SAN FRANCISCO, June 20, 2019 /PRNewswire/ -- The global almond milk market size is expected to reach USD 13.3 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 14.3% over the forecast period. Changing consumer lifestyle and rising health awareness about diabetes and obesity are the key factors driving the market.
Key suggestions from the report:
- 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.
Read 80 page research report with TOC on "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" at: https://www.grandviewresearch.com/industry-analysis/almond-milk-market
Almond milk is a plant-based product, which serves as an alternative to animal milk. Consumers are shifting their focus towards adopting such dairy alternatives due to growing vegan population globally. This product has emerged as a booming segment in the market apart from soy milk. It is used as a main ingredient for preparing food such as frozen desserts and beverages like milkshakes.
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.
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)
- Frozen Desserts
- Personal Care
- Almond Milk Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
- Hypermarkets & Supermarkets
- Convenience Stores
- Almond Milk Regional Outlook (Revenue, USD Billion, 2015 - 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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