly among the population during the forecast period. The modern generation is becoming more interested in pursuing a healthy lifestyle. Apart from this, there is a gradual shift among consumers towards healthier eating habits. Although dairy products are favored as per price and flavor, changing consumption habits, health and lifestyle choices is driving the growth of the market. The modern, younger generation are now more aware of the importance of taking care of one's health.The growing trend of vegan, vegetarian, flexitarian and other new consumption habits among the millennials around the world, the demand for plant-based dairy products has been on the rise. To meet the growing demand of the market, several global dairy manufacturers launched varieties of plant-based dairy alternatives, including milk, ice cream, cream, yogurt and others.

Non-Dairy Milk Market – Segmentation

This market research report includes a detailed segmentation of the market by source type, end-products, distribution channel, and geography.The global non-dairy milk market by source type is classified into milk, yogurt, ice cream, cheese, creamer, and others. Soy milk dominated more than half of the total market share in 2018, growing at CAGR of around 14% during the forecast period. Soy milk is the most consumed plant-based milk alternative in the world. Soy milk is plant-based milk which is produced by soaking and grinding the soybeans, boiling the ground beans, and finally filtering out the residual particles.Rice milk is a beverage which is also used in ice cream, smoothies, yogurt, and cereals and contains approximately three times more carbohydrate than other dairy substitutes available in the market. Coconut milk contains a high amount of saturated fat and oil, which is beneficial for maintaining cholesterol levels, which in turn boosts its adoption in the global non-dairy milk market.

The end-product segment in the global non-dairy milk market is divided into milk, yogurt, ice cream, cheese, creamer, and others. Yogurt is the fastest growing end-product segment in the global market, at a CAGR of approximately 16% during the forecast period. Some of the most common non-dairy yogurt bases include almond, soy, and coconut in the global market. The popularity of coconut milk-based yogurt increased significantly by 35% in 2016.The plant-based milk contains a varying amount of protein, carbohydrate, vitamins, and other essential nutrients in the global market. The rising number of health-conscious population is driving the global market for vegan ice creams. The prominent vegan cheese manufacturers are introducing innovative flavors and varieties of non-dairy cheeses which contributing to the growth of the market.

The global non-dairy milk market by distribution channel is segmented into supermarkets & hypermarkets, convenience stores, specialty stores, online retail stores, and others. Supermarkets and hypermarkets segment occupied the largest market share in 2018. The presence of all types of grocery products under one roof is contributing to the increased retail sales through specialty stores in the global market.Several countries are enhancing their digital economies by increasing the internet penetration and deploying LTE networks resulting in the exponential growth of online stores and e-commerce retailers in the market. Online stores offer information about the pros and cons of each type and the nutritional benefits to each type of products that are available in the global non-dairy milk market.

Market Segmentation by Source Type
• Soy Milk
• Almond Milk
• Coconut Milk
• Rice Milk
• Others
Market Segmentation by End-product
• Milk
• Yogurt
• Ice Cream
• Cheese
• Creamer
• Others

Market Segmentation by Distribution Channel
• Supermarkets & Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Retail Stores
• Others

Non-Dairy Milk Market – Geography

The geographical segment in the global non-dairy milk market is categorized into North America, APAC, Europe, Latin America, and MEA. APAC is the fastest growing region in the global market, growing at a CAGR of around 15% during the forecast period. The increasing focus on health concerns such as cholesterol, weight management, chronic heart diseases, and others is fueling the adoption of dairy-free products in the APAC market.The increasing demand for healthier diets along with natural and organic food is driving the need for dairy-free products in the North American market. The manufacturers are introducing innovative flavors and varieties such as, organic, and Non-GMO plant-based alternatives to meet the demand in Europe. Brazil, Mexico, Saudi Arabia, UAE, Argentina, and Africa are emerging as the most significant revenue contributors from the MEA region in the global non-dairy milk market.

Market Segmentation by Geography
• North América
• US
• Canada
• Europe
• Germany
• UK
• Spain
• APAC
• China
• Japan
• Indonesia
• Latin América
• Brazil
• Mexico
• MEA
• South Africa
• UAE

Key Vendor Analysis
The global non-dairy milk market is fragmented due to the presence of different kinds of vendors. The top players are competing on the basis of product quality, new products, and competitive pricing in the global market. The introduction of innovative and proprietary products that cater to customer demands will result in increased investments by key manufacturers in the global non-dairy milk market. The research and development team need to analyze the market trends continuously and design, develop, and manufacture new product categories and new products with distinctive features, size, taste, and shelf life in the market. The vendors are focusing on technological advancements, packaging designs, and product innovations in the global non-dairy milk market.

The major vendors in the global non-dairy milk market are:
• The White Wave Food Company
• The Hain Celestial Group
• Blue DiamondGrowers
• SunOpta Inc.
• Sanitarium Health and Wellbeing Company

Other prominent vendors in the global non-dairy milk market include Freedom Food Group Limited, Eden Foods, Nutriops SL, Earth's OWN Food Company, TriballatNoyal, Valsoia SpA, Dohler, Panos Brands LLC, Vitasoy International Holding Limited, Oatly AB, Violife Foods, Good Karma Foods, Ripple Foods, Califia Farms, Elmhurst, Chobani, NadaMoo!,MarianiWalnutmilk, Yofix Probiotics, and Miyoko Kitchen.

Key market insights include
1. The analysis of global non-dairy milk market provides market size and growth rate for the forecast period 2019-2024.
2. It offers comprehensive insights on current industry trends, trend forecast, and growth drivers about the global non-dairy milk market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook of global non-dairy milk market.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.

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