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Dairy Alternatives Market Worth $35 Billion by 2024
USAgNet - 03/19/2018

The global dairy alternatives market is expected to reach $35.06 billion by 2024, according to a new report by Grand View Research, Inc. Rising number of lactose intolerance cases and increasing consumer awareness towards health, is expected to drive the market growth over the forecast period.

The global dairy alternatives market has numerous manufacturers, however is dominated by a few players including Blue Diamond Growers, Earth's Own Food, SunOpta, Vitasoy International, and Whitewave Foods Company. New product launch with improved product texture, taste and flavors is the key strategy adopted by these players to maintain their market share.

The U.S. Food and Drug Administration, and Food Canning Establishment Registration, and Scheduled Process Regulations, have laid down guidelines which are to be adhered by dairy alternative product manufacturers. The stringent regulations imposed on the manufacturing of dairy alternatives as they are directly consumed by consumers are expected to be a key threat to the industry participants.

Companies in the industry, have integrated their operations across the value chain by indulging in raw material procurement, manufacturing, as well as distribution sectors in order to gain a competitive edge in the industry. The competitive rivalry among the existing players is high which has thus compelled them to invest in R&D activities in order to come with improvised products.

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