Dairy-free Evaporated Milk Market Outlook
Dairy-free evaporated milk is the condensed form of the dairy-free milk after heating away the 60% of the water present in the milk. The dairy-free milk can be sourced from seeds, nuts, and cereals, etc., such as almond, soy, coconut, and hemp. Dairy-free evaporated milk is used mainly in the preparation of sweets and festivities at homes such as pie, cake, and cookies. Due to the evaporation process, dairy-free evaporated milk has a taste profile of caramel. The dairy-free evaporated milk is available in dry and liquid form in the market. The dairy-free evaporated milk derived from the plant materials have various healthy ingredients in it as compared to the dairy evaporated milk and is also available in a fortified form, for example; Vitamin D.
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New and Innovative Plant-based Products and Increasing Consumer Awareness is Driving the Global Market of Dairy-free Evaporated Milk
The global market for dairy-free evaporated milk is driven by the increasing percentage of lactose intolerance in the world. The lactose intolerant population is concentrated in Latin American, African, and Asian region. And with the increasing prevalence of the lactose intolerance around the world the plant-based products have increased demand. Also, due to the increasing percentage of vegetarians, as well as flexitarians in the developed nations and similar trend rising in the developing nations, the overall demand for the dairy-free evaporated milk is increasing in the global market.
Global production of evaporated milk products is rapidly increasing in the world due to the increasing consumption of evaporated milk in Asian and Latin American countries. The expanding and flourishing processed food and beverage industry, increasing demand for bakery and confectionery is creating a high demand for dairy-free evaporated milk in the global market. With the current market trends set by the high demand from the consumer side for plant-based products associated with the health benefits, dairy-free evaporated milk products demand is constantly increasing in the global market.
Dairy-free Evaporated Milk Market Segmentation
The dairy-free evaporated milk market can be segmented on the basis of form, nature, source, end use, and distribution channel.
On the basis of form, the dairy-free evaporated milk market can be segmented as:
On the basis of nature, the dairy-free evaporated milk market can be segmented as:
On the basis of type, the dairy-free evaporated milk market can be segmented as:
On the basis of source, the dairy-free evaporated milk market can be segmented as:
- Coconut Milk
- Soy Milk
- Oat Milk
On the basis of end use, the dairy-free evaporated milk market can be segmented as:
- Bakery and Confectionery
- Dairy Products
- Sauces, Soups, and Dressings
On the basis of distribution channel, the dairy-free evaporated milk market can be segmented as:
- Direct Sales Channel/ B2B
- Indirect Sales Channel/B2C Hypermarket/Supermarket Specialty Stores Online Retail Other Retail Format
Dairy-free Evaporated Milk Market: Regional Analysis
The global market of dairy-free evaporated milk is majorly occupied by the North American and European countries. This major share is supported by the well-established bakery and confectionery industry, and better-organized distribution channel enabling ease of access of the consumer products. However, Asian and Middle Eastern and African countries economic growth and increase in population is likely to create a positive outlook in the global dairy-free evaporated milk. The increasing GDP, increase in the income of the middle-class population, and an increase in consumer purchasing power is leading to an increase in the demand for consumer goods. The Asian region is anticipated to witness the highest growth rate in the global diary-free evaporated milk market over the forecast period.
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Dairy-free Evaporated Milk Market: Key Participants
Some of the market participants in the dairy-free evaporated milk market are:
- Nestlé S.A.
- Nature’s Charm
- Thai Coconut Public Company Limited
- Vega Foods Corporation Pvt. Ltd.