China Dairy Alternatives Market Size
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 5.18 Billion |
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Market Size (2029) | USD 8.00 Billion |
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Largest Share by Distribution Channel | Off-Trade |
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CAGR (2024 - 2029) | 9.09 % |
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Fastest Growing by Distribution Channel | Off-Trade |
Major Players |
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*Disclaimer: Major Players sorted in alphabetical order. |
China Dairy Alternatives Market Analysis
The China Dairy Alternatives Market size is estimated at 5.18 billion USD in 2024, and is expected to reach 8.00 billion USD by 2029, growing at a CAGR of 9.09% during the forecast period (2024-2029).
5.18 Billion
Market Size in 2024 (USD)
8.00 Billion
Market Size in 2029 (USD)
4.99 %
CAGR (2017-2023)
9.09 %
CAGR (2024-2029)
Largest Market by Category
96.77 %
value share, Non-Dairy Milk, 2023
Rise in vegan population along with increasing popularity of organic foods and Increasing prevalence of lactose intolerance is bolstering the demand for non-dairy milk in China.
Largest Market by Distribution Channel
89.87 %
value share, Off-Trade, 2023
The wider availability of various brands, ease of reading product labels and convenience in comparing different products make it the preffered type among the dairy consumers.
Fastest-growing Market by Category
9.27 %
Projected CAGR, Non-Dairy Milk, 2024-2029
Considering different factors such as weight concerns, changing lifestyles, and new preferences, non-dairy milk is anticipated to be the fastest growing in the market.
Fastest-growing Market by Distribution Channel
9.29 %
Projected CAGR, Off-Trade, 2024-2029
The increased adoption of e-commerce platform among the consumers and growing presence of online retailers in China is anticipated to drive the off-trade segment.
Leading Market Player
22.03 %
market share, Hebei Yangyuan Zhihui Beverage Co. Ltd, 2022
The development of a multi-brand strategy along with its expansion in almost all the provinces in the country is making Hebei Yangyuan Zhihui Beverage Co. Ltd one of the leading players in the market.
Market is driven by sustainable growth in sales of plant-based milk led by off-trade retail channels
- The off-trade channel accounts for the majority of sales of dairy alternative products in the country. Among off-trade channels, supermarkets and hypermarkets are the largest distribution channels in the Chinese dairy alternatives market. The proximity of these channels, especially in large and developed cities, gives them the added advantage of influencing the consumer’s decision to purchase from among the large variety of products available in the market. In 2023, supermarkets and hypermarkets accounted for 71% of the value share.
- The online channel is expected to be the fastest-growing channel in the off-trade segment. It is projected to register a Y-o-Y growth value of 18% during 2023-2025. Convenience is the primary motivation for shoppers who have transitioned to shopping for more dairy alternative groceries online.
- Expanding street food culture across China is anticipated to drive the on-trade consumption of dairy alternative products like cheese, milk, and desserts during the forecast period. Fast-food brands and several cafes, including vegan cafes, dominate the landscape for food and beverage franchises in the country. The sales value of dairy alternative products through the on-trade channel is anticipated to grow by 20% in 2025 from 2022.
- Among all dairy alternative products, plant-based milk accounted for the majority share of sales through off-trade and on-trade retail channels in 2022, with a 97% share. The growing consumption of dairy alternative products in diets is anticipated to drive consumption of these products through both off-trade and on-trade modes. The consumption of dairy alternatives through off-trade channels is anticipated to grow by 28.9% during 2024-2027.
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China Dairy Alternatives Market Trends
Growing concern for animals and sustainability followed by changing dietary habits is largely impacting dairy alternatives consumption in the country
- The vegan lifestyle is gaining traction in China in line with the growing vegan population. In 2022, the percentage of vegan and vegetarian populations in China was estimated to be about 5-6%. This increased significantly in the last 2-3 years due to the growing influence of Western culture in the country. The larger cities in China, such as Beijing, Hong Kong, Shanghai, Shenzhen, Guangzhou, and Chengdu, all have supermarkets stocking vegan products.
- Among dairy alternatives, plant-based milk like soy, almond, and oat milk held the majority share across the country in 2022. China is the leading country across the APAC region in terms of consumption of dairy alternative milk. Among plant-based milk, soy drinks have traditionally been the most popular in China due to the long-standing tradition of soy consumption and its wide availability. By the end of 2022, China produced over 17.5 million metric tons of soybeans.
