Yet another report has predicted massive growth in the dairy alternative market, saying it will be worth more than $14 billion by 2022.
The study, by research company Reportlinker, says the market was worth $7.37 billion in 2016. It puts the projected growth down to 'increasing health consciousness among consumers, growing lactose intolerance, and inclination toward a vegan diet'.
Profiling a number of what it terms 'major players' (including Whitewave Foods, Blue Diamond and Valsoia), authors claim coconut milk will be the fastest-growing segment during the forecast period.
The report says: "One of the major drivers for the growth of the coconut milk segment is attributed to its increased application areas—ranging from confectionery, snacks, and yogurt to frozen dessert.
"Commercially, newer varieties of coconut milk in the form of coconut milk powder are being introduced, which further supports its growth in the dairy alternatives market. Also, it is a good source of energy and provides nutrients such as minerals, vitamins, and electrolytes."
The report claims fastest growing region when it comes to dairy-alternatives is North America.
"The North American dairy alternatives market is led by wide applications in food & beverage products, along with their health benefits," it says.
"Growing health consciousness among consumers and the rising number of cases of lactose intolerance and milk allergies are fueling the market for dairy alternatives in this region.
"According to the National Dairy Council, in 2011, about 25 per cent of the U.S. population and 75 per cent of the world's population have low lactase levels or are lactose maldigesters."
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