Introduction:
Almond milk is a non-dairy alternative to cow’s milk, made from ground almonds and water. It is a popular choice among people who are lactose intolerant, vegan, or simply looking for a healthier option. The almond milk market has been growing steadily over the years, driven by increasing health consciousness among consumers and the rise of veganism. This report aims to analyze the current state and future prospects of the almond milk market.
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Market Size:
The market for almond milk can be expected to expand at a value based CAGR of 9.0% and show an increase in revenue from US$ 4,712.80 Million to around US$ 11,156.9 Million by 2033.
Drivers and Restraints:
The almond milk market is driven by increasing health consciousness among consumers, the rise of veganism, and the availability of a wide range of almond milk products. Almond milk is a healthier alternative to cow’s milk, and it is free from lactose and cholesterol. Moreover, it contains essential nutrients such as vitamin E, calcium, and iron.
However, the market growth is restrained by the high cost of almond milk compared to cow’s milk and other plant-based milk alternatives. Additionally, almond milk production requires a significant amount of water, which could be a challenge in regions with water scarcity.
The market is segmented by product type, distribution channel, and region.
Product Type:
The almond milk market is segmented into plain and flavored almond milk. The plain almond milk segment accounted for the largest market share in 2020, with a value of USD 2.9 billion. However, the flavored almond milk segment is expected to grow at a higher CAGR during the forecast period due to increasing demand for flavored and value-added products.
Distribution Channel:
The almond milk market is segmented into supermarkets/hypermarkets, convenience stores, online retail, and others. Supermarkets/hypermarkets accounted for the largest market share in 2020, with a value of USD 2.4 billion. However, the online retail segment is expected to grow at a higher CAGR during the forecast period due to increasing consumer preference for online shopping and doorstep delivery.
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Regional Analysis:
The global almond milk market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America accounted for the largest market share in 2020, with a value of USD 2.8 billion. The region is expected to continue its dominance during the forecast period due to high consumer awareness about health benefits associated with almond milk and the presence of major almond milk manufacturers in the region. The Asia Pacific region is expected to grow at the highest CAGR during the forecast period due to increasing consumer preference for non-dairy milk and the rising vegan population.
Competitive Landscape:
The global almond milk market is highly competitive, with major players including Blue Diamond Growers, SunOpta Inc., Pacific Foods of Oregon, LLC., Danone Group, Nestlé, Orgain Inc, Sanitarium Health Food Company, Hiland Dairy, Nutriops, S.L., Natura Foods, The Hain Celestial Group, Inc, Pureharvest, Bridge S.R.L., Mand’Or Organic Almond Milk, Elmhurst Milked Direct LLC. These companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to expand their market share and strengthen their position in the market.
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The almond milk market is expected to grow significantly over the next few years due to increasing health consciousness among consumers, the rise of veganism, and the availability of a wide range of almond milk products. The flavored almond milk segment and online retail distribution channel are expected to grow at a higher CAGR during the forecast period. North America accounted for the largest market share in 2020, but the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The global almond milk market is highly competitive, with major players focusing on product innovation and strategic partnerships to strengthen their position in the market.
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