The Global Almond Milk Market is projected to reach USD 15.73 billion by 2027. The market is fueled by the rising trend of consuming dairy based cereal alternatives, and growing practices of vegan diet, concerns about antibody residues, or growth hormones in animal milk. The product is often highly preferred by the patients who suffer from radioiodine cancer, eczema, eyesight problem, weaker bone density, hypercholesterolemia, and allergic to dairy based products. More than 16% European consumers try avoiding dairy products for these aids and cholesterol issues. Almond Milk has been a great alternatives, and many almond based food & beverage products are being produced to support the demand chain formed by the consumers.
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Additionally, growing concerns with weight management, emphasis on weight loss & maintenance, importance on the blood sugar spike control are some of the factors that have been creating an overall enforcement in the market. Beside, high calcium and Vitamin E, Vitamin D with riboflavin, calories, the Almond Milk have been very effective on enhancing antioxidant degree, providing low sugar & calorie content, working as an efficient source of calcium, providing high bone density, digestive health & weight management.
The COVID-19 impact:
The COVID-19 pandemic has created endless disruptions to the manufacturing or production industries due to a shortage of resources in different parts of the world. The leading players in the industry are skeptical about the market’s future and try to redesign their strategies to support the challenge. The pandemic had a serious impact on the distribution chains as a result of regular lockdowns. The manufacturing industries have been disrupted due to reduced available human resources. The companies are incorporating different techniques to increase the production volume and trying to develop innovative solutions at an affordable price, which can meet customer requirements at a much lower cost.
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Further key findings from the report suggest
- The overall nutritional supplement sales for children are expected to rise during the forecast period. It was observed that Chinese and Indian parents were willing to spend relatively large amounts of money on the health of their children in relation to family income.
- A new trend emerging in the dietary supplements market is the need to use organic or sustainable ingredients. This trend is being driven by two fundamental shifts in this industry: the need to consume ‘healthier’ ingredients and consumers’ increasing concerns for sourcing ‘sustainable’ products
- Variations in the price of the upstream product are expected to influence the production cost of organic Almond. The cost of production is also an important factor which could affect the market price.
- Nutraceuticals & Baby Food sub-segment had a market share of 28.6% in 2019 due to its remarkable usage of the Almond based formulation for making end-use baby food products & nutritional additives.
- In October 2019, Blue Diamond, a US-based co-operative launched a new beverage portfolio comprising Almond extract, naming Almond Breeze Almondmilk in Mexican Hot Chocolate flavor.
- In April 2018, Starbucks India introduced its almond milk line ups to its non-dairy milk roster. Due to the huge demand for the plant-based alternatives of dairy, the Seattle-based coffee house chain launched this product line up in India.
- Key participants 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., among others.
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For the purpose of this report, Reports and Data have segmented into the global on the basis of sales channel, form, end-use verticals, and region:
Sales Channel Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- Supermarket & Hypermarket
- Online Retails
Form Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
End-Use Verticals Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- Food & Beverages
- Nutraceuticals & Baby Food
- Personal Care
Regional Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
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