The Total Addressable Market (TAM) for Almond Milk was valued at USD 8.44 billion in 2022 and is projected to reach a value of USD 31.29 billion by 2031, registering a CAGR of 14% during the forecast period 2023-2031.
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. 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 (which 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 allergies and increased health consciousness among people have increased the demand for almond milk.
The growing population of lactose intolerant, along with an increase in the vegan population, has propelled the growth of the almond milk market. The high nutritional content in almond milk primarily supports sales of the product. Growing Inclination towards consuming on-the-go food products and a health-conscious diet is boosting the growth of the market. According to Nestle, the largest food company in the world, plant-based food consumption will increase in the coming years and will be an ongoing trend in the future as well.
The flavoring of milk and changing consumption patterns of people bring a surge in demand for almond milk. Additionally, advertising campaigns are conducted by key players to propel the growth of the market. Consumers are shifting their concern toward organic formulations of almond milk, which do not include additives or thickeners, due to increasing health consciousness.
A significant factor in the growth of the global almond milk market's revenue is the increase in the number of people who are lactose intolerant. The inability of the human body to completely digest lactose, the sugar in milk, is referred to as lactose intolerance. Since the symptoms of lactose intolerance can be extremely uncomfortable, it is crucial for people with the condition to look for suitable alternatives to dairy products. This presents a significant opportunity for the almond milk market to grow. Because it contains polyunsaturated fatty acids, which are beneficial in reducing inflammation and lowering cholesterol levels in the bloodstream, almond milk is also beneficial for people with hypercholesterolemia, further boosting market revenue growth. As the number of vegans worldwide has grown, so has the consumption of plant-based dairy products. The demand for alternatives to cow milk has increased due to the vegan diet. Dairy products made from plants are a great and affordable alternative in areas where the animal milk supply is insufficient. A healthy alternative for consumers of all ages, almond milk also has a high protein content and few calories.
Numerous industries use almond milk for a variety of purposes. One key element anticipated to propel the global market's revenue growth over the forecast period is its multi-functionality. It is a crucial component of the frozen desserts market. It is also widely used in the production of various beverages. Several items in the personal care and organic cosmetics industries use almond milk. Shortly, these elements are anticipated to fuel market revenue growth.
Due to growing health concerns, consumers are turning to organic almond milk options, as this natural almond milk is produced without additives or thickeners. Almond milk substitutes made from organic ingredients cost more than those made from other non-dairy sources. Demand for flavor-infused almond milk is anticipated to increase during the forecast period due to consumer demand for blended, delectable, nutritious, and lactose-free milk.
The global market is highly concerned about the rising price of almonds. For instance, Afghanistan, one of the major exporters of almonds and other dry fruits, experienced a rise in demand but a decrease in supply in 2021 due to escalating hostilities between the Taliban and Afghan forces. Consequently, a sharp increase in almond prices created a problem for importers, manufacturers, and consumers who registered high prices. In addition, drought and rising temperatures in 2021 reduced crop yield in California, the world's largest producer of almonds. The revenue from the global market is anticipated to be hampered by similar incidents or other factors that increase the price of almonds.
A significant barrier to expanding the global market's revenue is the need for more knowledge about almond milk's advantages among the general populace in developing nations. Additionally, most of the world's population's preference for cow milk and milk from other animals is anticipated to restrain the market's ability to grow financially during the forecast period.
Around the world, the number of vegans is rising as concerns about animal welfare grow. In addition, the almond milk market is currently driven by potential health benefits and environmental protection. Consumer acceptance of veganism is rising, and developed countries and the cities and suburbs of developing countries have seen the most significant increases.
The Almond milk market is segmented based on type, packing type, distribution channel, and region.
The global market is segmented by type into plain and flavored.
Growing demand for almond milk has boosted manufacturers to introduce the Flavor of almond milk. Almond milk can be served plain or can be added with different flavors. A high number of consumers favoring flavored milk and their growing interest in various flavors brought out by the manufacturers will boost the market for flavored almond milk.
The global market is segmented by packing type: glass, carton, and others. Among them, the glass segment is likely to dominate the market and grow faster during the assessment period.
Based on the distribution channel, the market is segmented into stored and non-stored. A store-based distribution channel is projected to witness the fastest growth in the market, owing to its one-stop shopping experience.
Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. North America dominates the market.
North America is witnessing an increase in the demand for almond milk owing to increasing lactose intolerance and changing consumer preference toward healthy food consumption. Almond milk does not contain lactose, making it most popular among the vegan population. According to a report on the lactose intolerant population, 75 % of the population of North America is lactose intolerant.
In Europe, the significant contribution towards the growth of the almond milk market is expected to be in countries like Germany, France, and the U.K. Changing consumption patterns due to health concerns are 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 about plant-based milk products and the health-beneficial properties linked with almond milk is driving the market expansion in this region. Moreover, new product developments by leading manufacturers may surge the market growth in the region. Demand for almond milk products in South Asia and East Asia is anticipated to increase as more consumers become health-conscious. More than 40% of the world's population lives in South and East Asia, which presents enormous opportunities for key players to grow their market shares in global food and beverage and almond milk.
The global almond milk market is expected to grow as consumers' purchasing power and per capita income rise. As a result, East Asia dominates the global almond milk market, and South Asia is anticipated to experience an 11% value growth during the forecast period.
During the forecast period, Latin America is expected to hold a considerable market share in the global almond milk market. This is majorly attributed to overwhelming responses from consumers regarding the 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 the almond milk market owing to consumers' need for more awareness about the benefits of plant-based beverages over dairy beverages and a lack of proper promotional strategies.
The major players in the market are:
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