Almond Milk Market: Overview
Almond Milk is a nothing but a plant milk made from almonds which generally has a nutty taste and creamy texture. The almond milk is becoming a widely accepted and popular replacement for the normal dairy milk as it offers many health benefits such as it helps in weight management, it makes bones stronger, it helps in digestion, and it acts as a lactose-free substitute of milk. The healthy diet adopters and vegan diet followers are the two major groups of customers which are expected to drive the global almond milk market over the forecast period. people in developed countries perceive that vegan diet is good for health, and hence as a result people prefer to consume almond milk as a substitute for dairy milk.
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Almond Milk Market: Drivers and Restraints
The almond milk is one of the popular dairy alternatives which is similar to normal dairy milk, in terms of texture and flavor, and have similar nutritional benefits. The global almond milk market is one of the fastest segment in the non-dairy and vegan milk industry. The growth in almond milk market is attributed to the awareness about its health benefits, battle against obesity in developed countries such as U.S. The new age consumers are demanding high quality, premium brand, healthy dairy products, which has given a boost for the global almond milk manufacturers to develop new premium products to meet the consumers demand. Many manufacturers in developed countries have started offering of new products such as premium almond milk produced using artisanal practices which give a unique creamy taste. For the consumers seeking premium and health beverage products, many retail stores are coming up with super premium almond milk. The increasing awareness about the health benefits of dairy alternatives milk is acting as a key selling proposition for the almond milk globally. The growth of almond milk market in APEJ regions is attributed to factors such as increasing number of population affected by lactose intolerance.
Consumers are shifting their concern towards organic options of almond milk because of the increasing health contentiousness, as this organic almond milk is produced without nay additives or thickeners. The organic alternatives for almond milk are comparatively expensive than that of other non-dairy alternatives. The demand for flavored 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.
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Almond Milk Market: Segmentation
On the basis of Formulation,
- Plain sweetened
- Plain unsweetened
- Flavored sweetened
- Flavored unsweetened
Almond Milk Market: Region Wise Outlook
The global Almond Milk Market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). The North America is expected to be the largest market in the global almond milk market in terms of value. This region is projected to show it dominance over the forecast period. The increasing number of people suffering from lactose intolerance is shifting the consumer preference for healthy dairy alternatives such as almond milk which is driving the growth of almond milk market in this region. The APEJ region is also expected to register high growth rate over the forecast period owing to the consumer focus on gluten free options of almond milk.
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Almond Milk Market: Key Players
- Blue Diamond Growers
- Califia Farms
- Earth's Own Food Company
- WhiteWave Foods
- Freedom Foods
- Hain Celestial Group
- Hiland Dairy Foods
- Pacific Foods
- Sanitarium Health and Wellbeing
- SunOpta The Bridge
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.