Almond Milk Market Analysis

Global Almond Milk Market Overview

Almond Milk Market Size was valued at USD 6.96 billion in 2023. The Almond Milk industry is projected to grow from USD 7.94 Billion in 2024 to USD 19.99 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.23% during the forecast period (2024 - 2032). Increased health concerns and challenges have led to more expensive operations, and more bariatric procedures are the key market drivers enhancing the almond milk market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Almond Milk Market Trends

• A rise in lactose intolerance and hypercholesterolemia frequency is driving market growth

The rise in lactose-intolerant persons is a key contributor to the revenue growth of the worldwide almond milk market. Lactose intolerance is the inability of the human body to digest lactose, the sugar found in milk, completely. People with lactose intolerance must seek out acceptable dairy product substitutes because the symptoms can be unpleasant. The almond milk market has a huge possibility to expand as a result. Almond milk is advantageous for persons with hypercholesterolemia because it includes polyunsaturated fatty acids, which help decrease blood cholesterol levels and reduce inflammation, thus driving market revenue growth. The use of plant-based dairy products has increased along with the number of vegans around the globe. The rise of the vegan diet has raised the demand for cow milk substitutes. In regions where the availability of animal milk is low, dairy products derived from plants are an excellent and reasonably priced alternative. Almond milk is a nutritious substitute for customers of all ages and contains a lot of protein and few calories. Thus, this factor is driving the market CAGR.

Almond milk is used in many different businesses for several things. Its multi-functionality is one important factor projected to drive the worldwide market's revenue growth during the forecast period. It is an essential part of the market for frozen desserts. Additionally, it is commonly employed in the creation of several drinks. Almond milk is used in several personal Care and organic cosmetics products. These factors should accelerate market revenue growth soon.

Consumers are flocking to organic almond milk choices due to rising health concerns because this natural almond milk is manufactured without additives or thickeners. Organic almond milk alternatives are more expensive than those manufactured from other non-dairy sources. As consumers want blended, delicious, healthy, and lactose-free milk, the market for flavor-infused almond milk is expected to grow throughout the projected period. Thus, this aspect is anticipated to accelerate Almond Milk market revenue globally.

Almond Milk Market Segment Insights

Almond Milk Type Insights

Based on type, the almond milk market segment includes plain and flavored. The flavored segment dominated the market, accounting for 35% of market revenue. The flavored section of the almond milk industry had particularly strong growth in 2022. As the demand for almond-based formulations, blends, and flavors rises, manufacturers will have an exciting opportunity to create unique ones.

Almond Milk Category Insights

The Almond Milk market segmentation, based on category, includes organic and conventional. The organic category generated the most income. Due to rising health concerns and the fact that organic almond milk is manufactured without thickeners and chemicals, consumers are changing their purchasing patterns in favor of organic almond milk options.

Figure 1: Almond Milk Market, by Category, 2022 & 2032 (USD billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Almond Milk Packaging Type Insights

Based on packaging type, the almond milk industry has been segmented into cartons, glass, and others. Glass held the largest segment share in 2022. The glass bottle and container market is anticipated to expand at a CAGR of 4.4%. Glass is a good material for packaging since it does not react with the chemicals in drinks and maintains the flavor, strength, and scent of these beverages.

Almond Milk Application Insights

Based on application, the almond milk industry has been segmented into beverages, frozen desserts, personal care, and others. Personal care held the largest segment share in 2022. Due to the unique anti-aging properties of the product and the high concentration of vitamin B6, vitamin C, vitamin E, and zinc in its formulation, which has been used in skin repair creams and lotions, the personal care application segment is predicted to grow at a CAGR of 14.6% over the forecast period. As an illustration, Bodyshop is well recognized for producing a unique line of body butter, shampoos, and conditioners for its customers globally, researching the need for almond milk in this market.

Almond Milk Distribution Channel Insights

Based on distribution channel, the almond milk industry has been segmented into hypermarkets & supermarkets, convenience stores, online stores, and others. Online stores held the largest segment share in 2022. The increase in online apps has greatly influenced the market's supply chain. For instance, Big Basket promotes the online channel sector by providing a range of almond milk beverages and other goods through an online delivery option in addition to the offline locations in India. Convenience stores are also stocking a wide range of almond milk products for the consumer's convenience during routine grocery shopping due to the growth in market participants.

