The Global Almond Milk Market is predicted to grow at a 13% CAGR over the forecast period (2017-2024), as per the latest Market Research Future (MRFR) report. Almond milk is plant-based milk made from almonds. It has a nutty flavor and a creamy texture. Almond milk has turned into a good alternative to dairy milk due to its blending capability and flavor. It is low in calories and free from lactose, and comes in chocolate, vanilla, unsweetened, and sweetened variants, and is generally fortified with micronutrients.
Almond milk is also used as a base for smoothies, is an excellent substitute for milk for baking purposes, and effectively blends with cold and hot beverages such as coffee and tea.
Various factors are propelling the almond milk market growth. These factors, as stated by the MRFR report, include rising health awareness about obesity and diabetes, changing consumer lifestyle, growing use of almond milk in personal care products, awareness about health benefits of almond milk, and increasing cases of lactose intolerance. Additional factors pushing market growth include growing health-conscious consumers, enhancement of livelihood, increasing urbanization, increasing working women population, increasing availability in stores, the strong performance of the retail sector, and consumers shifting to healthy and nutritional dairy alternative milk.
On the contrary, the high cost of almond milk coupled with the accessibility of alternate milks are factors that may impede the almond milk market growth over the forecast period.
Leading players profiled in the almond milk market report include Arla Foods (Denmark), DMK (Germany), Daiya Foods Inc. (Canada), Freedom Foods Group Ltd. (Australia), Sanitarium Health & Wellbeing Company (New Zealand), The Hain Celestial Group, Inc. (U.S.), and Archer Daniels Midland Company (U.S.)
The Market Research Future report provides a wide segmental analysis of the almond milk market based on application, formulations, and distribution channel.
Based on application, it is segmented into beverages and food. Of these, the beverage segment will have the largest share in the market over the forecast period.
Based on formulations, the almond milk market is segmented into flavored and plain. Of these, the plain almond milk market will dominate the market over the forecast period. This is owing to its huge application in cream and butter, and vegan cheese production.
Based on distribution channel, the almond milk market is segmented into non-store based and store-based. The store-based segment is further segmented into convenience stores, pharmacy, health and wellness, supermarkets and hypermarkets, and others. Of these, the supermarket and hypermarket segment will lead the market over the forecast period.
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Based on the region, the almond milk market report covers growth opportunities and the latest trends across the Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW). Of these, Europe will remain the frontrunner in the market over the forecast period. This is owing to the growing incidences of lactose intolerance and rising per capita disposable income.
The almond milk market in the Asia Pacific region is predicted to grow at the highest CAGR over the forecast period. This is owing to rising awareness about plant-based products along with multiple health benefits of consuming almond milk. India, as well as China, are the key contributors in this region.
The almond milk market in North America is predicted to have a steady growth over the forecast period. This is owing to the rising consumption of on-the-go beverages. The growing number of people suffering from diabetes as well as other chronic diseases are also pushing market growth. Canada, as well as the US, are the key contributors in this region.
The almond milk market in the Middle East and Africa is predicted to have moderate growth over the forecast period.
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