Almond Milk Market Global Size, Share, Global Analysis, Key Players Strategy, Gross Margin, Industry Trend and Forecast to 2023

Almond Milk Market Global Information by Type (Plain and Flavored), Packaging Material (Glass, Carton, and Others), Distribution Channel (Store-based and Non-store based), and Region (North America, Europe, Asia Pacific and ROW) – Forecast till 2023

Almond Milk Market Research Report includes various topics like total Market Size, Key Market Drivers, Growth Opportunities, Challenges, Industry Share, Growth, Demand, Outlook etc. Furthermore, it covers key market updates, the impact of regulations and technological updates in. The report addresses the need to stay updated in this competitive market conditions and this provides and comprehensive data for making strategies and decision to stimulate the market growth and profitability.

Market Analysis:

Almond milk, being plant-based substitutes for animal-based milk products. Derived from almonds, the almond milk is lactose and casein free and rich in several healthy nutrients. Owing to its low-calorie content, the almond milk is garnering huge popularity among many health-conscious consumers. Commercial almond milk is available in various flavors and is usually enriched with vitamins, minerals, or proteins.

Factors such as popularity and the increasing consumption worldwide are not only driving the market growth but also encouraging the providers of the almond milk to bring more novelties in the product that can approximate original qualities of the milk. As a result, these players make substantial investments in R&D activities which, in turn, increases the demand, sales and hence, the market size of almond milk.  On the flipside, availability of various counterfeited, low-cost products in the market is hampering the market growth. Nevertheless, factors such as the longer shelf life of almond milk along with the growing industrialization, urbanization, and the improving economic conditions worldwide are expected to support the market growth over the review period.

Factors such as the growing population of lactose intolerant and vegan individuals are driving the growth of the almond milk market. Moreover, inclination of health-conscious consumers led by the high nutritional content of the product supports the market growth, increasing the sales of the product.  Additionally, the changing consumption pattern and inclination towards on-the-go products among the growing working population is escalating the market on the ascending heights.  Additional factors substantiating the market growth include the expansion of distribution channels and the burgeoning food industry including, bakery & confectionaries.

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Major Key Players Review:

Well-established almond milk market is adorned by the several large and small players; some of them even have a good international presence. Almond milk producers are struggling to create products with food additives that can approximate natural ingredients. Strategic initiatives such as collaboration, acquisition, expansion, product launch, and partnership come forward as key trends among the market players.

Some of the prominent players operating in the market include Blue Diamond Growers (U.S.), Hain Celestial Group (U.S.), Daiya Foods Inc. (Canada), Whitewave Foods (France), Sunopta Inc. (Canada), Tofutti Brands Inc. (U.S.), and Galaxy Nutritional Foods, Inc. (U.S.).

Industry/Innovation/Related News:

November 18, 2018 – Tsukuba Dairy Products (Japan) announced its expansion plan by launching more varieties of its flagship premium almond milk in Indonesia and Singapore at the same time.  So far, Outside of Japan the company had a presence in Indonesia only hence, Tokoi revealed more about its plans for expanding its presence to the South East Asian (SEA) market.

Firm’s gluten-free and non-genetically modified organism (GMO) nature of almond milk has gained itself customers from the various hotels, restaurants, and catering businesses for dessert making. Besides the hospitality industry also partners with Tokoi for wholesale supplies. Addition of flavors, such as the brown sugar into its present offerings of sweetened and unsweetened versions will drag more customers strengthening the firm’s client base. 

Besides, the presence of health-conscious people in the SEA makes the region a potential market for almond milk. In terms of breaking into new markets, the firm has found distributors in Singapore and Philippines, and is in talks with others from Thailand and Malaysia.

Market Segments:

MRFR has segmented the analysis into four key dynamics for the convenience of understanding;

By Type: Plain and Flavored.

By Packaging Material: Glass, and Carton among others.

By Distribution Channel: Store-based and Non-store based. 

By Regions: North America, Europe, APAC and the Rest-of-the-World.

The subsegment – Flavored almond milk, by Type, will witness higher growth rate owing to the High inclination of consumers towards Flavored milk and a variety of flavors launched by the manufacturers.

The subsegment – Glass packaging dominates the segment which is likely to continue over the assessment period.

The subsegment – Store based distribution channel is expected to register high growth rate, owing to one-stop shopping experience.

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Geographical Analysis:

Continuing with its dominance, the almond milk market in the North American region is expected to witness upsurge in accruals owing to the high consumption of the product in desserts. Moreover, the major markets in the US and Canada backed by the presence of large lactose intolerance population provide impetus to the growth of the regional market.

Whereas, the second-largest market for almond milk, the European region is surging due to the contributions from the countries like Germany, France, and the UK. Augmented demand and consumption of on-the-go beverages alongside the import and export of almond milk mainly in France and Italy is expected to increase the growth rate of the regional market.  Additionally, factors such as the new product developments which are about to upsurge in the years to come are expected to foster the market growth in the region. 

The Asia Pacific region is emerging as a promising market for almond milk, growing rapidly with the improving economy in some of the APAC countries such as India and China. The almond milk market in the APAC region is witnessing exponential growth attributing to the factors such as the huge consumption of almond milk, changing consumer preference & life-style, and the increasing uptake of vegan and healthy diet.

Moreover, the growing awareness towards the plant-based milk products and the health beneficial properties associated with almond milk is driving the market growth in this region.

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