Business outlook for Diary Alternatives
Business outlook for Diary Alternatives looks optimistic, in the foods market are described as food and beverages which act as a substitute for lactose-containing products. According to the Global market database, these products are derived from different plant-based and organic sources which are regarded as highly healthy. Business outlook suggests that alternatives for diary products are available in different varieties which include milk, yogurt, ice creams, cheese, creamers, butter, sauces, dressings, and smoothies. A shift towards a vegan diet has supported the demand for these products and improve consumer awareness. The change in business outlook associated with this sector can be studied using Global Market Database. The cloud based market research tool studies the shift in line with changing market trends.
Business outlook suggests that dairy alternatives offer significant advantages such as low concentration of fat, cholesterol, and lactose. According to the GMD, based on the formulation, the alternatives for diary products are available in the plain and flavored format. Plain types are completely pure and offer superior nutrient content. Market research tools suggest that the flavored type contains a mixture of natural flavors or some artificial sweeteners to enhance the taste.
Classification Based on Source
Global Market Database state that dairy alternatives can be obtained from a variety of sources which include soy, almond, coconut, rice, oats, hemp, cashews, and hazelnuts. According to the market database, soy source has commanded a greater share in the market. Market research suggests that soy can be used to prepare different products such as soy milk, yogurt, and other beverages. Soy milk consists of various minerals such as iron, calcium, phosphorous, zinc, sodium, potassium, and magnesium.
Market database states that soy is popular among heart patients as it helps to reduce cholesterol levels. They contain an equal number of proteins as that in cow milk and have low calories. Such a mix of factors has contributed towards a positive market outlook for soy sources. The source segment and its prominent markets can be assessed using market intelligence platforms like Global Market Database. The market research platform provides free market data across 600+ verticals.
Market database suggests that almond is another source that has contributed significantly towards the development of the dairy alternatives market is expected to the fastest growing in the coming years. According to market research, almond sources offer different advantages such as high nutritional content, easy availability of raw materials, and increased popularity. Market research states that they provide a nutty flavor and can be consumed by vegans. Almond-sourced products are beneficial for weight management techniques. GMD suggests that other types of alternatives for diary sources are expected to increase the percentage of contribution due to the introduction of innovative products and improved consumer demand.
After the production of dairy alternatives, several distribution channels are utilized to reach the growing consumer base. Business outlook states that over the years there has been a significant transformation in terms of distribution networks. These channels are divided into supermarkets, health food stores, pharmacies, convenience stores, online stores, gourmet stores, and bakeries. The supply chain and value chain dynamics associated with industry can also be studied using market research tools like Global Market Database. The market intelligence tool provides relevant market information across 12 different industries.
Business outlook suggests that supermarkets have experienced a greater share in the dairy alternatives market. Market research states that this is due to their ubiquitous nature and ability to house several physical products. COVID-19 disrupted the supermarket vertical as the overall consumer footfall dropped significantly due to the lockdowns. The business recovery post-COVID-19 can be studied using Global Market Database. Global Market Database provides customized market research reports according to the client’s requirements.
According to the business outlook, as economies across the globe started to ease the restriction, the demand for supermarkets has witnessed a sharp revival.
Health food stores, pharmacies, and convenience stores are different physical establishments that have supported the demand for after supermarkets. Market research states that these stores are dedicated to healthy and natural products which allow the consumer to choose from the different variety of dairy alternatives products.
Market research tools state that online stores have contributed significantly to drive consumer awareness over the years. Rapid penetration of smartphones and the internet in different geographies have supported the adoption of online stores. They are easily accessible and are cost-effective. According to the market database, digital trends accelerated by the COVID-19 induced pandemic have led to a sharp rise in online store purchases. Many consumers are expected to shop from online stores rather than physical establishments in the post-pandemic era.
Growth Elements & Opportunities
Market research states that increased cases of lactose allergies, changing consumer lifestyles and improved health awareness have contributed to the growth of the foods market. Business outlook suggests that lactose is defined as the major carbohydrate in milk and other dairy food products which include ice cream, cheese, and yogurt. Market research tools state that symptoms of lactose intolerance include abdominal pain, diarrhea, nausea, gut distention, flatulence, and constipation. Market research states that dairy alternatives are lactose-free and are considered healthy as they contain a smaller number of calories.
A shift in the adoption of vegan diets which prohibit the use of dairy products has significantly contributed to the demand of this market. COVID-19 allowed to improve the consumption of organic food & beverages and supported the growth of products. The change in consumption patterns amongst the demographics associated with the pandemic can also be studied using market research tools.
Foods Market is driven by consumers have now shifted the focus towards clean label products and brands have accelerated the release of such products to capture the attention.
Research and development by key players in the foods market to launch a variety of products have led to an optimistic business outlook. Market research states that this has presented new opportunities in the food and beverages space and offers plain or flavored products to drive consumer demand. Business outlook states that alternatives for diary products require a high-cost initial production as the process to acquire the required raw materials is costly. Several new methods are now explored by different manufacturers to ease the procurement process and open new opportunities in this market.
APAC Foods Market
According to the business outlook, diary alternatives market looks optimistic, the region has commanded a greater share in the market. Global Market Database states that this is due to the increased adoption of plant-based production and consumption of clean label products. Higher population density coupled with greater penetration of internet-enabled services has led to the formation of a robust distribution network. Market research tools state that the growth in this region is led by countries such as China, India, Australia, and Japan.
Easy availability of raw materials and related resources gas attracted key market players to set up manufacturing and research facilities in this region. As more people are equipped with smartphones and related smart gadgets, the presence of online stores has increased in this region. Such a mix of factors has contributed towards a shift in foods market for dairy alternatives in the APAC region.