- One of the key motivations for the Chinese population increasingly adopting non-dairy products, including butter, is growing concerns for animals and sustainability, followed by changes in dietary habits. Nuts and nut butter contribute significantly toward maintaining a healthy diet as nut butter contains natural and healthy fats. The per capita consumption of nut-based butter is estimated to increase over the forecast period.
- Strong consumption is projected for free-from dairy products in China. More than 92% of the Chinese population has allergic reactions to lactose in dairy products, including flatulence and diarrhea. Yogurt products break down a large portion of lactose during fermentation, greatly mitigating possible allergic reactions. Thus, consumption of plant-based yogurt is expected to grow at a faster rate during the forecast period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Soybean dominates the Chinese market due to favorable environmental factors that promote its production in the country
China Dairy Alternatives Industry Overview
The China Dairy Alternatives Market is moderately consolidated, with the top five companies occupying 53.55%. The major players in this market are Coconut Palm Group Co. Ltd, Dali Foods Group Co. Ltd, Danone SA, Hebei Yangyuan Zhihui Beverage Co. Ltd and Vitasoy International Holdings Ltd (sorted alphabetically).
China Dairy Alternatives Market Leaders
Coconut Palm Group Co. Ltd
Dali Foods Group Co. Ltd
Danone SA
Hebei Yangyuan Zhihui Beverage Co. Ltd
Vitasoy International Holdings Ltd
Other important companies include Blue Diamond Growers, Califia Farms LLC, Fraser and Neave Ltd, Inner Mongolia Yili Industrial Group Co. Ltd, Oatly Group AB.
*Disclaimer: Major Players sorted in alphabetical order.
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China Dairy Alternatives Market News
- October 2022: Vitasoy International Holdings Ltd planned to expand its dairy alternative business by acquiring the shares from its joint venture Bega Cheese subsidiary National Food Holdings Ltd.
- September 2022: Vitasoy introduced a new product line, Vitasoy Plant+, to its plant milk portfolio. The new product line comprises almond milk and oat milk made from 100% almonds and oats, respectively.
- August 2022: The addition of the new Oat Barista Blend to Califia Farms' already well-liked Original and Unsweetened Almondmilk Barista Blends demonstrated the company's commitment to quality coffee while bolstering its relationships with both old and new coffee shops.
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China Dairy Alternatives Market Report - Table of Contents
EXECUTIVE SUMMARY & KEY FINDINGS
REPORT OFFERS
1. INTRODUCTION
1.1. Study Assumptions & Market Definition
1.2. Scope of the Study
1.3. Research Methodology
2. KEY INDUSTRY TRENDS
2.1. Per Capita Consumption
2.2. Raw Material/Commodity Production
2.2.1. Dairy Alternative - Raw Material Production
2.3. Regulatory Framework
2.3.1. China
2.4. Value Chain & Distribution Channel Analysis
3. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)
3.1. Category
3.1.1. Non-Dairy Butter
3.1.2. Non-Dairy Milk
3.1.2.1. By Product Type
3.1.2.1.1. Almond Milk
3.1.2.1.2. Coconut Milk
3.1.2.1.3. Oat Milk
3.1.2.1.4. Soy Milk
3.2. Distribution Channel
3.2.1. Off-Trade
3.2.1.1. Convenience Stores
3.2.1.2. Online Retail
3.2.1.3. Specialist Retailers
3.2.1.4. Supermarkets and Hypermarkets
3.2.1.5. Others (Warehouse clubs, gas stations, etc.)
3.2.2. On-Trade
4. COMPETITIVE LANDSCAPE
4.1. Key Strategic Moves
4.2. Market Share Analysis
4.3. Company Landscape
4.4. Company Profiles (includes Global Level Overview, Market Level Overview, Core Business Segments, Financials, Headcount, Key Information, Market Rank, Market Share, Products and Services, and Analysis of Recent Developments).
