28-Aug-2019: The global almond milk
market size is expected to reach USD 13.3 billion by
2025, according to a new report by Grand View Research, Inc., expanding at a
CAGR of 14.3% over the forecast period. Changing consumer lifestyle and rising
health awareness about diabetes and obesity are the key factors driving the
market.
Almond milk is a
plant-based product, which serves as an alternative to animal milk. Consumers
are shifting their focus towards adopting such dairy alternatives due to
growing vegan population globally. This product has emerged as a booming
segment in the market apart from soy milk. It is used as a main ingredient for
preparing food such as frozen desserts and beverages like milkshakes.
Increasing use of
organic ingredients such as almond milk in personal care products is boosting
the growth of the market. This plant based product is rich in fatty acids such
as omega-3 and also a great source of vitamin E, which is crucial in keeping
the skin hydrated and fed. Companies such as Bodyshop, P&G, and Unilever
use this liquid as their main ingredient to formulate hair care and skin care
products for their global consumers.
Inflated demand for
almond milk, particularly in the beverage segment, can be attributed to rising
cases of lactose intolerance among the consumers of Europe, thus driving the
market in the region. For instance, companies like Oatly and Califia Farms have
introduced flavored almond beverage as a substitute for dairy beverages, which
is soy-free, gluten free, vegan, and does not curdle when mixed with tea. Along
with its major applications, this product is also used in the bakery, brewery,
and chocolate industries. For instance, Baileys launched Almande Irish Cream
Liqueur for its vegan consumers made from this plant milk.
Asia Pacific
occupies the largest share in the global market due to high demand from the
lactose intolerant population of China and other countries in East Asia. The
market in Asia Pacific is anticipated to expand at a CAGR of 15.0% from 2019 to
2025 due to rising disposable income and growing consumer preferences for the
product.
In
depth research report on Almond Milk Market
Further key findings from the study suggest:
·
Asia Pacific dominated the global market in 2018 and
constituted 30.8% share of the overall revenue. This trend is projected to
continue over the next few years. The market in Europe is projected to generate
a revenue of USD 2.8 billion by 2025
·
Other applications majorly comprise bakery, brewery, and
chocolate and are projected to exhibit constant growth in the next few years
·
Adoption and consumption of almond milk as a dairy substitute
and dietary supplement is increasing due to surge in the number of obese people
in countries like U.S. and South Africa
·
The industry is highly competitive due to presence of the
main players including Daiya Foods Inc.; Hain Celestial Group; Whitewave Foods;
Sunopta Inc.; Blue Diamond Growers; Galaxy Nutritional Foods, Inc.; and Tofutti
Brands Inc.
Grand View Research
has segmented the global almond milk market on the basis of application,
distribution channel, and region:
Almond Milk Application Outlook (Revenue, USD Billion, 2015 -
2025)
·
Beverages
·
Frozen Desserts
·
Personal Care
·
Others
Almond Milk Distribution Channel Outlook (Revenue, USD
Billion, 2015 - 2025)
·
Hypermarkets & Supermarkets
·
Convenience Stores
·
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About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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