According to a report,“Almond Milk Market Size, Share & Trends Analysis Report By Application (Beverages, Personal Care), By Distribution Channel (Hypermarkets & Supermarkets, Convenience Stores, Online), And Segment Forecasts, 2019 – 2025” published by Grand View Research, Inc.,
Increasing use of organic ingredients such as almond milk in personal care products is boosting the growth of the market. This plant based product is rich in fatty acids such as omega-3 and also a great source of vitamin E, which is crucial in keeping the skin hydrated and fed. Companies such as Bodyshop, P&G, and Unilever use this liquid as their main ingredient to formulate hair care and skin care products for their global consumers.
Inflated demand for almond milk, particularly in the beverage segment, can be attributed to rising cases of lactose intolerance among the consumers of Europe, thus driving the market in the region. For instance, companies like Oatly and Califia Farms have introduced flavored almond beverage as a substitute for dairy beverages, which is soy-free, gluten free, vegan, and does not curdle when mixed with tea. Along with its major applications, this product is also used in the bakery, brewery, and chocolate industries. For instance, Baileys launched Almande Irish Cream Liqueur for its vegan consumers made from this plant milk.
Asia Pacific occupies the largest share in the global market due to high demand from the lactose intolerant population of China and other countries in East Asia. The market in Asia Pacific is anticipated to expand at a CAGR of 15.0% from 2019 to 2025 due to rising disposable income and growing consumer preferences for the product.
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Further key findings from the study suggest:
Asia Pacific dominated the global market in 2018 and constituted 30.8% share of the overall revenue. This trend is projected to continue over the next few years. The market in Europe is projected to generate a revenue of USD 2.8 billion by 2025
Other applications majorly comprise bakery, brewery, and chocolate and are projected to exhibit constant growth in the next few years
Adoption and consumption of almond milk as a dairy substitute and dietary supplement is increasing due to surge in the number of obese people in countries like U.S. and South Africa
The industry is highly competitive due to presence of the main players including Daiya Foods Inc.; Hain Celestial Group; Whitewave Foods; Sunopta Inc.; Blue Diamond Growers; Galaxy Nutritional Foods, Inc.; and Tofutti Brands Inc.
Distribution Channel Insights:
In terms of revenue, hypermarkets and supermarkets held the largest market share of 39.3% in 2018. The online segment is anticipated to expand at a CAGR of 15.1% over the forecast period. The major reason for preferring online distribution mode is the ease of payment with respect to ordering the product. A number of offers and discounts are available on various apps for the concerned consumers.
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Grand View Research has segmented the global almond milk market on the basis of application, distribution channel, and region:
Almond Milk Application Outlook (Revenue, USD Billion, 2015 – 2025)
Almond Milk Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)
Hypermarkets & Supermarkets
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