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India dairy alternative market projected to grow at over 20% till 2024
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Wednesday, 07 August, 2019, 08 : 00 AM [IST]
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The dairy alternative market in India is projected to grow at a CAGR (compound annual growth rate) of over 20 per cent between 2019 and 2024, on the back of increasing participation of the young population in sports and fitness activities, and rising inclination towards low-fat milk beverages.
These were the findings of a report by research-based global management consulting firm TechSci Research. It was titled India Dairy Alternative Market By Type, By Formulation Type, By Distribution Channel, Competition, Forecast & Opportunities, 2024.
Moreover, the increasing demand for alternatives to carbonated beverages is further expected to have a positive impact on India dairy alternative market during the forecast period. Some of the leading players in India dairy alternative market are Hershey India Private Limited, Life Health Foods (India) Private Limited, Rakyan Beverages Private Limited, Dabur India Ltd, Tilda Hain Celestial, etc.
By distribution channel, the India dairy alternative market has been categorised into supermarkets/hypermarkets, grocery/convenience stores, online and others. The grocery/convenience stores accounted for the majority share of around 64 per cent of the India dairy alternatives market in 2018.
Online sales channel is witnessing a healthy growth, owing to growing popularity of the e-commerce market. Among regions, North India dominates India dairy alternative market and is expected to maintain its position during forecast period as well.
The demand for dairy alternatives in the North region is being driven by the availability of several options in the category, as well as robust distribution channel of the major players in the market.
The report said, “Grocery/convenience stores is the most popular sales channel in India dairy alternative market and is anticipated to maintain its position in the coming years as well.”
“However, supermarkets/hypermarkets are expected to exhibit the fastest growth during the forecast period on account of rising preference for the sales channel among the urban population and availability of a variety of options under one roof,” said Karan Chechi, research director, TechSci Research.
“India Dairy Alternative Market By Type, By Formulation Type, By Distribution Channel, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of India dairy alternative market and provides statistics and information on market size, structure and future market growth.
The report intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, it also identified and analysed the emerging trends along with essential drivers, challenges and opportunities in the India dairy alternative market.
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