According to a recent report by Future Market Insights, market research and competitive intelligence provider, sales of hazelnut milk are estimated to reach a value of USD 195.2 Mn by 2032, surging at 10% CAGR through the decade.
The term “hazelnut” refers to a species of the genus Corylus. Unshelled hazelnuts are available in whole, diced, sliced, or ground kernels.
The rising consumption of substitutes to dairy-based milk products can be attributed to a variety of factors, including rising consumer health consciousness, lactose intolerance or dairy digestion issues, and an increasing preference for vegan diets, as well as emerging research and development to find newer products portfolios that provide additional nutritional benefits.
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Growing concerns about weight management, a focus on weight loss and maintenance, heart disease, anemia, cancer, and allergies to dairy-based products, aiding in the treatment of iron deficiency anemia, and the importance of blood sugar spike control are some of the factors that have contributed to market enforcement.
Key Takeaways from Market Study
- Italy is the world’s second-largest producer and consumer of hazelnuts. An estimated 90% of the hazelnuts produced in the country are sold to processing companies, with the remaining 10% consumed fresh.
- The U.S. is expected to grow at a CAGR of 7.7% from 2020 to 2032, owing to a strong consumer preference for non-dairy or cereal products.
- The powder form is the most practical way to prepare the final products as well as an extract from the grains of almonds. In 2022, the powder sub-segment will account for a sizable market share.
- During the forecast period, online stores are expected to grow at the fastest rate.
- The COVID-19 pandemic has disrupted the hazelnut milk industry growth strategies and forecasts, and everything must be recalculated.
“The growing reach and promotion of plant-based or cereal alternatives to traditional dairy products, particularly beverages, but also cultured products such as ice cream, yogurt, creamers, frozen desserts, and cheese, has fueled hazelnut milk market demand,” says a lead analyst at Future Market Insights.
Who is Winning?
The Hazelnut Milk Market industry provides numerous opportunities for small manufacturers and startups to develop cost-effective solutions for the production of Hazelnut Milk products. The demand from automobile manufacturers is constantly increasing, which may encourage several startups to launch innovative products in this market.
- Danone announced in December 2019 that it had participated in a funding round for the plant-based company Halsa Foods.
Some of the key players in the Hazelnut Milk Market include Whitewave Foods, Blue Diamond Growers, Daiya Foods Inc., Tofutti Brands Inc., SunOpta Inc., Fine Japan Co. Ltd., Hain Celestial Group, Galaxy Nutritional Foods, Inc., Nature’s Choice B.V., and Vitasoy Australia Products Pty. Ltd.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of hazelnut milk presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
Hazelnut Milk Market by Category
By Form, Hazelnut Milk Market is Segmented as:
- Powder
- Liquid
By Sales Channel, Hazelnut Milk Market is Segmented as:
- Supermarket
- Hypermarket
- Online Retails
- Others
By End-User, Hazelnut Milk Market is Segmented as:
- Food & Beverages
- Nutraceuticals & Baby Food
- Personal Care
- Pharmaceuticals
- Others
By Region, Hazelnut Milk Market is Segmented as:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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