Almond Milk Market Growth Accelerates From USD 8.44 Billion in 2022 to USD 31.29 Billion by 2031
Almond milk is plant milk obtained from almonds with a nutty taste and creamy texture. Almond milk does not contain cholesterol and lactose and is mainly consumed by lactose intolerant and by people wishing to avoid dairy products.
While there is a highly increasing consumer inclination to health and well-being plus lactose intolerant cases coupled with the increasing tendency of following plant-based diets, the Industry on almond milk has been growing leaps and bounds within just a few recent years. As of 2022, the market value of USD 8.44 billion is expected to reach a staggering USD 31.29 billion by 2031, growing at a whopping compound functional annual growth rate of 14% for the forecast period of 2023-2031. This article thus discusses the entire market dynamics, segmentation, key players, and insights into various regions, thereby giving a holistic view of the almond milk industry.
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Market Scope and Research Methodology
The analysis of the almond milk market was based on a methodological approach that combines both primary and secondary sources of data. Primary research is an interview-based approach with industry experts, manufacturers, and distributors. Secondary research involves collecting and analyzing data from industry reports, company websites, and even government publications. The period of study for this particular analysis goes from 2019 to 2031, with 2022 being the base year. The projection beyond that covers a forecast period running from 2023 to 2031-all periods that would take into consideration market trends, drivers, restraints, and opportunities.
Market Dynamics
The growing prevalence of lactose intolerance and hypercholesterolemia is, on the other hand, a primary driver for the market of almond milk. Lactose intolerance is a condition under which a person's body cannot completely make the digestion of lactose, one of the sugars found in milk. It happens to form a significant amount of the population worldwide. The best alternative for all these is almond milk, as it is lactose-free. Besides this fact, almond milk also contains polyunsaturated fatty acids, which lower the inflammation and cholesterol levels in the body. It serves as the most preferred for the majority of health-conscious individuals.
Though gaining in popularity, the almond milk market has its price on the higher side due to almonds becoming expensive. Droughts, climate change, and political tensions are among the conditions affecting almond production and hence interfere with prices. For example, California is the largest producer of almonds in the world, and the crop yield in that state reduced in 2021 due to rising temperatures and water shortages. Thus, supply chain disruptions arose, which affect manufacturers and consumers.
Opportunities
The propelling trend toward veganism can immensely benefit the almond milk brand. With animal welfare and sustainability concerns becoming popularly highlighted, plant-based dieting has received increasing preference among consumers. Moreover, the continuous increase in the consumption of organic and flavored almond milk is a result of the growing health consciousness and variety in dietary options preference.
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Segmentation
By Type (2019-2031)
- Plain
- Flavoured
By Packing Type (2019-2031)
- Glass
- Carton
- Others
Key Players
- Hain Celestial Group (U.S.)
- Galaxy Nutritional Foods, Inc. (U.S.)
- Whitewave Foods (France)
- Sunopta Inc. (Canada)
- Blue Diamond Growers (U.S.)
- Daiya Foods Inc. (Canada)
- Tofutti Brands Inc. (U.S.)
Regional Insights
North America
Due to the high levels of lactose intolerance coupled with health-driven and plant-based preferences, North America capitalizes on the almond milk market. Indeed, recent reports indicate that about 75% of the North American population is made up of lactose-intolerant individuals; hence, almond milk has become a significant trend.
Europe
Europe is likely to be one of the fastest-growing places in terms of almond milk consumption, with countries of Germany, France, and the U.K likely to take the lead. Changes in the mindset of users and improving lifestyles toward health consciousness are working much in favor of this region.
Conclusion
The almond milk market has been growing at an increased scale as health concerns increase, lactose intolerance rises, and veganism gets popularized among the population. Even though some challenges remain, including rising almond prices and not such an awareness in some regions, significant opportunities still remain for creativity and growth within the market. Such popularity in empowering people to seek healthier and more sustainable dietary options will soon translate this product into being one among the most influential ones in the global plant-based food industry.
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