Almond Milk Market Size and Growth Rate:
As per the latest report published by Research Cosmos, the Almond Milk Market was estimated to reach USD 4.75 billion by 2023 growing at a CAGR of 15.19% during the forecast period 2017 to 2023.
Key Findings of Almond Milk Market:
- The Global Almond Milk market is projected to reach USD 4.75 billion by the end of 2023
- Beverages will continue to dominate the global almond milk market with more than 55% market proportion
- Flavored applications will continue to dominate the Almond Milk market with more than 64% market share and it is projected to grow at a CAGR of 15.33% by 2023
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Almond Milk Market Growth Drivers and Restraints:
The growth in almond milk market is credited to the awareness about its health benefits, battle against obesity in developed countries such as the U.S. Consumers are also shifting their concern towards organic options of almond milk because of the increasing health contentiousness, as organic almond milk is produced without any additives or thickeners. The organic alternatives for almond milk are relatively expensive than that of other non-dairy alternatives.
Developed countries have started offering of new products such as premium almond milk produced using artisanal practices which gives a unique creamy taste. The demand for flavoured almond milk is expected to increase during the forecast period, owing to the growing demand for blended, tasty, nutritious, and lactose-free milk among the consumers.
Geographical Presence of Almond Milk Market:
In Europe, the major contributors include Germany, U.K, and France. Asia Pacific is predicted to be a fast-growing region. Growing awareness regarding plant-based milk products and the health beneficial properties associated with almond milk is driving the growth of the market in this region. Moreover, the new product developments by the manufacturers are about to surge the market growth in rest of the world.
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Key Players of Almond Milk Market:
Some of the leading market players of Almond Milk Market are Blue Wave Growers, Hain Celestial Group, Whitewave Foods, Sunopta Inc., Daiya Foods Inc., Galaxy Nutritional Foods, Inc. and Tofutti Brands Inc.
Almond Milk Market Segmentation:
Almond Milk Market Analysis – By Application:
- Food
- Beverages
Almond Milk Market Analysis – By Formulations:
- Plain
- Flavored
Almond Milk Market Analysis – By Distribution Channel:
- Store based
- Supermarkets & Hypermarkets
- Health & Wellness
- Pharmacy
- Convenience Stores
Almond Milk Market Analysis – By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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