4.4.1. Blue Diamond Growers
4.4.2. Califia Farms LLC
4.4.3. Coconut Palm Group Co. Ltd
4.4.4. Dali Foods Group Co. Ltd
4.4.5. Danone SA
4.4.6. Fraser and Neave Ltd
4.4.7. Hebei Yangyuan Zhihui Beverage Co. Ltd
4.4.8. Inner Mongolia Yili Industrial Group Co. Ltd
4.4.9. Oatly Group AB
4.4.10. Vitasoy International Holdings Ltd
5. KEY STRATEGIC QUESTIONS FOR DAIRY AND DAIRY ALTERNATIVE CEOS
6. APPENDIX
6.1. Global Overview
6.1.1. Overview
6.1.2. Porter’s Five Forces Framework
6.1.3. Global Value Chain Analysis
6.1.4. Market Dynamics (DROs)
6.2. Sources & References
6.3. List of Tables & Figures
6.4. Primary Insights
6.5. Data Pack
6.6. Glossary of Terms
List of Tables & Figures
- Figure 1:
- PER CAPITA CONSUMPTION OF DAIRY ALTERNATIVES, KG, CHINA, 2017 - 2029
- Figure 2:
- PRODUCTION VOLUME OF CHINA DAIRY ALTERNATIVES MARKET - RAW MATERIAL, METRIC TONNES, CHINA, 2017 - 2021
- Figure 3:
- VOLUME OF DAIRY ALTERNATIVES, METRIC TONNES, BY CHINA, 2017 - 2029
- Figure 4:
- VALUE OF DAIRY ALTERNATIVES, USD, BY CHINA, 2017 - 2029
- Figure 5:
- VOLUME OF DAIRY ALTERNATIVES MARKET BY CATEGORY, METRIC TONNES, CHINA, 2017 - 2029
- Figure 6:
- VALUE OF DAIRY ALTERNATIVES MARKET BY CATEGORY, USD, CHINA, 2017 - 2029
- Figure 7:
- VOLUME SHARE OF DAIRY ALTERNATIVES MARKET, BY CATEGORY , %, CHINA, 2017 VS 2023 VS 2029
- Figure 8:
- VALUE SHARE OF DAIRY ALTERNATIVES MARKET, BY CATEGORY , %, CHINA, 2017 VS 2023 VS 2029
- Figure 9:
- VOLUME OF NON-DAIRY BUTTER MARKET, METRIC TONNES, CHINA, 2017 - 2029
- Figure 10:
- VALUE OF NON-DAIRY BUTTER MARKET, USD, CHINA, 2017 - 2029
- Figure 11:
- VALUE SHARE OF NON-DAIRY BUTTER MARKET, BY DISTRIBUTION CHANNEL, %, CHINA, 2022 VS 2029
- Figure 12:
- VOLUME OF DAIRY ALTERNATIVES MARKET BY PRODUCT TYPE, METRIC TONNES, CHINA, 2017 - 2029
- Figure 13:
- VALUE OF DAIRY ALTERNATIVES MARKET BY PRODUCT TYPE, USD, CHINA, 2017 - 2029
- Figure 14:
- VOLUME SHARE OF DAIRY ALTERNATIVES MARKET, BY PRODUCT TYPE , %, CHINA, 2017 VS 2023 VS 2029
- Figure 15:
- VALUE SHARE OF DAIRY ALTERNATIVES MARKET, BY PRODUCT TYPE , %, CHINA, 2017 VS 2023 VS 2029
- Figure 16:
- VOLUME OF ALMOND MILK MARKET, METRIC TONNES, CHINA, 2017 - 2029
- Figure 17:
- VALUE OF ALMOND MILK MARKET, USD, CHINA, 2017 - 2029
- Figure 18:
- VALUE SHARE OF ALMOND MILK MARKET, BY DISTRIBUTION CHANNEL, %, CHINA, 2022 VS 2029
- Figure 19:
- VOLUME OF COCONUT MILK MARKET, METRIC TONNES, CHINA, 2017 - 2029
- Figure 20:
- VALUE OF COCONUT MILK MARKET, USD, CHINA, 2017 - 2029
- Figure 21:
- VALUE SHARE OF COCONUT MILK MARKET, BY DISTRIBUTION CHANNEL, %, CHINA, 2022 VS 2029
- Figure 22:
- VOLUME OF OAT MILK MARKET, METRIC TONNES, CHINA, 2017 - 2029
- Figure 23:
- VALUE OF OAT MILK MARKET, USD, CHINA, 2017 - 2029
- Figure 24:
- VALUE SHARE OF OAT MILK MARKET, BY DISTRIBUTION CHANNEL, %, CHINA, 2022 VS 2029
- Figure 25:
- VOLUME OF SOY MILK MARKET, METRIC TONNES, CHINA, 2017 - 2029
- Figure 26:
- VALUE OF SOY MILK MARKET, USD, CHINA, 2017 - 2029
- Figure 27:
- VALUE SHARE OF SOY MILK MARKET, BY DISTRIBUTION CHANNEL, %, CHINA, 2022 VS 2029
