Almond milk is a type of plant milk and acts as a substitute for animal-based milk products. The milk is extracted from almond, thereby making it free from lactose and casein and rich in various healthy nutrients. The growing lactose intolerant population coupled with the growing vegan population are the key drivers of growth for the market. Changing pattern in consumer eating habits and a shifting inclination towards on-the-go products among the working population is expected to positively impact the growth of the almond milk market. Manufacturers are tapping into the market by coming up with a wide variety of flavoured products.
This is gaining more traction towards almond milk products and causing the market to grow positively. Not to mention, innovative and attractive packaging designs also helps add value to the product. Advertising campaigns run by major market players are influencing a positive growth of almond milk products as well. According to the latest in-depth research conducted by Market Research Future (MRFR), it states that the global almond milk market is expected to garner a CAGR of 13% during the forecast period between 2017 and 2024.
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Global Almond Milk Market Trend comprises of various Leading Players. This includes SUNOPTA Inc. (Canada), WHITEWAVE Foods (France), DAIYA Foods Inc. (Canada), Blue Diamond Growers (U.S.), Tofutti Brands Inc. (U.S.), Galaxy Nutritional Foods, Inc. (U.S.), HAIN Celestial Group (U.S.) and among others.
Feb 27th, 2019, GRUPO LALA announced in a release about its agreement with Blue Diamond Growers to distribute the company’s almond beverages in Mexico. This will help Blue Diamond to enter the mainstream market in Mexico and expand its market standings globally.
Jan 11th, 2019, Blue Diamond, a global leader of almond products, announced the introduction of two new Almond Breeze products. The products are Almond milk Blended with Real Bananas and Almond milk Creamer. This is a result of the company’s promise of delivering plant-based beverages.
Global Almond Milk Market is segmented on the basis of packaging material, distribution channel, and product type.
By packaging material, the market includes carton, glass, others. The glass packaging material of almond milk is the dominant segment in this category and is expected to witness the fastest growth rate during the review period.
By distribution channel, the market divides into non-store-based and store-based distribution. Due to the one-stop shopping experience it offers, the store-based distribution channel dominates the market. Add to this, the segment is reported to grow at the highest CAGR during the forecast period.
By type, the market comprises of plain and flavored segments. Flavored almond milk is projected to grow faster in the coming years as compared to the plain almond milk segment. It is observed that there is a growing inclination of consumers towards flavored milk products. Also, the growing interest towards flavored milk products can be attributed to the manufacturers who are bringing our variety of flavors in the market. This demand is expected to continue over the forecast period, thereby boosting the market segment further in the coming years.
Global Almond Milk Market is geographically segmented into different regions, namely Europe, Asia Pacific, North America, and the Rest of the World (RoW).
North America is the dominant player in the global almond milk market due to the increasing consumption of on-the-go beverages therein. The fast-paced lifestyle in this region, particularly in the US, aids the demand for the market and is believed to continue in the coming years. The US region comprises the highest population of lactose intolerance. This acts as a key driving factor behind the growth of the almond milk market in this region.
The European region stands tall as the second-largest market contributors globally due to the presence of countries like Germany, France, and the UK, wherein there is a growing demand for almond milk products. Asia Pacific is believed to be the fastest growing regional market during the forecast period as per the report released by MRFR. Herein, rapidly growing awareness concerning plant-based milk products and the health benefits associated with almond milk is acting as a major market growth driver. New product developments by manufacturers is expected to proliferate the market growth of almond milk in the rest of the world region.