Almond milk has been created owing to the consumer demand. Today, food intolerances and food allergies have become a major concern for today’s health conscious consumers. Almond milk is lactose-free food, which means that the product is free from animal (usually cow’s) milk which contains milk sugar lactose. Plant-based ingredients, such as soy, almond, coconut and rice are majorly used as main source to prepare dairy substitute. In the era of globalization, changing consumption pattern, increasing awareness about lactose intolerance, rising number of vegan consumers and other factors such as rising working class population and growing demand for on-the-go products support the growth of almond milk market. Increasing consumer interest in healthy lifestyle, various weight loss diet trends and rising concern on animal welfare & environment will fuel the sales of almond milk across the world.
The foodservice industry plays a key intermediary role between producers and processors at one end and consumers at the other end. The consolidation and market concentration of foodservice industry creates multitude of opportunities for the market growth of Almond Milk market. Evolving economic standards and social habits coupled with trend of fast-food consumption has considerably impacted the growth of in-store restaurants, take-away shops, or pub- restaurants. Today, Almond Milk is commercially available in great abundance and is far beyond the concept of convenience. Socio-economic factors, demographic trends, changing dietary pattern, industrial players focusing on youth marketing considering the food habits of youth are certain factors supporting the sales of Almond Milk at the global level.
Beverages industry is experiencing a substantial growth over the last few years. Dairy based beverages products are gaining traction both in developed and developing economies. Due to the increasing population coupled with the per capita disposable income is anticipated to fuel the sales of dairy based beverages in the upcoming decade. Due to the changing lifestyles of the consumers, the demand of ready to drink product is increasing in a fast pace. Also, various new beverage products are launched in different flavors in order to suit the specific requirement of the customer. Due to the increasing incident of lactose intolerance, beverages manufactures are also looking for an alternative of dairy based milk as a raw material of beverages. So, mounting growth of beverages industry is generating an enormous scope to the Almond Milk manufacturers in the near future.
Asia Pacific region is expected to retain its dominance throughout the forecast period. The market is projected to grow at a steady pace in the review period with registering a decent CAGR of 15.44%. Asia-pacific will be the fastest growing region in the almond milk market and high growth in emerging economies such as China, India, Japan and ASEAN countries. The region is estimated to reach USD 2.16 billion by the end of 2022.
Global Almond Milk Market, by application, beverages segment is estimated to hold maximum market proportion of over 55% by the end of 2017. Beverages segment is projected to reach USD 2.68 Bn by the end of 2022. Food segment is estimated to witness a steady CAGR of 15.40% during the forecast period of 2017-2022.
Among the distribution channel, store-based will continue to dominate the Global Almond Milk market and is projected to reach USD 3.07 billion by 2022 at a CAGR of 15.03% from 2017 to 2022 in terms of value. Among the store-based distribution channels, hypermarkets is estimated to retain its dominance during the forecast period. The segment is projected to reach USD 1.48 billion by the end of 2022, registering a CAGR of 15.21% during the forecast period of 2017-2022. However, non-store based distribution channel is projected to register highest CAGR of 15.48% during the forecast period of 2017-2022.
The leading market players in the global Almond Milk market primarily are Blue Wave Growers (U.S.), Hain Celestial Group (U.S.), Whitewave Foods (U.S.), Sunopta Inc., Daiya Foods Inc. (Canada), Galaxy Nutritional Foods, Inc. (U.S.), Tofutti Brands Inc. (U.S.)
Study Objectives of Almond Milk Market Forecast to 2022
• Detailed analysis for individual micro and macro markets for Almond Milk
• To estimate market size by Application, Formulations, Distribution Channel and Region
• To understand the supply and demand dynamics of Almond Milk
• To provide region level market analysis and future outlook for U.S., U.K., Ireland, France, and South-East Asia
• Company profiling of major players & competitive positioning for the almond milk market
• Value chain analysis and supply chain analysis of almond milk
• Analysis of historical market trends, and technologies, and current government regulatory requirements related to almond milk market
• Almond Milk manufacturers
• Cheese manufacturers
• Food Service industries
• Retailers and wholesalers
• Traders, importers and exporters
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• The Global Almond Milk market is projected to reach USD 4.75 billion by the end of 2022
• 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 2022
Regional and Country Analysis of almond milk market development and demand forecast to 2022 Market
As per the MRFR analysis, the global market for Almond Milk has witnessed continued demand during the last few years and is projected to reach USD 4.75 billion by 2022, at a CAGR of 15.19% during the forecasted period. Asia Pacific is estimated to dominate the global almond milk market holding a lion’s share of more than 45% and projected to reach USD 2.16 billion. Asia Pacific will witness the highest growth rate of 15.44% in the global almond milk market whereas North America will witness moderate growth rate.
The reports also cover country level analysis:
• North America
o Rest of Europe
• Asia – Pacific
o Australia & New Zealand
o Latin America
o Middle East
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