Mounting Demand for Nutritious Products to Fuel the Dairy Alternative (Beverage) Market.
Dairy alternative beveragesare plant based milk which are extracted from seeds, cereals and nuts. These beverages are widely consumed by dairy or lactose intolerants, vegans and consumers with milk allergies. Heightened consumer awareness has led many vegans to opt for such products as they are concerned about growth related hormones and antibiotics found in the animals’ milk processed by dairy industry. The rise in demand for lactose free products has led the manufacturers to offer products with variety of flavors.
Soy and almond milk dominate the dairy alternatives market. Consumer perception and awareness related to food consumption has been witnessing a considerable shift with more focus on nutritional value and associated health benefits of the products. These factors have been impacting the product choices, buying and consumption patterns and ultimately the dynamics of the nutrition market. The nutrition market is estimated to expand globally driven by the increasing concern on health, rising awareness on preventative healthcare and disposable incomes. According to the industry estimates, the global nutrition market was valued at around $400 billion in 2014 and is forecast to grow at a CAGR of 6% during 2015-2020.
The market is strengthening with new applications, products thereby catering to the needs of variety of health conditions. Products related to nutrition are finding high traction in the retail food space. Dairy alternative manufacturers have been fortifying their products with various nutrients like minerals, vitamins and fatty acids to appease the health conscious consumers. Common nutrients in these products include vitamin B12, vitamin D, zinc, sodium and omega 3 fatty acids. Driven by the increasing market scope and demand for nutritious products, dairy alternatives (beverage) market is set to witness considerable growth in the coming years.
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