Asia Pacific region, APAC, holds the largest market share and growth in the Dairy Alternatives Market and is anticipated to reach $9.05 billion by 2023 at a CAGR 9.9%. According to the new market research report by IndustryARC the market is driven by the increasing production activities in the oil and gas industry that has led to the growth of Dairy Alternatives market across the globe.
The APAC region is followed by North Americas. Large consumer base coupled with familiarity of soy and almond among the Chinese people, spurs the market growth. The key channels include super markets, health food stores, convenience stores, and pharmacies.
Despite seeing significant growth during the 2010-2015 timeframe, the dairy and dairy alternatives category has seen a deceleration in growth, according to experts. Although the growth will be at a slower pace, the category still is expected to continue gaining share in the beverage market going forward.
As the dairy alternatives segment has grown, it also has evolved and seen new leaders come to the forefront. Currently, almond milk is driving the dairy alternatives segment, according to Gary Hemphill, managing director of research at New York-based Beverage Marketing Corporation (BMC). Although growth in the dairy alternatives segment slowed in 2015, it will continue to see modest growth going forward, he says.