Is Soy Milk the Best Alternative for Non-dairy Milk Consumers?

May 18, 2019

Soy milk dominates the dairy alternatives market and accounted for over 50% market share in 2018.

Arizton’s recent market research report on the global non-dairy milk market identifies The White Wave Food Company, The Hain Celestial Group, Blue DiamondGrowers, SunOpta Inc., and The Sanitarium Health and Wellbeing Company as the leading vendors in the market. This research report provides a comprehensive industry study, trend forecasts, and competitive analysis. The research study segments the global dairy alternatives market by source types (soy milk, almond milk, coconut milk, rice milk, and others), end-product types (milk, yogurt, ice cream, cheese, creamer, and others), distribution channels (supermarkets & hypermarkets, convenience stores, specialty stores, online retail stores, and others), and geography (North America, APAC, Europe, Latin America, and MEA).

The global non-dairy milk market is expected to reach more than $38 billion by 2024, growing at CAGR of over 14% during 2018–2024.

Plant-based milk or non-dairy milk was primarily introduced as part of special dietary requirements. The major types of dairy alternatives include soy milk, almond milk, coconut milk, and rice milk. The global dairy market witnessed significant consumption in the European and APAC regions, which together accounted for a market share of 61% in 2018.

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The dairy alternatives market is divided into four major segments that consist of source types, end-products, distribution channel, and geography.

The soy milk segment is the most preferred dairy alternative among consumers

Soy milk dominates the dairy alternatives market and accounted for over 50% market share in 2018. Soy milk is a plant-based milk that is produced by soaking and grinding soybeans, boiling ground beans and finally filtering the residual particles.It contains higher quantity of proteins, carbohydrates, minerals, and other essential nutrients than cow milk. Soy milk is also used for manufacturing cheese, snacks, tofu, and other dairy products.Soy milk is highly preferred by consumers that suffer from lactose intolerance as the milk does not contain lactose. Patients suffering from health disorders such as diabetes, heart diseases, obesity, and high cholesterol also prefer the consumption of soy milk due to its low sugar content and the presence of less calories and unsaturated fats. The rising health conscious population and the growing popularity of vegan diets are the other major drivers for the growth of the soy milk market worldwide.

The APAC region dominated the global soy milk market in 2018 and is expected to grow at a CAGR of 14%during the forecast period. Approximately 90% of the population in Southeast Asia and Eastern Asia is estimated to be lactose intolerant, making the APAC region one of the most lucrative markets for plant-based dairy alternatives. The rising working middle-class population, growing disposable income, changing lifestyles, and other socio-economic factors are also driving the growth of the APAC market. The major brands in the soy milk market include Silk, West Soy, Vita Soy, So Nice, So Good, Dream, Alpo, and others. Manufacturers are increasingly offering innovative products, including non-fat and low-fat varieties that are fortified with Vitamin D, Vitamin B, minerals, iron, and other essential nutrients to improve the quality of the product.

The yogurt segment is the fastest growing segment in the dairy alternatives market by end-products

The non-dairy yogurt is expected to witness the fastest growth with a CAGR of over 15% during the forecast period. Plant-based milk contains a less fat percentage than animal milk and is preferred by consumers with medical challenges such as high cholesterol, high blood pressure, chronic heart disease, and others. Common non-dairy yogurt bases include almond, soy, and coconut. Soy was the most popular yogurt base in 2011 and accounted for80% market share of non-dairy launches. New varieties of non-dairy yogurt have also been introduced, which includes oats, flax, hemp, rice, cashews, peas, and others. Chobani, Danone, Ripple, Daiya, So Delicious, Califia Farms, Kite Hill are the major plant-based yogurt brands. These prominent players in the market are introducing innovative flavors and varieties, including passion fruits, blueberry, strawberry, coconut, mango, vanilla, pineapple, raspberry, and others.

Thesale of organic and environmental-friendly products in the US increased by 400% between 2016 and 2017. Another major driver for the growth of yogurt drinks is the growing interest in probiotics. The sale of yogurt drinks increased by 62% between 2011 and 2016 in the US. The growing health-conscious millennial population is primarily driving the non-dairy yogurt market.The non-dairy yogurt market was dominated by the APAC region, which accounted for a market share of over 50%in 2018, and is expected to grow with a CAGR of 16% during the forecast period.

In 2018, Want Want, the largest processed food company in China, forayed into the dairy alternatives market, introducing a new line of soy and milk-based products. The company has also made huge investments in research & development for kids’ products made of oat milk, coconut milk, and cereal milk, which are soon expected to be launched in the Chinese market. Want Want forecasts that the Chinese non-dairy market will double its revenue in the next 2–3 years due to the rising demand for plant-based products in China.

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Freedom Food Group Ltd., Eden Foods, Nutriops SL, Earth’s OWN Food Company, TriballatNoyal, ValsoiaSpA, Dohler, Panos Brands LLC, Vitasoy International Holding Ltd., Oatly AB, Violife Foods, Good Karma Foods, Ripple Foods, Califia Farms, Elmhurst, Chobani, NadaMoo!,MarianiWalnutmilk, Yofix Probiotics, and Miyoko Kitchen are the other prominent vendors in the global dairy alternatives market.

The complete overview of the latest market research report on the global dairy alternatives market by Arizton is now available.

The report offers a detailed study of major trends, drivers, and challenges and provides market sizing and forecast for major geographical regions.

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