Decoding growth in Dairy-Free Products Market

Industry Insights

A number of factors are helping the global dairy-free products market chart a significant growth curve over the next few years. These include rise in number of vegans and vegetarians across the world, particularly in the United Kingdom and the United States of America. Additionally, a large number of people who are lactose intolerant are also contributing positively to the growth of the market. Experts claim that as of now, 65% of the world population is lactose intolerant to a certain extent. It is significant to note here that intolerance is noted both in adults and children.

On the basis of region, experts state that North America and Europe will hold a sizeable share of the market owing to high incidence of lactose intolerance. Besides, both regions are looking at a massive spurt in vegan population. Due to high disposable incomes, consumers are ready to pay a premium price for such products in these regions. Additionally, some of the most notable players operate in these regions, helping the global dairy-free products market chart a higher trajectory.

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Asia Pacific, over the next few years, will chart a notable growth rate, creating new opportunities of market players owing to growing awareness and increasing disposable income – a result of notable growth in economies present in the region. Latin America will grow at a significant pace but it will be slower than that of APAC’s. In APAC, India, Japan and China will stay at the forefront of growth.

The global dairy-free products market is quite fragmented owing to presence of a decent number of prominent players in its vendor landscape. Some of the prominent players include Groupe Danone, The Hein Celestial Group, The Whitewave Foods Company, Good Karma Foods, GraceKennedy Group, Blue Diamond Growers, Inc., SunOpta, Inc., Oatly A.B., Vitasoy International Holdings Limited, and Good Karma Foods, among others.

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