Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Milk alternative, often termed as milk substitute, an alternative to milk from mammals, which are generally formed by plants source such as almond, rice and coconut etc. Each of the milk alternatives has different nutritional profile, flavor, color and texture. Recently, this alternatives are often marketed as healthier than cow’s milk. Furthermore, the nutritional benefits offered by milk alternative products such as low cholesterol and high protein content is expected to benefit the market. These milk alternative products are available by means of supermarkets, e-retailers, health food stores and convenience stores by manufactures in industries. In addition, approximately two thirds of the world's adult populations are lactose-intolerant. Likewise, in Asia and Africa the figure is around 90%. Thus, there is an increasing demand for non-dairy products which are lactose-free. Moreover, rising number of allergies associated with non-vegan foods and the changing dietary preferences of consumers, the milk alternative market is project to grow rapidly in the near future.
The milk alternatives market is segmented by type, applications, sales channel and geography. Various types of milk alternatives were studied in this report such as almond milk, soymilk, oat milk, hemp milk, coconut milk and rice milk. Soy milk consist of beneficial isoflavones, which assists in prevention of breast cancer and heart diseases. This property has led to its high acceptance among women.
Based on applications the milk alternative market is divided into food and beverages segments. Further, the food segment is classified into cheese, creamer, yogurt, pudding and ice cream. Increase consumption of milk alternative based desserts, snacks and cheese, the food application segments is estimated to witness a stable growth rate. Furthermore, change in dietary preference of consumers and increase in consumption of fast food has increase the demand for lactose free cheese globally.
Based on sales channel the market have segmented into online sales and offline sales. The availability of a wide range of products with different flavours, tastes and formulations at discounted prices and the growing popularity of online shopping, the online segment is expected to record significant growth during the forecast period. The milk alternatives market report is studied across the key countries of Asia-pacific, North America, Europe and Rest of World. The Asia Pacific region accounted high demand for milk alternative products, owing to increasing number of vegan and lactose intolerant population. Whereas, one of the most attractive and growing markets for milk alternative are North America and Europe.
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