- Figure 28:
- VOLUME OF DAIRY ALTERNATIVES MARKET BY DISTRIBUTION CHANNEL, METRIC TONNES, CHINA, 2017 - 2029
- Figure 29:
- VALUE OF DAIRY ALTERNATIVES MARKET BY DISTRIBUTION CHANNEL, USD, CHINA, 2017 - 2029
- Figure 30:
- VOLUME SHARE OF DAIRY ALTERNATIVES MARKET, BY DISTRIBUTION CHANNEL , %, CHINA, 2017 VS 2023 VS 2029
- Figure 31:
- VALUE SHARE OF DAIRY ALTERNATIVES MARKET, BY DISTRIBUTION CHANNEL , %, CHINA, 2017 VS 2023 VS 2029
- Figure 32:
- VOLUME OF DAIRY ALTERNATIVES MARKET BY SUB DISTRIBUTION CHANNELS, METRIC TONNES, CHINA, 2017 - 2029
- Figure 33:
- VALUE OF DAIRY ALTERNATIVES MARKET BY SUB DISTRIBUTION CHANNELS, USD, CHINA, 2017 - 2029
- Figure 34:
- VOLUME SHARE OF DAIRY ALTERNATIVES MARKET, BY SUB DISTRIBUTION CHANNELS , %, CHINA, 2017 VS 2023 VS 2029
- Figure 35:
- VALUE SHARE OF DAIRY ALTERNATIVES MARKET, BY SUB DISTRIBUTION CHANNELS , %, CHINA, 2017 VS 2023 VS 2029
- Figure 36:
- VOLUME OF DAIRY ALTERNATIVES MARKET SOLD VIA CONVENIENCE STORES, METRIC TONNES, CHINA, 2017 - 2029
- Figure 37:
- VALUE OF DAIRY ALTERNATIVES MARKET SOLD VIA CONVENIENCE STORES, USD, CHINA, 2017 - 2029
- Figure 38:
- VALUE SHARE OF DAIRY ALTERNATIVES MARKET, SOLD VIA CONVENIENCE STORES, BY CATEGORY , %, CHINA, 2022 VS 2029
- Figure 39:
- VOLUME OF DAIRY ALTERNATIVES MARKET SOLD VIA ONLINE RETAIL, METRIC TONNES, CHINA, 2017 - 2029
- Figure 40:
- VALUE OF DAIRY ALTERNATIVES MARKET SOLD VIA ONLINE RETAIL, USD, CHINA, 2017 - 2029
- Figure 41:
- VALUE SHARE OF DAIRY ALTERNATIVES MARKET, SOLD VIA ONLINE RETAIL, BY CATEGORY , %, CHINA, 2022 VS 2029
- Figure 42:
- VOLUME OF DAIRY ALTERNATIVES MARKET SOLD VIA SPECIALIST RETAILERS, METRIC TONNES, CHINA, 2017 - 2029
- Figure 43:
- VALUE OF DAIRY ALTERNATIVES MARKET SOLD VIA SPECIALIST RETAILERS, USD, CHINA, 2017 - 2029
- Figure 44:
- VALUE SHARE OF DAIRY ALTERNATIVES MARKET, SOLD VIA SPECIALIST RETAILERS, BY CATEGORY , %, CHINA, 2022 VS 2029
- Figure 45:
- VOLUME OF DAIRY ALTERNATIVES MARKET SOLD VIA SUPERMARKETS AND HYPERMARKETS, METRIC TONNES, CHINA, 2017 - 2029
- Figure 46:
- VALUE OF DAIRY ALTERNATIVES MARKET SOLD VIA SUPERMARKETS AND HYPERMARKETS, USD, CHINA, 2017 - 2029
- Figure 47:
- VALUE SHARE OF DAIRY ALTERNATIVES MARKET, SOLD VIA SUPERMARKETS AND HYPERMARKETS, BY CATEGORY , %, CHINA, 2022 VS 2029
- Figure 48:
- VOLUME OF DAIRY ALTERNATIVES MARKET SOLD VIA OTHERS (WAREHOUSE CLUBS, GAS STATIONS, ETC.), METRIC TONNES, CHINA, 2017 - 2029
- Figure 49:
- VALUE OF DAIRY ALTERNATIVES MARKET SOLD VIA OTHERS (WAREHOUSE CLUBS, GAS STATIONS, ETC.), USD, CHINA, 2017 - 2029
- Figure 50:
- VALUE SHARE OF DAIRY ALTERNATIVES MARKET, SOLD VIA OTHERS (WAREHOUSE CLUBS, GAS STATIONS, ETC.), BY CATEGORY , %, CHINA, 2022 VS 2029
- Figure 51:
- VOLUME OF DAIRY ALTERNATIVES MARKET SOLD VIA ON-TRADE, METRIC TONNES, CHINA, 2017 - 2029
- Figure 52:
- VALUE OF DAIRY ALTERNATIVES MARKET SOLD VIA ON-TRADE, USD, CHINA, 2017 - 2029
- Figure 53:
- VALUE SHARE OF DAIRY ALTERNATIVES MARKET, SOLD VIA ON-TRADE, BY CATEGORY , %, CHINA, 2022 VS 2029
