The “Almond Milk Market Size, Share, Trends, By Application, By Distribution Channels, and By Region Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The almond milk industry has experienced significant growth over recent years, with a global market size of USD 7.12 Billion in 2021, and is expected to see a 12.3% revenue CAGR during the forecast period. Rising popularity of plant based food products fuels the sector.
This growth is largely due to factors such as the increasing number of people suffering from lactose intolerance and hypercholesterolemia, as well as the growing popularity of plant-based dairy products, particularly among vegans who seek an alternative to animal dairy products.
One of the main reasons for this growth is the health benefits of almond milk, which is a nutritious and plant-based milk produced by blending almonds with water to create a creamy paste that is then strained to remove the solids. Almond milk is high in omega-3 fatty acids, calcium, and vitamin E, and is particularly popular among individuals with lactose intolerance or those following a vegan diet.
Almond milk has a wide range of applications, including in the production of cream liquor, chocolates, baked goods, other beverages, and frozen desserts. It is also used in the cosmetic industry, where it is combined with protein to create skin and hair care products.
Despite the growth opportunities, the rising cost of almonds and lack of awareness about the benefits of almond milk in developing countries are factors that could hinder revenue growth in the global market. Nonetheless, the demand for plant-based dairy alternatives and clean-label products is expected to continue to drive the market forward in the coming years.
The global almond milk market is experiencing revenue growth due to the increasing number of people who are lactose intolerant, as they need to find proper substitutes for dairy products.
This presents a major opportunity for the almond milk market to flourish. Almond milk is also beneficial for people with hypercholesterolemia, as it contains polyunsaturated fatty acids that reduce inflammation and lower cholesterol levels in the bloodstream.
The rising popularity of plant-based dairy products has also contributed to the growth of the almond milk market, driven by the increasing number of vegans worldwide.
Plant-based dairy products are also cost-effective and suitable alternatives in places where the supply of milk from animal sources is insufficient. Additionally, almond milk’s high protein and low calorie content makes it a healthy substitute for consumers of all ages.
Almond milk has a variety of applications across different industries, including the frozen desserts industry, beverage production, and the personal care and organic cosmetic industry. Its multi-functionality is a significant factor expected to drive revenue growth of the global market over the forecast period.
However, the rising cost of almonds is a major concern for the global market. California, the world’s largest producer of almonds, faced a decrease in crop yield due to rising temperatures and drought in 2021, while other factors may lead to a rise in the cost of almonds. This is expected to hamper the global almond milk market’s revenue growth. Additionally, the lack of awareness among the general public in developing countries about the benefits of almond milk and the popularity of cow milk and milk from other animal sources is expected to hinder the market’s revenue growth during the forecast period.
Key Takeaways
Application Insights:
Based on application, the global almond milk market has been segmented into frozen desserts, beverages, personal care, and others.
The beverages segment accounted for largest revenue share in 2021. Almond milk is used for a varied range of beverage production. Almond milk itself is packaged and sold by market players in sweetened and unsweetened forms. Almond milk drinks are high in protein and vitamin E and have several health benefits, thus expected to drive the segment revenue growth. Moreover, dieticians around the world are prescribing almond milk and almond milk-based beverages to lactose-intolerant people as a cow, goat, or other mammals’ milk substitutes, which is expected to drive revenue growth the segment even further.
The personal care segment is expected to register a steady revenue growth rate over the forecast period, owing to its anti-aging and anti-blemish properties. Almond milk formulations are also used for manufacturing lotions and skin care creams as it is rich in zinc, vitamin C, vitamin E, and vitamin B6. Several major companies in the organic cosmetic and personal care industry produce a range of shampoos, conditioners, and body butter made from almond milk due to its rich properties and benefits to skin and hair. These factors are expected to drive demand for almond milk in the near future.
The frozen desserts segment is expected to register a significant revenue growth rate in recent years. The quick popularity garnered by almond ice cream among vegan consumers is a major factor expected to drive the segment revenue growth. There is a variety of frozen desserts where almond milk is used as an alternative for cow milk or any other animal milk. Other products include chocolates, as the majority of manufacturers prefer almond milk for the production of fruit and nut milk chocolates. These factors are expected to drive revenue growth of the segment even further.
Regional Insights:
The Asia-Pacific region is poised to become the global leader in almond milk market revenue in the near future, with a surge in demand expected, particularly in the beverage sector. China and India are among the countries where almond milk is commonly used, while Japan has experienced a sharp rise in demand due to its broad range of applications. The growing vegan population in the region is driving revenue growth in the beverages segment and is expected to further boost the market in the area.
North America’s almond milk market is predicted to experience consistent revenue growth over the forecast period, with factors such as the increased demand for frozen desserts playing a key role. Lifestyle changes and improved dietary habits are also expected to propel market growth. Additionally, the rising environmental concerns of consumers have led to greater adoption of almond milk as a daily routine, thereby increasing revenue growth in the region.
The European almond milk market is also expected to experience steady revenue growth, fueled by a growing number of vegetarians in the region. The use of almond milk for health improvement and weight balance by Europeans is on the rise, further driving revenue growth in the regional market during the forecast period.
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