Almond Milk Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America almond milk market accounted for USD 0.88 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The glass bottle and container market is anticipated to expand at a CAGR of 4.4% between 2022 and 2027. Glass is a good material for packaging since it does not react with the chemicals in drinks and maintains the flavor, strength, and scent of these beverages. Further, the US Almond Milk market held the largest market share, and the Canada Almond Milk market was the fastest-growing market in the region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: ALMOND MILK MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Germany, France, and the U.K. are predicted to contribute considerably to expanding the almond milk industry in Europe. It is anticipated that changing consumption habits brought on by health concerns would increase demand for almond milk. Further, the Germany Almond Milk market held the largest market share, and the UK Almond Milk market was the fastest-growing market in the European Region.

During the predicted period, the Asia Pacific Almond Milk market has the potential to grow the fastest. The market development in this area is driven by growing consumer awareness of plant-based milk alternatives and the health benefits of almond milk. Additionally, innovative new products from top manufacturers might accelerate market expansion in the area. As more customers become health-conscious, there is expected to be an increase in the demand for almond milk products in South Asia and East Asia. South and East Asia are home to more than 40% of the world's population, which creates a huge opportunity for significant firms to increase their market shares in almond milk and other food and beverages. Moreover, the China Almond Milk market held the largest market share, and the India Almond Milk market was the fastest-growing market in the Asia-Pacific region.

Almond Milk Key Market Players & Competitive Insights

Leading industry companies are making significant R&D investments to broaden their product offerings, which will spur further expansion of the market for Almond Milk products. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants also engage in several strategic actions to increase their worldwide presence. The Almond Milk industry must offer reasonably priced products to grow and thrive in a more competitive, cutthroat environment.

One of the primary business strategies manufacturers employ in the worldwide Almond Milk industry to benefit customers and expand the market sector is local manufacturing to reduce operating costs. The Almond Milk industry has recently provided some of medicine's most important benefits. Major players in the Almond Milk market, including Tofutti Brands Inc, Galaxy Nutritional Foods, Califia Farms LLC, Hain Celestial Group, Whitewave Foods, Daiya Foods Inc., Sunopta Inc., Blue Diamond Growers, Earth's Own Food Company Inc., Foods of Oregon LLC, Sanitarium, Hiland Dairy Foods, Malk Organics LLC, Pacific SunOpta Inc., and others, are attempting to increase market demand by investing in research and development operations.

A French company that manufactures food goods, Danone S.A., is headquartered in Paris. It was established in Barcelona, Spain, in 1919[6]. It is a part of the CAC 40 stock market index and is listed on Euronext Paris. In the U.S., some of the business's goods are sold under the Dannon name. Danone announced enhanced expenditures for the proactive growth of its Silk brand of almond milk on June 21, 2021. Danone introduced fresh marketing initiatives for Silk Almonds that were successful.

Blue Diamond Growers, a public firm with its headquarters in California, employs about 1,800 people. The firm holds a sizable market share in at least one sector in the U.S.: the production of soy and almond milk, where they generate an estimated 15.4% of the sector's income. On October 3, 2019, the American company Blue Diamond introduced Almond Breeze Almondmilk, a new hot chocolate-flavored beverage with almond extracts.

Key Companies in the Almond Milk market include

• Tofutti Brands Inc


• Galaxy Nutritional Foods


• Califia Farms LLC


• Hain Celestial Group


• Whitewave Foods


• Daiya Foods Inc.


• Sunopta Inc.


• Blue Diamond Growers


• Earth's Own Food Company Inc.


• Foods of Oregon LLC


• Sanitarium


• Hiland Dairy Foods


• Malk Organics LLC


• Pacific SunOpta Inc.

Almond Milk Industry Developments

• November 2021: Almond Breeze Extra Creamy Almondmilk was created by Blue Diamond. This product's extra-creamy texture comes from almond oil prepared from premium Blue Diamond almonds farmed in California.


• February 2021: New organic oat creamer brand introduced by SunOpta. These creamers are great dairy substitutes for coffee drinkers since they are smooth, creamy, and ideal.

Almond Milk Market Segmentation

Almond Milk Type Outlook

• Plain


• Flavored

Almond Milk Category Outlook

• Organic


• Conventional

Almond Milk Packaging Type Outlook

• Carton


• Glass


• Others

Almond Milk Application outlook

• Beverages


• Frozen Desserts


• Personal Care


• Others

Almond Milk Distribution Channel Outlook

• Hypermarkets & Supermarkets


• Convenience Stores


• Online Stores


• Others

Almond Milk Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America