The global demand for almond milk is expected to experience growth from its estimated US$ 5895.8 million in 2024 to US$ 14, 193.79 million in 2034. The almond milk market is projected to advance at a 9.2% CAGR over the projected period.
The increased incidence of lactose intolerance is primarily driving revenue growth in the vanilla almond milk industry. Growing health challenges and impediments have led in increasingly expensive surgeries, and the number of bariatric procedures performed is a major contributor to the non-dairy almond milk industry’s growth.
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Almond milk is a versatile ingredient due to its high calcium and vitamin content, creamy and nutty texture, and wide range of culinary applications. Growing awareness of almond milk’s health benefits is prompting health-conscious consumers to choose it.
The almond milk market is one of the fastest-growing non-dairy and vegan milk segments. Consumers are seeking high-quality, premium-brand, nutritious dairy products, which is compelling manufacturers to launch innovative and premium-label products. This is expected to augment demand in the market over the forecast period.
Key Takeaways:
- Sales of almond milk in China are expected to grow at a CAGR of 8.8% during the forecast period.
- Demand for almond milk in the U.S. market will increase at a 7.7% CAGR over the assessment period.
- Based on end use, demand in the food & beverage sector will continue gaining traction through 2034.
- In terms of distribution channel, the online stores segment will account for a lion’s share of the almond milk market.
- In 2022, the powder sub-segment is projected to account for a dominant share in the market.
“Growing preference for organic and non-GMO food and beverages across the globe, along with increasing sales of dairy alternatives through online channels will drive the market over the forecast period,” says an FMI analyst.
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Competitive Landscape
Some of the key players operating in the almond milk market include Daiya Foods Inc., Hain Celestial Group, Whitewave Foods, Sunopta Inc., Blue Diamond Growers, Galaxy Nutritional Foods, Inc., Tofutti Brands Inc, Califia Farms LLC, Earth’s Own Food Company Inc., Hiland Dairy Foods, Malk Organics LLC, Pacific Foods of Oregon LLC, etc.
Almond Milk Market by Category
By Type:
- Plain
- Flavoured
By Category:
- Organic
- Conventional
By Packaging Type:
- Carton
- Glass
- Others
By Application:
- Beverages
- Frozen Desserts
- Personal Care
- Others
By Distribution Channel:
- Hypermarkets and Supermarkets
- Convenience Stores
- Online Stores
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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