Apr 17, 2019 (Heraldkeeper via COMTEX) -- Plant Milk Market is estimated to exceed USD 21 billion by 2024.Growing vegan population resulting in high demand for dairy alternatives is driving plant milk market growth. Improved taste and flavor along with long shelf life is anticipated to fuel the business penetration. Initiatives for reduction of nitrous oxide and methane (greenhouse gas) produced by diary industry, deteriorating environment will stimulate plant milk market share from 2017 to 2024.
2016 Market Size -USD 10 billion
2024 Forecast Value - USD 21 Billion +
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Companies Profiled based on Business Overview, Financial Data, Product Landscape, Strategic Outlook & SWOT Analysis:
-- Archer Daniels Midland Company
-- Daiya Foods Inc
-- The Hain Celestial Group
-- WhiteWave Foods
-- Blue Diamond Growers
-- Freedom Foods Group Limited
-- Eden Foods, Inc.
-- Earth’s Own Food Company Inc
-- New Barn
-- Califia Farms
-- MALK Organics
-- Ripple Foods
North America plant milk market accounted for over 25% share in 2016. Higher incidence of lactose intolerance in Hispanic and Asian-American populations in the U.S. is major driving force for the plant milk market growth. According to National Institute of Children’s Health & Human Development, in the U.S. around 30-50 million people are lactose intolerant. Rise in the number of dairy alternative including soy, almond, coconut and rice will fuel the overall revenue generation. Ongoing launch and projects in pipeline for a range of enhanced blends and flavors of non-dairy beverages from different sources are among key factors driving industry growth of plant milk market.
Key Highlights of report:
Base Year: 2016
Growth Projections - 2017-2024
Historical data coverage: 2013 to 2016
Number of Pages - 300
Data Tables - 302
Rising threats pertaining to saturated fat levels, hormone content, antibiotics used in dairy cows has diverted consumers preference to dairy alternatives. Growing health concerns regarding diabetes and allergies has encouraged the consumers to adopt dairy alternative products. According to International Diabetes Federation and the U.S. Census Data, in the U.S., 37 million people have diabetes and 1.26 million people have a milk allergy.
Growth Drivers of Plant Milk Market:
Growing vegan population resulting in high demand for dairy alternatives is driving plant milk market growth.
Increasing health issues owing to the use of bovine growth hormone into cattle to boost milk production has significantly hampered dairy industry. This has resulted in its ban from countries including Canada, the European Union, Australia, New Zealand, Japan, and Israel, hence fueling dairy alternative market. However, claims regarding hampered child growth due to use of dairy alternative product owing to lack of nutritional value compared to cow milk will restrain product adoption among young children.
Plant Milk Market Segmentation:
-- Others (Hemp, Oats)
By Sales Channel
-- Mainstream Stores
-- Specialty Stores
-- Others (online, natural food stores)
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At Global Market Insights, our researchers and domain experts use a unique blend of primary and secondary research, with validation and iterations at every stage, in order to minimize deviation and present the most accurate analysis of the industry. The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:
Definition and scope of research
Market dynamics, growth drivers and industry pitfalls
Regulatory and political guidelines for the industry
Demographics and statistical data
All the above factors are identified and analyzed in detail, with their present and expected market impact, which is quantified and used to derive market growth expectation. Market forecast is built using statistical analysis with models built around time-variance, regression and correlation analytics.
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