Dive Summary:
- Sales of almond-based dairy products have been increasing by 50% annually, as companies like Silk and Almond Dream monopolize the category.
- New research fins that as many as 50 million people in the U.S. are lactose intolerant, with Asian Americans being the group most effected.
- The market is worth about $3.6 billion dollars in 2010 and is primarily made up of almond-based and soy-based products, however companies have also been producing low lactose milk to fill the niche.
From the article:
Strong brand names such as Silk and Almond Dream, can be a significant barrier for new entrants to penetrate the market," it added.
So why the growth in almond-based dairy alternatives? Hagener says it's because consumers are realizing that these products are "a great alternative to both dairy milk and other non-dairy products."