- Figure 54:
- MOST ACTIVE COMPANIES BY NUMBER OF STRATEGIC MOVES, COUNT, CHINA, 2017 - 2029
- Figure 55:
- MOST ADOPTED STRATEGIES, COUNT, CHINA, 2017 - 2029
- Figure 56:
- VALUE SHARE OF MAJOR PLAYERS, %, CHINA, 2022
China Dairy Alternatives Industry Segmentation
Non-Dairy Butter, Non-Dairy Milk are covered as segments by Category. Off-Trade, On-Trade are covered as segments by Distribution Channel.
- The off-trade channel accounts for the majority of sales of dairy alternative products in the country. Among off-trade channels, supermarkets and hypermarkets are the largest distribution channels in the Chinese dairy alternatives market. The proximity of these channels, especially in large and developed cities, gives them the added advantage of influencing the consumer’s decision to purchase from among the large variety of products available in the market. In 2023, supermarkets and hypermarkets accounted for 71% of the value share.
- The online channel is expected to be the fastest-growing channel in the off-trade segment. It is projected to register a Y-o-Y growth value of 18% during 2023-2025. Convenience is the primary motivation for shoppers who have transitioned to shopping for more dairy alternative groceries online.
- Expanding street food culture across China is anticipated to drive the on-trade consumption of dairy alternative products like cheese, milk, and desserts during the forecast period. Fast-food brands and several cafes, including vegan cafes, dominate the landscape for food and beverage franchises in the country. The sales value of dairy alternative products through the on-trade channel is anticipated to grow by 20% in 2025 from 2022.
- Among all dairy alternative products, plant-based milk accounted for the majority share of sales through off-trade and on-trade retail channels in 2022, with a 97% share. The growing consumption of dairy alternative products in diets is anticipated to drive consumption of these products through both off-trade and on-trade modes. The consumption of dairy alternatives through off-trade channels is anticipated to grow by 28.9% during 2024-2027.
| Category | ||||||||
| Non-Dairy Butter | ||||||||
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| Distribution Channel | |||||||
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| On-Trade |
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Market Definition
- Dairy Alternatives - Dairy alternatives are foods that are made from plant-based milk/oils instead of their usual animal products, such as cheese, butter, milk, ice cream, yogurt, etc. Plant-based or non-dairy milk alternative is the fast-growing segment in the newer food product development category of functional and specialty beverage across the globe.
- Non-Dairy Butter - Non dairy butter is a vegan butter alternative that is made from a mixture of plant oils. With an increase in alternative diets like vegetarianism, veganism, and gluten intolerance, plant butter is a healthy non-dairy substitute for normal butter.
