Global Statistics Representing Almond Milk Market Scenario
Almond milk is a plant milk obtained from almonds which has nutty taste and creamy texture. Almond milk does not contain cholesterol and lactose and is mostly consumed by lactose intolerant and by people wishing to avoid dairy products. Additionally, almond milk is a good source of vitamin A (important for eye health), vitamin B12 (needed to convert food to energy), vitamin E (an antioxidant) and zinc (helps your immune system). Almond milk is made from water, almonds, added vitamins and minerals, and small amounts of other ingredients depending on the brand. Recently problems like milk protein allergy coupled with increased health consciousness among people have increased the demand for almond milk.
Growing population of lactose intolerant, along with an increase in vegan population has propelled the growth of almond milk market. The high nutritional content in almond milk is primarily supporting sales of the product. Growing Inclination towards consumption of on the go food products and health conscious diet is boosting the growth of almond milk market. According to Nestle, the largest food company in the world plant-based food consumption will increase in the coming years and will be the ongoing trend in the future as well.
Flavouring of milk and changing consumption patterns of people bring the surge in demand for almond milk. Additionally, advertising campaigns are been conducted by key players to propel the growth of almond milk market. Consumers are shifting their concern towards organic formulations of almond milk, which do not include any additives or thickeners due to increasing health consciousness.
Almond milk market is segmented based on type, packing type, and distribution channel.
Based on type, almond milk market is segmented into plain and flavored. Growing demand for almond milk has boosted manufacturers to introduce the Flavor to almond milk. Almond milk can be served as plain or can be added with different flavors. With a high number of consumers favoring flavored milk, as well as their growing interest in a variety of flavors brought out by the manufacturers, will boost the market for flavored almond milk.
Based on packing type, almond milk market is segmented into glass, carton, and others. Among them, the glass segment is likely to dominate the market and also grow at the fastest rate during the assessment period.
Based on distribution channel, market is segmented into stored and non-stored. Store based distribution channel is projected to witness fastest growth in the market, owing to its one-stop shopping experience.
Geographically, almond milk market is segmented by region into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa.
North America is witnessing an increase in the demand for almond milk owing to increasing lactose intolerance and changing consumer preference towards consumption of healthy food. Almond milk does not contain lactose which is making it most popular in vegan population. According to a report on lactose intolerant population, 75 % of the population of North America is lactose intolerant.
In Europe, the major contribution towards the growth of almond milk market is expected to be in countries like Germany, France, and the U.K. Changing consumption pattern due to health concerns is expected to boost the demand for almond milk.
Asia Pacific region has the potential to be the fastest growing region in the course of the forecast period. Rising awareness pertaining to plant-based milk products and the health beneficial properties linked with almond milk is driving the expansion of the market in this region. Moreover, new product developments by leading manufacturers may surge the market growth in the region.
Latin America is expected to hold considerable market share in global almond milk market during the assessment period, 2019- 2026. This is majorly attributed to overwhelming responses from consumers regarding consumption of alternatives such as almond milk, soya milk, rice milk and others to conventional dairy products.
The Middle East & Africa is witnessing steady growth in almond milk market owing to lack of awareness among consumers about the benefits of plant-based beverages over dairy beverages and lack of proper promotional strategies of the product.
Some of the key players in almond milk market are 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), and Tofutti Brands Inc. (U.S.), and others.
Almond Milk Market Segmentation
By Packing Type
By Distribution Channel