(Food-Beverage-News.Com, November 01, 2017 ) The North America Dairy Alternatives Market was worth USD 2.66 billion in 2016 and is estimated to be growing at a CAGR of 15.40%, to reach USD 5.45 billion by 2021. The market is showcasing evident potential in the mentioned forecasting period. Dairy Alternatives products which are plant-based, are generally available in supermarkets including several milk options such as soy, almond, rice, hemp, coconut and flax. Additionally, frozen desserts, spreads, dairy-free yogurts and cheeses are also available. Soy milk has been the oldest option available to replace dairy milk. However, substitutes such as almond milk and coconut milk have grabbed the market significantly in the last couple of years.
The North America Dairy Alternatives Market is driven by rapid growth in the consumption of dairy alternative products, Soy Milk being the major one of them, in the North America region. In the recent times, USA and Canada are observing an increasing demand of Dairy alternatives, mainly due to the increased disposable income, changes in the lifestyle and eating patterns. This is fuelling the growth of the dairy alternatives market in this region. Additionally, the allergies associated with dairy products and growing environmental concerns further drive the demand for dairy alternative products. The major factor restraining the growth of the dairy alternative market is the high cost of production.
North America Dairy Alternatives Market Segmentation:
• By Type: Almond Milk, Soy Milk, Rice Milk and Others
• By Formulation: Plain Sweetened, Plain Unsweetened, Flavoured Sweetened and Flavoured Unsweetened
• By Application: Food & Beverages and Other Applications
• By Geography: Introduction, United States and Canada
Soy Milk accounted for the highest revenue of the overall market and Almond Milk is anticipated to witness high growth rate during the forecast period. Based on geography, the North America market is analysed under various regions namely USA and Canada. The dairy alternatives market was dominated by USA, with the overall market share of over 60%. USA was followed by Canada. Canada is predicted to grow at a rapid pace in the coming few years.
Key Players:
There are many companies which are dominating the North America Dairy Alternatives Market, some of the key players include Sanitarium Health & Wellbeing Company, Nutriops S.L., SunOpta Inc., The Hain Celestial Group Inc., Blue Diamond Growers, Daiya Foods Inc., Earth’s Own Food Company, The WhiteWave Foods Company, Freedom Foods Group Limited, Archer Daniels Midland Company and Eden Foods, Inc.
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