- Non-Dairy Ice Cream - Plant based ice cream is a growing category. Non-dairy ice cream is a type of dessert made without any animal ingredients. This is typically considered a substitute for regular ice cream for those who cannot or do not eat animal or animal-derived products, including eggs, milk, cream, or honey.
- Plant-Based Milk - Plant based milks are milk substitutes that are made from nuts (e.g., hazelnuts, hemp seeds), seeds (e.g., sesame, walnuts, coconuts, cashews, almonds, rice, oats, etc.) or legumes (e.g., soy). Plant-based milk such as soy milk and almond milk have been popular in East Asia and the Middle East for centuries.
| Keyword | Definition |
|---|---|
| Cultured Butter | Cultured butter is prepared by having the raw butter go through chemical processing and has been added with certain emulsifiers and foreign ingredients. |
| Uncultured Butter | This type of butter is one which has not been processed in any way |
| Natural Cheese | The type of cheese in its most natural form. It is made from natural and simple products and ingredients, including fresh and natural salts, natural colors, enzymes, and high-quality milk. |
| Processed Cheese | Processed cheese undergoes the same processes as natural cheese; however, it requires more steps and many different forms of ingredients. Making processed cheese involves melting natural cheese, emulsifying it, and adding preservatives and other artificial ingredients or colorings. |
| Single Cream | Single cream contains around 18% fat. It’s a single layer of cream that appears over boiled milk. |
| Double Cream | Double cream contains 48% fat, more than double the amount of fat of single cream. It’s heavier and thicker than single cream |
| Whipping Cream | This has a much higher fat percentage than single cream (36%). Used to top cakes, pies, and puddings and as a thickener for sauces, soups, and fillings. |
| Frozen Desserts | Desserts that are meant to be eaten in frozen condition. E.g., sherbets, sorbets, frozen yogurts |
| UHT Milk (Ultra-high temperature milk) | Milk heated at a very high temperature. Ultra-high-temperature processing (UHT) of milk involves heating for 1–8 sec at 135–154°C. which kills the spore-forming pathogenic microorganism, resulting in a product with a shelf-life of several months. |
| Non-dairy butter/Plant-based butter | Butter made from plant-derived oil such as coconut, palm, etc. |
| Non-dairy Yogurt | Yogurt made from typically made from nuts, like almonds, cashews, coconuts, and even other foods like soybeans, plantains, oats, and peas |
| On-trade | It refers to restaurants, QSRs, and bars. |
| Off-trade | It refers to supermarkets, hypermarkets, on-line channels, etc. |
| Neufchatel cheese | One of the oldest kinds of cheese in France. It is a soft, slightly crumbly, mold-ripened, bloomy-rind cheese made in the Neufchâtel-en-Bray region of Normandy. |
| Flexitarian | It refers to a consumer preferring a semi-vegetarian diet, that is centered on plant foods with limited or occasional inclusion of meat. |
| Lactose Intolerance | Lactose intolerance is a reaction in digestive system to lactose, the sugar in milk. It causes uncomfortable symptoms in response to the consumption of dairy products. |
| Cream Cheese | Cream cheese is a soft and creamy fresh cheese with a tangy taste made from milk and cream. |
| Sorbets | Sorbet is a frozen dessert made using ice combined with fruit juice, fruit purée, or other ingredients, such as wine, liqueur, or honey. |
| Sherbet | Sherbet is a sweetened frozen dessert made with fruit and some sort of dairy product such as milk or cream. |
| Shelf stable | Foods that can be safely stored at room temperature, or "on the shelf," for at least one year and do not have to be cooked or refrigerated to eat safely. |
| DSD | Direct Store Delivery is the process in supply chain management wherein the product is delivered from manufacturing plant directly to the retailer. |
| OU Kosher | Orthodox Union Kosher is a kosher certification agency based in New York City. |
| Gelato | Gelato is a frozen creamy dessert made with milk, heavy cream and sugar. |
| Grass-fed Cows | Grass-fed cows are allowed to graze in pastures, where they eat a variety of grasses and clover. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step 1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set, and the model is built on the basis of these variables.
- Step-2: Build a Market Model: Market-size estimations for the forecast years are in nominal terms. Inflation is not a part of the pricing, and the average selling price (ASP) is kept constant throughout the forecast period for each country.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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