The global almond milk market size is poised for significant growth, achieving USD 5895.8 million in 2024. The sales of almond milk are expected to witness a robust CAGR of 9.2% from 2024 to 2034. By 2034, the global unsweetened almond milk market is anticipated to attain a valuation of USD 14193.79 million. The demand for almond milk has surged recently due to issues including allergies to milk proteins and growing health consciousness among consumers.
The almond milk market has grown as a result of both a rise in the number of vegans and lactose intolerant people. Almond milk’s excellent nutritional value mainly helps with sales. Expanding Growth in the non-dairy almond milk market is stimulated by consumer preferences for healthy, on-the-go foods and diets.
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Almond milk is in high demand due to its flavoring and consumers’ shifting consumption habits. Key almond milk providers run advertising strategies to accelerate market growth. Due to growing health consciousness, consumers are turning their attention to organic almond milk formulas without additives or thickeners.
The lack of awareness among the general public in developing countries regarding the benefits poses a major obstacle to global growth of the almond milk market. The preference of most people worldwide for cow’s milk and other animal-based milk is predicted to impede the plant-based milk market’s potential for financial growth.
Regional Outlook
The growing number of people in North America who are lactose intolerant and their shifting dietary preferences toward healthier foods are driving up demand for almond milk. Since non-dairy milk doesn’t contain lactose, vegans favor it over others.
Germany, France, and the United Kingdom are predicted to make major contributions to the market growth of almond milk in Europe. It is anticipated that health concerns cause consumption patterns to change, increasing the demand for almond milk.
The region with the most potential for swift growth is Asia Pacific. Growing consumer interest in plant-based milk alternatives and the health benefits of almond milk is fueling the market’s rise. Leading almond milk manufacturers’ new product innovations propel the market expansion.
“Growing customer desire for plant-based substitutes fosters the almond milk market’s potential expansion. An optimistic perspective is strengthened by worries about lactose intolerance, increasing health consciousness, and sustainability tendencies, which create a competitive environment that offers opportunities for innovation and nut milk market growth.”, comments an FMI analyst.
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Key Takeaways
- In 2024, the form category’s liquid sector is projected to account for 84.4% of the market.
- The original/unflavored category is expected to gain a market share of 71.2% in 2024 in the flavor type category.
- Through 2034, the United States almond milk market is scheduled to develop at a CAGR of 8.1%.
- The almond milk industry is poised to evolve between 2024 and 2034 at a CAGR of 6.5%.
- Through 2034, sales of almond milk in China are predicted to advance at a CAGR of 9.1%.
- The India almond milk industry is forecasted to flourish between 2024 and 2034 at a CAGR of 12.6%.
- Through 2034, the sales of almond milk in Japan are anticipated to thrive at a CAGR of 10.8%.
Competitive Landscape
Leading almond milk vendors invest heavily in research and development to increase market expansion and diversify their product offerings. Contractual agreements, mergers and acquisitions, increased investments, cooperation with other companies, and the release of new products are examples of significant market developments for almond milk.
To expand their global reach, manufacturers take several calculated risks. To thrive and flourish in a more competitive and competitive climate, the almond milk sector needs to provide products at a fair price.
Latest Developments
- Hain Celestial released its plan for leadership succession in November 2022.
- Sales of oat milk finally overtook those of almond milk in November 2022, as reported by SunOpta.
- As part of a planned sale, Pacific Avenue Capital will acquire SunOpta’s sunflower and roasted snack company in October 2022.
- Alexandria’s SUNOPTA manufacturing facilities attained zero waste-to-landfill status in July 2022.
- The new Sunopta headquarters and innovation center was announced in April 2022.
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Key Segments
By Flavor Type:
- Original/Unflavored
- Flavored
By Category:
- Organic
- Conventional
By Category:
- Liquid
- Powder
By Packaging Type:
- Carton
- Glass
- Others
By Application:
- Beverages
- Frozen Desserts
- Personal Care
- Others
By Distribution Channel:
- Hypermarkets and Supermarkets
- Convenience Stores
- Online Stores
- Others
By Region:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
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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